Compulsory Third Party Insurance
The Compulsory Third Party (CTP) insurance scheme is a compulsory scheme of third party insurance applying in the ACT that is paid when you register your car.
New CTP providers in the ACT
On Wednesday 19 June, ACT Chief Minister Katy Gallagher and Treasurer Andrew Barr announced that for the first time since 1979 Territory motorists will have a choice of providers for compulsory third party (CTP) insurance.
Three insurers: AAMI, GIO and Apia (the Australian Pensioners Insurance Agency) have been granted licences to offer CTP insurance to ACT motorists. The licences will become effective on 1 July 2013. There is currently only one provider of CTP in the ACT.
“Today’s announcement is great news for Canberra motorists,” Treasurer Andrew Barr said. “Competition in our CTP market will bring the obvious benefit of choice.
“Competition also offers greater opportunities for innovative insurance products, more investment and employment in the ACT, and new thinking about how people injured in a motor vehicle accident might be rehabilitated and returned to health.
“We have had a single insurer in the ACT for more than three decades, and it is great for Canberrans to finally have greater product choice.
“The new insurers to the market have
developed a reputation in other jurisdictions for providing injured people with more direct pathways to rehabilitation. This sits well with the Government’s reform agenda,” the Treasurer said.
The Chief Minister said that the Government was committed to ongoing reform of the Territory’s CTP scheme, in order to emphasise rehabilitation and treatment.
“We want to ensure persons injured in motor vehicle accidents receive access to medical diagnosis, treatment and health services as soon as possible to facilitate a quicker return to health and a reduced propensity to develop long-term injuries.
“I am confident that the Government’s commitment to reform of the industry has been instrumental in these insurers taking the decision to come into the ACT CTP market,” the Chief Minister concluded.
The CTP Regulator is expected to consider premium submissions from the three brands after 1 July in accordance with ACT CTP law. Premium setting in the ACT is based on independent actuarial advice; it is not a government decision.
CTP premiums for all licensed CTP insurers are now available for people renewing their vehicle registration. The premiums of the different insurers are available on the premiums page
Q&As New CTP Insurers [PDF 81KB]
Further information about the ACT's CTP insurance schemeSource: apps.treasury.act.gov.au