Compulsory Third Party (CTP) insurance is changing in the ACT from Saturday 1 February with the introduction of a new Motor Accident Injuries Scheme.
According to ACT Chief Minister Andrew Barr, under the new scheme Canberrans will receive โfairer, faster and more comprehensive supportโ.
Mr Barr said the new scheme should also provide savings to motorists through reduced premiums.
โSince the ACT Government began reforming the CTP Insurance Scheme to allow competition in 2013, premiums have been steadily falling for ACT motorists,โ Mr Barr said.
โWith the introduction of the new scheme, premiums will be on average $60 less than what they were on 1 February 2019.โ
Premiums set by the private sector insurers have been as high as $644 for the average passenger vehicle in todayโs dollars. With the new scheme, the average passenger vehicle premiums will be $458.
Under the new scheme, everyone who is injured in a motor vehicle accident from 1 February will be entitled to receive treatment, care and lost income benefits up to five years, no matter who was at fault. People who are more seriously injured will continue to be able to make a claim for further compensation through common law.
The new scheme replaces the existing CTP insurance scheme. The old CTP insurance scheme will continue to apply to people injured in a motor vehicle accident before 1 February 2020.
More information on the Motor Accident Injuries Scheme is available at act.gov.au/maic
