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Fair and equitable compensation for taxi plate owners.

Reforms to motor injury insurance a win for the taxi industry?

According to www.insurancebusinessmag.com, as stated by by Mina Martin, the taxi industry is set to enjoy significant savings after reforms to motor injury insurance premium rates take effect from July 01.

 

The changes will eliminate the significant disparity in premium rates charged for taxis and other on-demand passenger transport vehicles, ensuring that all vehicles used for passenger transport services pay the same insurance premium rates.

 

Effective July 01, owners and drivers of metropolitan taxis, country taxis, hire vehicles, and vehicles used for Uber/Ola, and equivalent services will be charged $604 inclusive of GST and insurance duty, down from $1,603, saving them around $1,000 every year, Mirage News reported.

 

The savings are on top of those created through on-demand transport reforms, which scrapped plate costs and lower annual fees from the taxi industry.

 

The reforms will also see a large reduction in the premium rate for country buses from $774 to $358, so that country bus premiums match those for school buses, as well as small increases in the premium rates of other on-demand vehicles to ensure all vehicles providing these services pay the same rate.

 

“These changes deliver a lower cost-base for metro taxis, implements the same premium rate for vehicles used for similar purposes, and will collect the total annual premium revenue as set out in the 2019-20 budget,” Finance Minister Ben Wyatt said. “The changes combine small passenger vehicles into a larger insurance pool used by the Insurance Commission to reduce the volatility experienced when setting pricing for small insurance pools. Owners and drivers of on-demand vehicles in WA will pay less for motor injury insurance than most other states and territories.”

 

“Our on-demand transport reforms were all about creating a level playing field for the whole industry and ensuring the same safety standards were introduced across the board,” Transport Minister Rita Saffiot said. “The changes to insurance reflect the new system and reduce the financial barriers to market entry that existed under the old legislation. Ultimately, the reforms will result in stronger safety standards, improved services and greater competition, meaning consumers will be better off.”

 

The so called insurance win is nothing in comparison to the massive loss in asset value of taxi plate licences.

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