The Road Ahead : June July 2007
INSURANCE FEATURE JUN/JLY 07 17 STORY BELINDA PETERS Not a day goes by without news of more price increases. Whether it's housing, petrol or groceries, our news is flooded with tales of how the cost of ever yday necessities are burning a hole in our hip pockets. So it might come as a surprise to learn that the cost of RACQ Insurance's (RACQI) Compulsor y Third Par ty (CTP) insurance is now significantly cheaper than it was three years ago. RACQI's CTP insurance premiums have been falling during that period, with the cost of a 12 month Class 1 private premium falling more than 18 percent. General manager CTP insurance Angus Cairn said RACQI's CTP policy was still one of the best on the market, with the price decrease not affecting the extra benefits that came as par t of the policy. "It is impor tant to remember when shopping around for CTP policies to take into account not only the price but also any additional benefits, as they differ between companies," Mr Cairn said. "If you're an RACQ Club Care member and you choose RACQ Insurance as your CTP insurer, you may be entitled to a $10 discount off your RACQ membership annual subscription fee. "RACQI also offers an At Fault Driver Policy to provide additional value for CTP policyholders, and even with a lower premium price we are still able to maintain this extra benefit for all Class 1 and 6 vehicles with their CTP insurance with RACQI. "The At Fault Driver Policy covers serious injur y to an 'at fault' driver and extends to drivers under 25 years of age who are current RACQ members or are permanently living with at least one parent who is a current RACQ member (subject to policy exclusions and conditions)." Mr Cairn said price reductions in the CTP market were driven by declining frequency of claims and, as RACQI policyholders' claim frequency had decreased, so too had the premium prices. "RACQI has always taken the view that its premiums should follow the fall in claim frequency, rather than racing ahead of the fall in the claim frequency," he said. "This is to ensure that money is available to provide the appropriate level of financial compensation when one of our injured customers needs it. "It's a difficult balancing act, with premium prices also influenced by average claim size and legislation changes, but we always aim to offer the best overall value and benefits for our customers." Switch and win Nominate RACQ Insurance as your CTP Insurer for a chance to go into the draw to win a holiday of your choice to Tasmania, New Zealand or Nor folk Island. Each holiday is valued at $4000 and includes $1000 spending money. To enter the draw, visit your nearest RACQ branch office and fill out a CTP nomination form to switch your CTP Insurance to RACQI. RACQI has one holiday a month to give away, until December 31, 2007. Conditions apply. See the CTP 'switch and win' flyer in your nearest RACQ branch office for full terms and conditions. your CTP Compulsory Third Party insurance customers can save with RACQI. CTP insurance can provide legal liability protection in the event of a crash. Insurance products are issued by RACQ Insurance Limited. Contact our branches, agencies or phone 13 1905 to obtain a copy of the relevant product disclosure statement before you make any decision regarding this product. Terms and conditions apply.
April May 2007
August September 2007