Queenslanders set for fall in CTP car insurance costs

Mozo

Tuesday 31 August 2010

Queensland motorists are set to witness a fall in the cost of compulsory third-party (CTP) car insurance under new laws to come into effect later this year.

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The legislation means that Queenslanders registering cars and station wagons will be eligible for a $24 cut in their CTP costs from October 1st, the AAP reported.

Such a perk was originally set out in May's state budget.

Andrew Fraser, state treasurer, suggested the measure could encourage more motorists to compare car insurance and secure greater savings.

"This legislation, combined with an insurer filing lower than the ceiling, could see motorists gain as much as a $29 reduction in their CTP bill," he said

According to the AAP, the laws ban commissions paid by CTP insurers to businesses such as motor dealers, but will not prevent policyholders from passing incentives they may receive on to registered charities.

The $24 cut will be funded from a $20 reduction in scheme delivery costs and the abolition of a $4 HIH surcharge.

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