Canberra motorists who renew their vehicle registration over the next 12 months will save money, thanks to lower insurance premiums under the ACT Government’s Motor Accident Injuries (MAI) Scheme.
The Scheme “delivers cheaper premiums, broader coverage, and faster support for people injured on Canberra’s roads”, said Chris Steel, ACT Special Minister of State.
Because the no-fault scheme has lower costs, insurers can provide a one-off premium refund via the ACT Government’s one-stop registration process when people renew their vehicle registrations.
The refund will vary by vehicle class, but eligible motorists with passenger vehicles should expect to see a refund of $19.90 on their renewal notice.
“We recognise every little bit counts at a time when households are facing higher fuel prices and other cost of living pressures,” Mr Steel said.
The refund will be provided to all eligible motorists renewing their current vehicle registration with a start date over the coming year, falling between 30 April 2022 and 29 April 2023. This will capture current vehicle owners in eligible vehicle classes who previously held a Compulsory Third Party (CTP) insurance policy.
The refund is due to the switch from the higher priced CTP scheme to the lower priced MAI scheme, which came into effect in 2020.
The crossover period between the two schemes meant many motorists had already paid the higher priced CTP premium before the MAI scheme took effect.
To make it easier to receive this refund, the ACT Government is adding it to registration renewal notices.
Refunds will automatically appear on the registration renewal reminder notices that Canberrans receive from Access Canberra. These are based on the vehicle class and will be the same amount, regardless of whether people choose to renew their registration for three, six, or 12 months – or which insurer they choose.
The refund will only be granted once per eligible vehicle. Different amounts apply for other vehicle classes.
A small number of vehicles are not eligible for a refund. This includes motorcycle registration classes, as these motorists are at a substantially higher risk of injury than other vehicle classes, and receive a premium subsidy within the broader scheme.
Vehicle registration can be renewed online by visiting the Access Canberra website.
In addition, the average passenger vehicle premium as of 28 March 2022 is now $434, compared to the average of $458 on 1 February 2020, when the new scheme was introduced. Under the old scheme, the average passenger vehicle premium a year prior (at 1 February 2019) was $534, resulting in reductions over the past three years of $100.
“The ACT Government reformed motor accident injuries insurance to deliver better coverage for Canberrans who are injured on our roads,” Mr Steel said. “That’s exactly what the new scheme is delivering. I am also pleased to see Canberrans are also benefiting from lower premiums.”
