Compulsory third party insurance changes, announced with much fanfare by the territory government in June last year, have failed to save most motorists a cent when they go to re-register their cars.
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Seven months into the scheme, which offers vehicle owners a choice of four CTP brands, less than 6 per cent of Canberra's 280,000-plus self-powered vehicle fleet has made the switch to a cheaper alternative.
Treasurer Andrew Barr disputes the 6 per cent figure but will not provide numbers to back his claims that ''on aggregate the new CTP insurers have gained between 8 per cent and 11 per cent of the ACT CTP market per month''.
Motorists say they have not made the switch to companies offering good driver rebates because the government's registration renewal reminder notice is misleading.
The notice lists the former sole CTP provider, the NRMA, as the cheapest option for a private car at $579.20 for 12 months' cover. GIO is the next cheapest at $591.20, then APIA at $597.20 and, in fourth place, AAMI at $599.20.
The notice, which states premiums have to be paid to the Road Transport Authority not the CTP provider, does not alert vehicle owners to the availability of rebates. GIO, AAMI and APIA, all Suncorp brands, offer rebates ranging from $50 to $75.
For a motorist with a clean driving slate the NRMA policy is actually the most expensive option. It is the only provider that does not offer a rebate to drivers who have not been booked, fined or involved in an ''at fault'' accident.
APIA, with a $75 rebate in the form of a mailed-out cash card, is the cheapest for over 50s, regardless of their employment status, at $521.20.
John Green, the proprietor of MB Spares in Fyshwick and a classic car enthusiast with several vehicles on the road, is in furious agreement.
''I certainly wasn't aware of it and I work in the industry,'' he said. ''A classic car is a lifestyle choice. A lot of our customers are over 50s who would do well from the APIA rebate. When I come across things like this involving government I tear my hair out. I just can't understand why they don't refer to the cashback rebates on the renewal notice so people know what their real costs are. If I was Suncorp, I would be seriously cheesed off.''
Mr Barr does not believe there is an issue with the way CTP options are listed on the renewal notices.
''The published CTP premiums are the premiums that must be paid at the time of registration or registration renewal,'' he said. ''Any marketing or promotional programs, such as cashback offers, by insurers are aftermarket promotions.''
While Mr Barr and Chief Minister Katy Gallagher stopped short of promising motorists direct savings when they announced the entry of Suncorp into the local market on June 19 last year, it was definitely on the agenda. ''[This] is great news for Canberra motorists,'' Mr Barr said at the time. ''Competition in our CTP market will bring the obvious benefit of choice. Competition also offers greater opportunities for innovative insurance products.''
Florey's John Rodriguez, a former public servant and educator in his 60s, was not aware of this when he renewed his registration.
He is not pleased to be $57 out of pocket given a 7.5 per cent a year increase in registration costs since 2010 and a 50 per cent rise in NRMA CTP premiums of $194.15, from $385.05 in 2008 to $578.20 (plus a $1 levy) now.
''I just ticked the NRMA box,'' he said. ''That is partly out of habit [the company had been the territory's sole CTP provider for 35 years until last year] but mainly because the form said they were cheapest.
''Looking at the form there is no way you could know that savings were available and what the real costs were. The RTA should perhaps be more open in telling people what their choices are.''
Mr Rodriguez and Mr Green say Suncorp has delivered those products through its cashbacks but, until they are listed on the renewal notices, very few people are likely to use them.
Suncorp, meanwhile, is keen not to rock the boat. Having finally cracked the ACT compulsory third party insurance market, it is just happy to be here.
''It is pleasing to be able to enter a market that has effectively operated as a monopoly and provide choice for customers,'' executive general manager Chris McHugh said. ''The experience to date has been very positive and CTP sales are growing ahead of expectations.''
He said the GIO brand would be ''ramping up our marketing campaign in the coming weeks to expand awareness among ACT motorists … that it's worth looking at what [we] can offer them.''
A Suncorp spokesman said just over 10,000 cashback cards had been mailed to ACT vehicle owners by the end of last year. Asked if it was more than 15,000 now, he said ''no''.