The overwhelming majority of South Australian motorists will continue to pay less when renewing their car rego in 2020-21, with new CTP insurance premiums locking-in up to $115 in annual savings for local private passenger vehicles* under full competition.
This equates to an ongoing potential saving of up to $200 for a typical Adelaide household with 1.8 vehicles.
And Adelaide metro taxis and goods carrying heavy vehicles (^^District 2) are set to enjoy additional cost relief with the new CTP premiums from July 1, saving up to a further $443.44 (a 12.1% reduction) and $124.34 (9.4% reduction) in 2020-21, respectively.
Treasurer Rob Lucas welcomed the ongoing cost-of-living relief for tens of thousands of South Australian motorists under full competition, which sees four approved insurers (AAMI, Allianz, QBE and SGIC) competing on service, price and other policy holder incentives.
Premiums are set by insurers within the independent CTP Regulator’s determined upper and lower premium limits for each vehicle class.
“SA motorists continue to drive their dollar further when it comes to renewing their car rego, locking in the significant savings earned when the CTP market opened to full competition almost a year ago (on July 1, 2019),” said Treasurer Lucas.
“Once again, we’ve seen all four insurers set their premiums for private passenger vehicles and utes at the lowest end of the range set by the independent CTP Regulator.
“And from July 1, Adelaide metro taxis and some heavy goods carrying vehicles with a gross mass of greater than 35 tonnes, such as B-doubles and road trains, are set to up to save hundreds of dollars a year on their registration renewals which will go some way towards helping ease their cash flow burden as a result of the COVID-19 pandemic.”
Decisions relating to CTP Insurance premiums are taken by the independent Regulator and are not decisions made by the Government. Use either the CTP premium calculator on www.ctp.sa.gov.au or EzyReg to view premiums.
*For private passenger vehicles in CTP insurance rating District 1^, the 2020-21 premium of $295.40 represents a total saving of $115.85 when compared with 2018-19 ($114.48 saving as a result of entering full competition, plus an additional $1.37 saving for this financial year).
^District 1 – Relates to the location in which a vehicle is garaged. District 1 represents higher populated areas (roughly corresponding to metropolitan Adelaide and surrounding suburbs).
^^District 2 – represents the rest of the State.