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CTP insurance protects you from financial liability in the case that you or someone driving your car causes an accident in which a third party is killed or injured. This includes your passengers, other drivers and their passengers, cyclists and pedestrians.
Your CTP insurance must be paid to your chosen licensed insurer at the time of registration. The insurer is named on the vehicle registration certificate, so there’s no need for a separate CTP certificate.
If your vehicle is unregistered and you’re found to be at fault in an accident, you are not covered by CTP insurance and you may be liable for damages for the injured person, in addition to a fine.
Compensation costs could potentially run into the hundreds of thousands of dollars. If you couldn’t pay, the injured party and their family might not be able to afford the necessary medical and rehabilitation treatment or cover any loss of income on their own.
This is why CTP insurance is so important and compulsory not only in the ACT, but throughout Australia.
How are CTP premiums set in the ACT?
As of July 2013, ACT motorists have been able to choose between four licensed CTP insurers: AAMI, Apia, GIO and NRMA.
The government’s decision to introduce competition into the market has benefited ACT motorists by lowering CTP premiums. For example, average premiums for Class 1 passenger vehicles in the ACT increased by $130 between 2010 and 2013, but the price of the same premium fell by $33.25 or 5.6% between July 2013 and October 2016.
Every driver in the ACT pays the same premium for the same class of vehicle (such as passenger vehicle) through their chosen insurer. Insurers cannot charge different premiums based on personal information, driving record, claims history or anything else, other than the vehicle class.
CTP premiums are set by the insurers, subject to government regulation ensuring that the community is protected, that the premiums are no higher than they need to be, and that the viability of the CTP scheme is maintained. Insurers can’t change the price of their premiums without first getting approval from the ACT Government’s CTP Regulator.
What does my CTP premium pay for?
Your CTP premium is used to pay for treatment and compensation of injuries for all claims against the scheme. These can include:
Past and estimated future costs of any treatment and care required as a result of injury.
Financial loss, which can include lost wages if the injured person can’t work.
General damages, covering funeral costs, pain and suffering.
In 2015–16, more than $106 million dollars was paid out in total through 893 claims, with the majority covering minor injuries.
The ACT has an at-fault system, which means someone must be found to be responsible (or ‘at fault’) for the accident before anyone can receive compensation. If nobody involved in the crash admits fault, the injured person will have to bring a court proceeding against the other driver to establish fault.
What’s not covered by CTP insurance?
CTP insurance is the most basic cover you can get, and does not pay out for:
A small fender bender with another vehicle could potentially end up costing you thousands of dollars. You’ve got better things to spend your money on, so be smart and don’t risk it.
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