The product, which went live yesterday, could see the majority of drivers qualifying for a $50 rebate which encourages safe driving.
The GIO CTP premium for the passenger class of vehicle is $591.20. Taking the rebate into account, CTP cover will cost $541.20.
“GIO is excited by the opportunity to enter the ACT market and provide motorists with choice,” said Chris McHugh, executive general manager.
McHugh claimed the GIO premium is “a much better deal than ACT motorists have been getting, especially when you consider that all GIO CTP policies include a level of cover for the at-fault driver”.
Motorist with a passenger class of vehicle who qualify for the rebate will be sent a $50 GIO prepaid Visa card within four to six weeks.