SA motorists pay the price for downturn
South Australian vehicle-owners will pay up to 8.5% more for compulsory third party (CTP) insurance this year, thanks to the downturn in investment markets.
Premiums for Class 1 passenger vehicles in Adelaide and surrounds will rise 7.7% to $444 in July after rising 6.3% last year.
Treasurer Kevin Foley says the state’s CTP fund has been hit by investment writedowns and the sharp fall in the discount rate.
SA CTP premiums are collected with vehicle registration payments and paid to the Motor Accident Commission (MAC) which is the insurer.
Allianz Australia, the MAC claims manager since 2003, is responsible for processing all CTP claims and handling enquiries.
Premiums for Class 1 passenger vehicles in Adelaide and surrounds will rise 7.7% to $444 in July after rising 6.3% last year.
Treasurer Kevin Foley says the state’s CTP fund has been hit by investment writedowns and the sharp fall in the discount rate.
SA CTP premiums are collected with vehicle registration payments and paid to the Motor Accident Commission (MAC) which is the insurer.
Allianz Australia, the MAC claims manager since 2003, is responsible for processing all CTP claims and handling enquiries.