Shadow Treasurer, Brendan Smyth, today welcomed GIO’s announcement to offer Compulsory Third Party Insurance cover to ACT motorists from 15 July 2013.
“The Canberra Liberals have long been supportive of more choice in the ACT market for CTP insurance as it gives Canberra motorists an opportunity to shop around and compare deals,” Mr Smyth said today.
“Last year the Government introduced legislation to take away victims’ rights to compensation as a way of bringing the cost of CTP down. However the Canberra Liberals put a stop to that saying that CTP insurance could be brought down right then by introducing competition to the market.
“The Canberra Liberal amendments to the Government’s Road Transport (Third-Party Insurance) Amendment Bill introduced reforms that struck the right balance between reduced costs and better outcomes for people who are injured in a motor vehicle accident.
“GIO’s decision to enter the ACT market does confirm our position that the lack of CTP options in the ACT was due to the Government’s failure in setting a market for greater competition.
“The Canberra Liberals congratulate GIO for their announcement today to enter the Canberra CTP market,” Mr Smyth concluded.