Choice of four insurers in the ACT
The CTP scheme in the ACT was recently reformed, following a citizens jury process. The ACT Motor Accident Injuries (MAII) Scheme commenced 1 February 2020.
Motor Accident Injuries Act 2019 sets out how the scheme operates and responsibilities of the new CTP Regulator, the Motor Accident Injuries Commission.
The scheme pays defined benefits for injured people, regardless of fault, for up to 5 years. Where there is whole person impairment of at least 5%, a Quality of Life benefit may be paid. If you can prove a third party was negligent, you may be able to pursue a common law claim.
Common law claims must meet one of three criteria:
- Whole person impairment of at least 10%
- A child is receiving treatment and care benefits 4 years and 6 months after the accident
- An adult is receiving income benefits 4 years and 6 months after the accident and their work is significantly affected.
ACT vehicle owners can choose from four insurers licensed to issue CTP insurance:
Suncorp owns GIO, AAMI and APIA and has 45% of the market.
In the ACT, the premium for a class 1 passenger vehicle is the same, regardless of geographic location, age, driving record or claims history and so on.
Insurers set premiums and must submit them to the CTP Regulator for approval. The CTP Regulator may reject premiums if they do not fully fund insurer liabilities, if they are excessive or if they do not comply with guidelines.
CTP insurance in the ACT is compulsory and must be paid at the time of registration. The CTP insurer is shown on the certificate of registration. If your vehicle is unregistered and you are involved in an accident, you will not be covered by CTP insurance and you may be liable for damages for the injured person and a heavy fine.
Before purchasing CTP insurance in ACT, compare prices for insurers in the schedule of CTP insurance premiums.