Switched my CTP away from Suncorp last year to receive a gift voucher, now it would seem that want me back!
Switch to Suncorp CTP and Receive a $20 Gift Card - QLD Only
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So you pay your rego every six months to get a $20 card?
You'd be better off paying the yearly amount as it's cheaper and switching once a year. Less effort. Better value.Of course I did it after calculation, it was something like $420 vs $820. Two gift cards are worth $40. I use ING card, split transaction to pay at post office, plus I get keep the $400 for another 6 month. Time value of money.
It seems Allianz has withdrawn the gift card offer though.
I'm not convinced. Looking at my current rego renewal (4cyl):
https://www.service.transport.qld.gov.au/eQuote/LightVehicle…
Paying every six months: $347.75 + $347.75 - $20 card - $20 card = $655.50
Paying annually: $663.50 - $20 card = $643.50
Cheaper paying annually by $12
Interest on difference of $315.75 for six months at UBank's highest promo rate (4.26%) = $6.72
Tax on interest earned - assume income between 80k and 180k (38.5% inc medicare levy) = $2.58
Annually is still $7.86 in front (assuming you can get $20 gift cards every six months)
Maybe you have a non-economical six cylinder?
Yearly $826.90 - $20 card = $806.90
Six Monthly $430.35 + 430.35 - $20 card - $20 card = $820.70
Difference = $13.80
Interest on difference of $396.55for six months at UBank's highest promo rate (4.26%) = $8.44
Tax on interest earned - assume income between 80k and 180k (38.5% inc medicare levy) = $3.25
Annually is still $8.61 in front (assuming you can get $20 gift cards every six months) which is more than the 4 cylinder example above
So not only is paying annually still a saving, it's much easier making one payment, one trip to post office and one change of CTP insurer request.
You forgot to compound the interest.
And I lol at your 4cyl.
Seriously though. Time value of money isnt simply interest. He might need to borrow from his 27%cc to pay a bill in that time. If he saved ont he rego, he would have cash at that time. He might buy a bargain or two here, and resell for profit on ebay. He could make millions.
What about time value of time? If the assumption is he's earning 80-180k, the time it takes to process two rego payments vs one payment and apply for CTP insurance has to have a monetary value set on it.
:)
lmao about 2h too late
Please note the details you provide must be those of the registered vehicle owner and the offer is valid for QLD registered vehicles only.
Thanks hys, updated title.
And here I am giving it to them for free.
Ongoing you say… Allainz too you say… I have my comp through Allainz… Ive never heard of it… how does one take advantage of it? In Qld you just nominate the CTP insurer on rego forms, theres no mention of incentives.
how does one take advantage of it?
Click on the link
Yeah I got the Suncorp one, but I dont have the Allianz one, Im already with Suncorp. Regoed two cars in the last month and a half too.
Darn! Had forgotten all about these offers - just renewed rego on a car last week.
OP it is probably worth mentioning that this offer is only valid for Qld drivers.
double post sorry
Please put QLD in the title!
Yes, as per above post "…and the offer is valid for QLD registered vehicles only."
I have my Allianz CTP renewal coming up in March, is there a link for a $20 gift card with them as well? (As per tooblue).I can't see where Allianz are now offering the gift card?
Maybe they don't anymore, I didn't click through and read or check any of it.
AAMI, GIO and APIA are still all offering rebates (with certain qualifications) in the ACT. Only the original insurer NRMA isn't, although their premium is lower iirc. I went with GIO 6 months ago as they were the cheapest overall at that time and offered additional driver insurance.
NB - you need to register with them to get the rebate, it isn't mentioned on renewal notices afaik.
Switched. Terms and conditions don't put any restrictions on you switching again to someone else before your registration is actually due.
I pay 3 monthly I wonder if I could get 4 x giftcards per year?
NRMA has pulled out of the QLD CTP market…so it will be interesting to see if this is dropped as an offer.
http://www.maic.qld.gov.au/ctp-premium/nrma-withdrawal-from-…
I think it's an ongoing promotion and Allianz is doing the same. I personally switch between these two every 6 months to get the gift card from both sides.