NSW Greenslips - Page 2

fanboi · 13-05-2013, 11:08 AM

Quote:

Originally Posted by Yellow_Festiva

Just curious, have you got any figures of what is paid out to injured persons compared to what income is generated from CTP premiums, across the entire state?

It isnt a profitable part of the business, this is why when someone like NRMa hits a certain amount of market share with CTP they jack up the prices so people will go elsewhere and spread the burden. The way the prices are set with prices submitted to the govt blindly also makes it very difficult for the insurers to use it as a cash cow as you claimed.

fanboi · 13-05-2013, 11:10 AM

Quote:

Originally Posted by JoeDaleyN98

I work for nrMa who are the biggest holder of CTP in nsw and let me explain something's for you.

- green slip covers any third party INJURIES, that you cause in an accident, including people in your car.
- the MCIS levy, is for people who suffer injuries that ruin them for the rest of their lives, such as my step father, Sophie delezio... Etc. The initial
Claim and payout comes out of the bulk of the premium you pay, the rest of their rehab comes out of the levy, which in turn stops your green slips from going to high.
- the average green slip claim this year has risen from 90,000 to 150,000 bucks, and because green slips are a self funded scheme, (all money taken in must be enough to pay out expected claims) we as a company have to ensure premiums are high enough to cope with the claims we have.

There are green slip claimants who are up in the tens of millions of dollars for their Injuries and illnesses sustained by another persons actions.

If you have that sort of money laying around, don't bother paying your free slip, could save you $800 bucks

You poor bastard, worst company to work for in Australia

also be careful what information you publish as an employee of the company.

JoeDaleyN98 · 13-05-2013, 11:15 AM

Quote:

Originally Posted by fanboi

It isnt a profitable part of the business, this is why when someone like NRMa hits a certain amount of market share with CTP they jack up the prices so people will go elsewhere and spread the burden. The way the prices are set with prices submitted to the govt blindly also makes it very difficult for the insurers to use it as a cash cow as you claimed.

Right you are fanboi. CTP was privatised because the government didn't want to foot the bills. But it's strict in terms of prices we can charge.

Stefan · 13-05-2013, 11:36 AM

Quote:

Originally Posted by cobramania

Mine's with QBE.

Goto the Motor Accidents Authority web site, fill in the details, & it will give you a quote from every NSW Green Slip insurer.
You don't have to waste time ringing around or filling in multiple web quotes.
http://www.greenslips.nsw.gov.au/

Yep do that every year and again GIO is the cheapest, I assume my post code is bad thing being 20Kms from Sydney CBD.

creative · 13-05-2013, 01:15 PM

The levies I understand but why cant they be included into fully comp insurance? As my pds states I am covered for bodily injury to others..upto $20mil I think off top of my head... so why do we have to pay what appears to be a second insurance?

ebxr82nv · 13-05-2013, 01:37 PM

I just went to an nrma office and had a chat and with a bit of work she managed to get it from $605 to $420. Amazing what they'll do when you put pressure on them.

JoeDaleyN98 · 13-05-2013, 02:05 PM

It's all in the PDS and online fanboi. An they are actually the most fantastic company to work for! They look after they're staff like no other, and are determined to be the best. Love it!

Yellow_Festiva · 13-05-2013, 02:25 PM

Quote:

Originally Posted by fanboi

It isnt a profitable part of the business, this is why when someone like NRMa hits a certain amount of market share with CTP they jack up the prices so people will go elsewhere and spread the burden. The way the prices are set with prices submitted to the govt blindly also makes it very difficult for the insurers to use it as a cash cow as you claimed.

Having said that, you didn't really answer the question.

http://smh.drive.com.au/motor-news/g...225-2f22a.html

Quote:

Green slip rules cap payouts to wealthy

DateFebruary 26, 2013

WEALTHIER motorists will be expected to take out income protection insurance to compensate for slashed benefits under changes to the ''green slip'' insurance scheme.

The NSW government has announced it will change the third party insurance benefits to reduce premiums, and weekly benefits will be cut.

A government document that outlines the changes says ''one difference will be that future economic-loss caps will mirror NSW workers' compensation caps, but this restriction will only really be felt by high income earners who would reasonably be expected to have other sources of protection, such as income protection insurance and disability insurance.''

