How much are you paying for CTP Greenslip

[D_I_F]

You're telling me.

[GTR-N1]

DIF,

I'm not an expert, nor do I pretend to be; but there can't be zero truth in all of the articles.

I'm all for cheaper prices, but opening the system up the way Zero fault does; can't make it cheaper or fairer for legitimate victims.

I have an automatic suspicion when any Govt agency claims that they're "Improving" anything; especially when they try to sneak it through, and won't release costing information.

Had a client yesterday who heads up Personal Injury and Workers' Comp Claims and she says referring to one of the articles above, that for any arrangement between insurance companies and to appease government urgings to reduce CTP premiums, there will need to be severe time restrictions during which beneficiaries can receive treatment/compensation. Thus the above reference already about a time limit for children...

[Daleo]

This has turned into the "Who wants to discuss politics" thread

I wasn't intending to make it a political argument; I actually voted the Govt that is trying to institute these reforms.

Had a client yesterday who heads up Personal Injury and Workers' Comp Claims and she says referring to one of the articles above, that for any arrangement between insurance companies and to appease government urgings to reduce CTP premiums, there will need to be severe time restrictions during which beneficiaries can receive treatment/compensation. Thus the above reference already about a time limit for children...

If children injured in excess of the 10% total & permanent disability don't turn 18 before the 5 year cutoff; they are not entitled to ANY compensation for potential future loss of earning.

That is manifestly unfair; regardless of which political party is driving change.

[GTR-N1]

It should be people my age who should be restricted to timed-compensation restrictions - not the children. They're skewing it the wrong way round.

Q Whay are they doing this?

A Perhaps because 'grey power' can vote - children can't.

[Daleo]

The biggest push at this point is to have vastly more expensive Greenslips for motorcyclists; the reasoning is that rehabilitating motorcyclists is hugely expensive.

The thing that doesn't make sense to me; Why is the motorcyclist paying more for an insurance policy that isn't actually there to protect him/her directly?
3rd party covers injuries to an INNOCENT party; not the operator of the offending vehicle.

Which is more dangerous to a 3rd party; An individual hitting you on a motorcycle or a an individual in a 3 tonne 4wd?

The cost of greenslips currently doesn't reflect this (a 1200cc bike is more expensive than a Landcruiser); and it's only going to get worse.

[Daleo]

Well well well; this is an interesting turn of events!

It seems that people power does sometimes change things.

(No bias intended)

http://www.dailytelegraph.com.au/news/nsw/nsw-government-scraps-green-slip-changes-after-lack-of-support-from-mps/story-fni0cx12-1226666086060

THE government has withdrawn its controversial changes to green slip policy, following a public outcry on the slashing of benefits and lack of support from key crossbench MPs.

Acting finance minister Andrew Constance will announce today that the CTP bill is off the agenda until August.

The Shooters and Fishers Party and the Christian Democrats told the government yesterday that they would not back the bill, because of concerns it would mean accident victims receive minimal benefits.

Both parties have also raised concerns over revelations in the Daily Telegraph about the close links between embattled Finance Minister Greg Pearce, and his factional backer Michael Photios – who acts as a lobbyist for major insurers.

Mr Constance will open a period of consultation until August, including relevant stakeholders and members of the community.

[GTR-N1]

Yep, the bill won't get through the upper house.

More homework pollies!

[Daleo]

Yep, the bill won't get through the upper house.

More homework pollies!

At least there will be an opportunity for submissions from the motoring and riders groups in the hope the next iteration will a tad fairer for everyone;

Not just the Insurance companies and their buddies.

[Bennis]

$600 painful dollars for my Peugeot 306 gti6 daily. Due next week. Rough times

[Daleo]

http://www.dailytelegraph.com.au/news/nsw/huge-profit-for-ctp-insurers-in-nsw-as-premium-prices-skyrocket/story-fni0cx12-1226668456669

Price hikes in February mean motorists are now paying almost 70 per cent more for their green slips than they were just five years ago - making NSW easily the most expensive state for CTP cover.

Embattled NSW Finance Minister Greg Pearce in February allowed insurance companies to increase CTP premiums by up to 15 per cent.

Mr Pearce said he had been pressured to approve the price rises because insurance companies threatened to pull out of the CTP scheme altogether.

But only four months later, he was behind a push to gut the scheme - in order to reduce premiums by up to 15 per cent. The controversial legislation had to be withdrawn from parliament last week after key crossbench MPs indicated they could not support the proposed changes, which would reduce the payouts to accident victims.

