11 replies to this topic

[yel327]

Are you guys up north about to go to a user pays (risk based) CTP system like NSW?

 

I just saw the news that RACQ has pulled out of the scheme as it is not sustainable for them with capped priced, non-risk based premiums. They quote that in the last few years they are paying out $123 for every $100 in premiums.

 

Here the price is set by risk, eg you get a heavily discounted CTP if you have lifetime maximum NCB on your car insurances and/or excellent claim history. Whereas higher risk owners and/or drivers face a high CTP price. That is, user pays, not a capped price with your rego.

[hanra]

Ive heard nothing. But thats not unusual. 

 

Our CTP forms part of our Rego renewal payment and we only have 4 companies to choose from who all charge the same amount. 

Edited by hanra, 29 June 2023 - 11:25 AM.

[hanra]

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[hanra]

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[RallyRed]

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Sounds like a cartel?

[yel327]

RACQ are pulling out, it was on the news this morning. They cannot even break even on that $ figure, and they are a member-based insurer. I thought it might end up with others doing similar and QLD going to a risk-based pricing model. Where it is no longer part of your rego.

 

CTP Insurance Changes | RACQ

[hanra]

We will prob just end up with 1 insurer so they have the monopoly like our Electricity provider. 

[rexy]

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Your rego is cheap!

 

It’s now $870 odd for reg in the burbs for a standard car. 

 

We just have a single TAC premium for third party insurance, no choice at all. Its large enough that the TAC makes lots of money which Chairman Dan raids from time to time to prop up his Labour Chinese mates and conduct a little light pork barrelling.

[FLY_LX]

Your rego is cheap!

It’s now $870 odd for reg in the burbs for a standard car.

just what I was going to say.
Plus $292.80 for 10yr licence

Shitoria...you pay for it at least twice

Edited by FLY_LX, 29 June 2023 - 04:21 PM.

[yel327]

We will prob just end up with 1 insurer so they have the monopoly like our Electricity provider. 

 

I reckon you'll eventually end up with a quoted CTP that you organise independent of your rego, like NSW. One domino has fallen, if the RACQ couldn't make money out of it due to a disproportionate amount of higher risk drivers going with them, and those drivers end up auto transferring to the other three like the press release states, what do you think they are going to do?

[S pack]

RACQ are pulling out, it was on the news this morning. They cannot even break even on that $ figure, and they are a member-based insurer. I thought it might end up with others doing similar and QLD going to a risk-based pricing model. Where it is no longer part of your rego.

 

CTP Insurance Changes | RACQ

I read about it in the RACQ magazine about 3 weeks ago. No mention of Anesthesia's Govt planning to making any changes of any type to our CTP scheme.

RACQ are also assessing the future viability of their Auto Insurance business. They may eventually pull the pin on all forms of Automobile Insurance.
 

[jpxu1]

I read about it in the RACQ magazine about 3 weeks ago. No mention of Anesthesia's Govt planning to making any changes of any type to our CTP scheme.

RACQ are also assessing the future viability of their Auto Insurance business. They may eventually pull the pin on all forms of Automobile Insurance.
 

 

A bit like where the RACV is heading - they're now more interested in Art Shows and cafe latte's than the motoring public for whom they were originally  established.