The Minister for Finance, Greg Pearce, who oversees the Motor Accidents Authority, said payments would be capped at a fixed weekly amount ''significantly greater'' than the average weekly wage, which is about $1300 in NSW. The existing cap is $4236. The cap on benefits under the workers' compensation scheme, which the proposed new scheme follows, is about $1800.

Mr Pearce said the new cap, which is yet to be decided, would ''impact on a small minority of claims'' and not be means tested.

''All vehicle owners would no longer pay higher premiums to cover the losses above that income cap for those on higher incomes,'' he said. '' It is estimated that the adoption of the current workers' compensation cap would impact a small minority of claims.''

The president of the NSW Law Society, John Dobson, said people relying on benefits under the proposed new scheme ''will be left high and dry'' after five years.

''The impact of this will be severe on those who had a long working life ahead of them before they were injured,'' he said. ''These benefits will be drip-fed by insurance companies, stripping claimants of the autonomy of a lump sum payment.''

The government says the CTP insurance scheme is ''highly inefficient'' and that just 50¢ in every dollar collected by insurers is returned to motorists who make claims for an injury.

However, this conflicts with data published in the Motor Accident Authority's latest annual report, which says at least 64¢ in the dollar was returned to people injured in motor accidents between 2008-09 and 2011-12.

A NSW parliamentary committee on law and justice reported in December 2011 that since the inception of the existing scheme in 1999 the percentage of premiums paid out to claimants as benefits has been consistently about two thirds.

Asked to explain the difference in the figures, the NSW Minister for Finance, Greg Pearce, said the annual report provides a forward estimate by insurers of future costs, reflecting insurer ‘‘perceptions’’ of market and economic conditions at the time the premium price is set.

The government commissioned a review conducted by Ernst and Young which excluded the Lifetime Care and Support Scheme which is funded by a separate levy and not by green slip premiums.

A spokeswoman for Mr Pearce said it was appropriate to exclude the scheme because it would distort the real performance of the compulsory third party insurance scheme.

‘‘When the Lifetime Care and Support Scheme is excluded and actual payments are analysed, scheme efficiency drops to 50%,’’ Mr Pearce said.

This article seems to make out that the income is well above what is given back, to the tune of between 36 and 50%.

Sure CTP isn't a cash cow?

Another thing that really needs to be looked at with CTP is the way in which transfer of title is done in buying and selling cars.

Say owner A had a CTP premium of $300, and then sold the car to owner B, who was much younger, and has a really bad driving record. Owner B does not pay any difference in CTP even though in reality owner B may be up for many hundreds of dollars more if they quoted the car they just bought for themselves.

Surely, there has to be a system of refund or paying the difference with different owners??? It really doesn't make much sense.

fanboi · 13-05-2013, 03:02 PM

Quote:

Originally Posted by JoeDaleyN98

It's all in the PDS and online fanboi. An they are actually the most fantastic company to work for! They look after they're staff like no other, and are determined to be the best. Love it!

We may have to agree to disagree on that one mate, they couldnt pay me enough to go back there and thats why lots of the senior leadership team jumped ship to Suncorp over the past few years.

fanboi · 13-05-2013, 03:03 PM

Quote:

Originally Posted by Yellow_Festiva

Having said that, you didn't really answer the question.

http://smh.drive.com.au/motor-news/g...225-2f22a.html

This article seems to make out that the income is well above what is given back, to the tune of between 36 and 50%.

Sure CTP isn't a cash cow?

Another thing that really needs to be looked at with CTP is the way in which transfer of title is done in buying and selling cars.

Say owner A had a CTP premium of $300, and then sold the car to owner B, who was much younger, and has a really bad driving record. Owner B does not pay any difference in CTP even though in reality owner B may be up for many hundreds of dollars more if they quoted the car they just bought for themselves.

Surely, there has to be a system of refund or paying the difference with different owners??? It really doesn't make much sense.

Even though I dont work for them anymore I signed lots of things that say I cant talk about specifics in that area sorry

Yellow_Festiva · 13-05-2013, 03:21 PM

Quote:

Originally Posted by fanboi

Even though I dont work for them anymore I signed lots of things that say I cant talk about specifics in that area sorry

I understand and respect that.

When questioning CTP income I didn't want brand specific info, just general info across all CTP providers for the whole state.

Cheers,

Jason

Stefan · 13-05-2013, 07:23 PM

Quote:

Originally Posted by JoeDaleyN98

I work for nrMa who are the biggest holder of CTP in nsw and let me explain something's for you.

