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NSW CTP - 23.013% increase! Anyone else notice a big increase?

Discussion in 'Politics, Laws, Government & Insurance' started by TWEET, Jun 19, 2016.

  1. Just got my CTP renewal for one of my bikes.
    I noticed that there has been a substantial increase in the cost from the 2015 renewal, 23.013% or $89.

    GIO provide the cheapest NSW CTP for bikes and have done for a number of the past years, usually $100-200 less than the other few insurers. I would then guess many riders have taken on GIO policies.
    I wonder if this increase reflects an increased number of claims on GIO given they probably hold a large chunk of the market share, or if they notice their premiums are a couple of hundred dollars cheaper than competitors, so they narrow the gap, but still remain cheaper, or whether other losses from other insurance divisions such as home/business where we have had fires, floods, storms etc have seen them raise all premiums to recover some of their losses.

    With the ever increasing RTA/RMS costs each year, and now huge CTP increase, it is almost as costly to register my bike as it is my cars!

    Anyone else notice a marked increase this year?

  2. I'm with QBE: this year's premium was exactly the same as last year's....
  3. Me too. This year in particular, they were significantly cheaper than anyone else for CTP.
    • Agree Agree x 1
  4. Hi tweet.

    Have you actually contacted GIO about the real cost?

    I know a few of the insurance companies will send out renewal notices with an "over the top" cost, in the hope that folk might just automatically renew.
  5. Not yet Cam, but the NSW Greenslip Calculator gives the same price as whats on my renewal, with all other insurers being more expensive. I did just get a quote directly from GIO website, and I purposefully didn't provide the RMS details as I know they will then cross match that they have already sent a renewal, and the price was only $20 cheaper than the renewal cost.
  6. I'm with NRMA, they're exorbitantly expensive but there's a discount with multiple policies (I have six - ctp and third party for van, ctp and comprehensive for firestorm and ctp and third party for cb400, plus a roadside assistance policy with all three vehicles attached)

    I probably spend a few hundred more than I should each year, but every time I get a renewal in the mail I take the paperwork into the store and ask if they can do a better price, and this year on five out of six policies they've knocked sometimes up to $100 off. Always pays to ask...

    I like getting mail from just one insurance company. Such a headache always changing providers, and I know that insurance companies prey on this, but I'm not very good at paperwork and I'm a bit lazy with these things so it's just easier for me to use the one company for everything.
  7. Am I allowed to put in a plug for the folk that do CTP (and other) bike insurance for members of the Ulysses Club in NSW?

    If so, have a look at :- Monaland | Welcome to Monaland
    • Agree Agree x 1
  8. Thanks Cam, they are the provider that quote for NSW MCC too..
  9. #10 Vertical C, Jun 19, 2016
    Last edited: Jun 19, 2016
    I blame all those injuries from go pros. Prices were never this high until those teletubbies started claiming for brain injuries from impalement when they fell off. Coincidence, no.
  10. Mine was about the same - paid in May.
  11. Oh, OK, I didn't know they also did the MCC.

    It was a while back that I was involved with the MotorCycle Council, must have been before the insurance deal was available.

    BTW, the two Green Slips that I have just paid for, seem to be the same as last year, but they are for wee machines, and are $94.10 each.
  12. Really, hadn't read about go pro injuries. Thought it could make some of the tards in cars think twice, if the think there y're being recorded.
    • Disagree Disagree x 1