Hundreds of Canberra drivers have considered switching their insurer on the first day of competition in the ACT's compulsory third-party insurance market.
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More than 200 inquiries were registered on Monday with Suncorp's GIO, AAMI and Apia, which will compete with former monopoly CTP provider NRMA Insurance. Suncorp said ''dozens'' of car owners looking to reduce their CTP premiums had made the switch and bought policies with one of the new competitors.
While GIO, AAMI and Apia will charge slightly higher premiums than NRMA, the companies are offering cash back to good drivers. NRMA has not said whether it plans to reduce its premiums in retaliation.
GIO is charging a premium of $591.20, but offering a $50 rebate to drivers classed as ''good drivers'', which includes people who have not had an at-fault accident in the past two years, are aged between 30 and 69, and are buying a 12-month policy.
AAMI and Apia are offering rebates to existing customers.
Suncorp says up to two-thirds of potential customers will be eligible for the cashbacks. Suncorp Insurance executive general manager Chris McHugh said there had been a good response from ACT drivers on the first day of the changes.
''We've had hundreds of inquiries through the call centres and people registering on the website,'' he said.
''We've endeavoured to make it as clear as we possibly could around the cash rebate because it is a new product in the ACT. Everyone has so far been very positive.
''They're not worried about the premium, they're happy to go through the rebate process.''
Mr McHugh said the insurers would have data on the number of ACT drivers who had bought policies by early next week.
ACT Treasurer Andrew Barr said on Monday the level of interest showed the new providers were already bringing competition to the territory's CTP market.
''I encourage people to shop around for the best deals,'' he said.
''It is particularly pleasing to see good drivers getting a financial reward through various rebates.''
Mr Barr said the ACT government would continue with its reforms, including moving to a no-fault policy similar to Victoria's, ''which emphasises rehabilitation and recovery''.
Legal groups are opposed to any changes to personal injury laws that would limit the ability of people to pursue compensation through the courts for pain and suffering.
ACT Law Society president Noor Blumer said last week she was not persuaded there was a need for further reforms.