Crossbench MPs indicated their refusal to vote with the government on the legislation was partly due to revelations in The Daily Telegraph about the close links between Mr Pearce and Liberal lobbyist Michael Photios - who represents a number of major insurance companies. Mr Pearce has refused to comment on the matter, while Mr Photios has not returned calls.

Opposition finance spokesman Michael Daley said the government had serious questions to answer about why it allowed companies to put through a price hike, if their aim was to reduce premiums.

"It just so happens that the three insurance companies who were granted some of the biggest price hikes by Minister Pearce are also clients of Michael Photios," Mr Daley said. "Does Greg Pearce have questions to answer? You bet."Latest price estimates show people in NSW are paying an average $518 for green slips, which adds up to 37 per cent of the average weekly wage.

That's more than 10 per cent higher than the next most expensive state (South Australia) and more than twice the amount paid by lucky motorists in WA, who spend an average of just $247 - or 16 per cent of that state's average weekly wage - on premiums.

But according to the Motor Accidents Authority, insurance companies have banked an average 19 per cent of the billions of dollars paid in premiums by NSW drivers from 2000-2010. Going on that 10-year trend, profits last year would have equated to more than $340 million.

Choice magazine spokesman Tom Godfrey said motorists had every right to be outraged.

"It's time insurers slammed on the brakes on what is the most basic insurance cover every car must have," he said.

"It is concerning that insurance companies are reporting huge profits and paying less in administration costs, and yet green slip premiums are in overdrive."

The Insurance Council of Australia said rises were due mainly to factors outside the insurance industry's control.

[badben]

4 mouths ago I had rego due on my ute. It increased from 725. ( keep in mind commercials vehicle are slugged higher regardless if its private or business use) to 1024. The cheapest I could find was 1019. When I rang up to clarity all they told me was the government had increased ctp. What they didn't add was "it was at the request of us the insurer's. I haven't had a accident and have spotless 5 yr record yet everything goes up.

[niZmO_Man]

Any excuse to jack the price for more profit.

[D_I_F]

Do you guys also know over the last 2 years there has been a 25% increase in CTP claims. How do you guys think insurance companies will cover all those claims. Sure All business have to make a profit. They certainly aren't going to do it for free. But if you look at it another way it's not just CTP going up. It's everything else.

[Daleo]

No one is saying they're not allowed to make a profit; in fact the legislation surrounding CTP ensures that the insurers are allowed approximately 9% profit.

The problem for me involves them taking an ACTUAL profit of 19-22%.

Last year, on Greenslips alone; this would have returned a profit of more that $340 MILLION DOLLARS!

Note; These figures are FROM the MAA.

This is clear PROFIT; after all their expenses!

How much more should we be giving the poor, downtrodden insurance companies exactly?

If they don't want to do it; perhaps they should go and find another line of business that returns larger profits.
Instead of crying and trying to get their mates in govt to change the rules, so they have even more opportunity to return yet another "record profit" to their shareholders...

And I'd love to know how adding another 7500 claimants (according to the figures) by going to No Fault is going to make this cheaper?

I think my "Bias" might be showing again...

[Owens]

I got a CTP with GIO last week..

$761.93 - Lane Cove

$661.40 - Wollongong

... I put it under my parents postcode.

[darksky34]

just got slugged 787$ with QBE...for my civic :domokun:

[34GeeTeeTee]

just got slugged 787$ with QBE...for my civic :domokun:

They are probably concerned the Vtec may kick in

[D_I_F]

I got a CTP with GIO last week..

$761.93 - Lane Cove

$661.40 - Wollongong

... I put it under my parents postcode.

Is it registered under your parents address? If not then the RMS won't accept the ctp.

Wollongong is still classed as rural Lane cove is not.

[badben]

One of the main reasons ctp's increased for nsw and nsw only was because the state lib gov made sweeping changes to workcover towards the end of last year. One of those changes was to work related car accidents. Workcover no longer covers injury to people(s) anymore. So ctp would have to foot the bill hence the gov having to allow ctp prices to go up.

[badben]

One of the main reasons ctp's increased for nsw and nsw only was because the state lib gov made sweeping changes to workcover towards the end of last year. One of those changes was to work related car accidents. Workcover no longer covers injury to people(s) anymore. So ctp would have to foot the bill hence the gov having to allow ctp prices to go up.