NRMA will increase its compulsory third party (CTP) insurance premiums for most ACT vehicles by $52.10 from September 1, ACT CTP regulator Megan Smithies announced today.
The change comes on top of an eight per cent increase in August last year.
The new premium for a family car will jump from $526.60 to $578.70; a rise of 10 per cent.
In the last three years, NRMA Insurance has increased its CTP insurance premiums five times at an average rate of eight per cent.
Under the CTP legislation, licenced insurers are required to charge premiums that will fully fund their present and future liabilities under the legislation to people injured in road crashes, but which are not excessive.
“Based on independent actuarial advice, I am satisfied that NRMA’s new premiums are soundly based and not excessive,” Ms Smithies said.
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