Youi set to become CTP insurer in South Australia

Youi has been added to the list of compulsory third party (CTP) insurers available to South Australian motorists, taking the state’s total number to five, with the newcomer primed to offer its services from July 1.

The other major players already in South Australia are AAMI, Allianz, QBE and SGIC.

Youi CEO Hugo Schreuder declared the company’s addition to the list a win for motorists.

“Increasing competition is always the best way to ensure that providers are focused on providing high quality products and customer service within any given market,” he said.

“The South Australian government has demonstrated its commitment to providing motorists with increased choice by making it possible for new entrants to enter the state’s CTP market.”

South Australian treasurer Stephen Mullighan was equally enthusiastic about the announcement, describing it as “good news for motorists” as more competition enters the market.

This will be the second CTP insurance market Youi has entered – New South Wales was the first back in December 2020.

CTP is the mandatory motor vehicle insurance cover that’s typically paid in conjunction with vehicle registration and covers the driver against the “financial impact of causing injury or death to other road users”, provided they weren’t entirely at fault and the vehicle was registered and insured.

All Australian states and territories insist that every registered vehicle on the road be underwritten for CTP, but you can’t always shop around between insurers.

In Victoria, for example, everyone pays the same premium to the registration authority, VicRoads.

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