ACT Treasurer, Andrew Barr, says it would be ''inappropriate'' for the Territory government to provide Canberrans with accurate information on the likely actual cost of their compulsory third party insurance on registration renewal certificates.
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''Cashback offers are aftermarket promotions and are a matter for the insurers themselves, not the CTP regulator or the ACT government,'' he said.
Mr Barr was responding to concerns the CTP premiums printed on renewal notices did not accurately reflect the likely actual cost to motorists once good driver rebates were taken into account.
Savings of up to $56 a year are available. It is believed Canberrans could be collectively out of pocket up to $15 million a year as a result.
''It would be inappropriate to advertise the commercial offerings of each individual insurer on either registration forms or the Treasury website,'' he said.
While Mr Barr said ''consumers should shop around to get the best deal for their individual circumstances'' and that they could do this ''by visiting each insurer's webpage or contacting the insurer directly'' no such suggestion is made on either the Treasury website or the renewal notices.
''The Road Transport Authority ACT is an agent for all approved CTPI providers in the ACT and collects premiums on their behalf,'' the notices state. ''You cannot pay an ACT CTPI premium directly to the CTPI provider.''
While GIO, AAMI and Apia are all Suncorp brands they each have their own website.
Mr Barr said while lower prices in the short term had been a factor in the decision to introduce competition last year, it was not the only factor.
''The new entrants to our CTP market have consistently represented themselves to be primarily concerned with the rehabilitation and return to health of people injured in motor crashes.''
