South Australians are saving up to $114 a year on their Compulsory Third Party insurance for a private passenger vehicle.

Collectively, South Australian motorists saved more than $80 million on their Compulsory Third Party insurance premiums in the first 8 months of the market being opened to full competition.

Motorists can now choose their own CTP insurer (either AAMI, Allianz, QBE or SGIC) who compete on service, price and other policy holder incentives, meaning local motorists have saved up to $114 a year on their CTP insurance for a private passenger vehicle - which equates to a potential saving of up to $200 for a typical Adelaide household with 1.8 vehicles.