- the MCIS levy, is for people who suffer injuries that ruin them for the rest of their lives, ........., which in turn stops your green slips from going to high.

WTF?

What is the difference? I still pay for it?

You should work in federal politics "premiums have not risen at all....we just added a new levy instead"

My wife had a small bingle a few years back and a "max no claim bonus for life" following year the premium jumped 25%, rang up insurance company their response was "your max no claim bonus is still 60% we just increased your premium instead" Well WTF is the difference? I'm still paying...

JoeDaleyN98 · 13-05-2013, 07:31 PM

You can't expect no penalty when you have an at fault accident. And I didn't say there were no green slip price rises. I did state that the average claim cost had gone up, hence the rise in premiums.

burnz · 13-05-2013, 07:47 PM

Quote:

Originally Posted by cobramania

Mine's with QBE.

Goto the Motor Accidents Authority web site, fill in the details, & it will give you a quote from every NSW Green Slip insurer.
You don't have to waste time ringing around or filling in multiple web quotes.
http://www.greenslips.nsw.gov.au/

just checked that site out,
QBE $388 the cheapest.
NRMA $489 the dearest.

creative · 13-05-2013, 08:58 PM

Besides the levies, I still think you are paying twice for insurance and is a rort!

As mentioned above, I can see why prices vary in terms of a company (nrma is this case) spreading the cost when they reach market share... guess I wont be loyal to a company when it comes to this and will be going for the cheapest now.

THis year qbe get my business!

**ebxr8240** · 13-05-2013, 09:15 PM

Quote:

Originally Posted by JoeDaleyN98

You can't expect no penalty when you have an at fault accident. And I didn't say there were no green slip price rises. I did state that the average claim cost had gone up, hence the rise in premiums.

The amount of claims has gone down.. They stop after a certain time..
While the Gov said costs WILL go down !!! Oh yea ??

Besides I'm paying over 3 cars and a motorhome.. Can only drive one at a time .. I have work supplied vehicle also..

Yellow_Festiva · 13-05-2013, 09:46 PM

Quote:

Originally Posted by burnz

just checked that site out,
QBE $388 the cheapest.
NRMA $489 the dearest.

Almost $100 difference...

Which is why I hammer into people that shopping around can save substantial $$$.

NRMA came in around $80 lower online when I re-quoted their renewal notice just for curiosity last year.

I just quoted 3rd Party Property with several companies and closed the windows when I found that my renewal with AAMI was on-par with the second lowest quote, which was Budget Direct.

I get a call 20 min after closing the window and it was them asking if there was anything wrong with the price. Explained that I didn't go with them as the site said that the car required an inspection and I needed cover from that day so I just paid the renewal. The guy said that for 3rd party no inspection was needed (was just a generic message at the end of the quote) and that as I'm a current customer they could certainly do better than the online (already discounted) price.

fanboi · 13-05-2013, 10:59 PM

Quote:

Originally Posted by Stefan

WTF?

What is the difference? I still pay for it?

You should work in federal politics "premiums have not risen at all....we just added a new levy instead"

My wife had a small bingle a few years back and a "max no claim bonus for life" following year the premium jumped 25%, rang up insurance company their response was "your max no claim bonus is still 60% we just increased your premium instead" Well WTF is the difference? I'm still paying...

Yeah you still get your discount, its just your risk changes so the premium before your discount goes up.

fanboi · 13-05-2013, 11:02 PM

Quote:

Originally Posted by Yellow_Festiva

I understand and respect that.

When questioning CTP income I didn't want brand specific info, just general info across all CTP providers for the whole state.

Cheers,

Jason

The main reason a larger amount doesnt make it to the injured parties or discounted prices is the inneficiencies in the way the system is administrated. It is stupidly complex and has massive overlaps with people doing the same job in two different areas or business.

Its a stupid system that needs a massive clean up.

Legit290 · 13-05-2013, 11:12 PM

I heard whispers that nsw green slips are about to come down in price. It better happen in the next 14 days.

I always ring around even though 3 cars here and the house/contents are NRMA insured they are never the cheapest

Yellow_Festiva · 13-05-2013, 11:16 PM

Quote:

Originally Posted by clarkey117

I heard whispers that nsw green slips are about to come down in price. It better happen in the next 14 days.

I always ring around even though 3 cars here and the house/contents are NRMA insured they are never the cheapest

Details for possible lower prices is in post #27.

Legit290 · 13-05-2013, 11:29 PM

Yep that was it