CTP insurance pricing explained
This page explains how Compulsory Third Party (CTP) insurance premiums are determined in Queensland. It provides a clear overview of the factors that influence pricing, including vehicle classes, insurer decisions, and regulations. You’ll also learn about the breakdown of CTP premiums, including what they cover and how they are collected. Additionally, the page offers guidance on how to compare premiums across insurers, helping you make informed choices when registering your vehicle.
For information on what CTP insurance is and what it covers, see What is CTP insurance?
For information on the process of paying for CTP insurance, see Buying CTP insurance.
Currently there are three insurers licensed to provide Compulsory Third Party (CTP) insurance in Queensland – QBE, Allianz and Suncorp.
Insurers decide their premium rates for each of the vehicle classes every quarter, but they must stay within the maximum and minimum limits set by Queensland’s CTP regulator, the Motor Accident Insurance Commission (MAIC).
These limits ensure the premiums charged by insurers are enough to meet the cost of injury compensation claims but stay below the maximum allowed to keep premiums affordable.
Vehicles are grouped into different vehicle classes based on their type and use.
Unlike other types of insurance (such as comprehensive motor vehicle or third party property insurance), owners of a particular class of vehicle pay the same Compulsory Third Party (CTP) insurance premium, regardless of drivers’ ages, driving records or the age and location of the vehicle.
This spreads the risk for insurers with premiums based on the collective claims experience of each vehicle class and, importantly, keeps premiums fair and affordable for motorists.
How to work out your CTP premium
The cost of your Compulsory Third Party (CTP) insurance depends on a few things, like the type of vehicle you drive, how you use it (for work or personal), and which insurer you choose. Different insurers may charge different prices for each vehicle class or offer incentives, so it’s a good idea to compare them.
Remember, because CTP insurance is compulsory, the CTP policy is the same, regardless of which insurer you choose and is contained in the Motor Accident Insurance Act 1994.
Compare pricing tool
You can use the Compare pricing tool to work out what your CTP insurance premium will be and compare pricing between insurers. To use the tool, you’ll need to know the information below. You can find this information in your Vehicle Registration Renewal Notice issued by the Department of Transport and Main Roads (DTMR).
- Your vehicle class: Vehicles are put into different groups, called classes, based on what they are and how they’re used. For example, cars for personal use, taxis, motorcycles, buses, and trucks all belong to different classes. Learn more about Vehicle classes.
- Your GST status: If you’re registered for Goods and Services Tax (GST), you may be able to claim back the GST on your CTP premium as an Input Tax Credit Entitlement (ITCE). However, if your vehicle is only used for personal purposes, you can’t claim this credit. Usually, you can only claim the credit as an ITCE if you use the vehicle for business purposes and include it in your Business Activity Statement for GST. For information on Input Tax Credits, contact the Australian Taxation Office (ATO) or seek tax (financial) advice services.
- The date your CTP insurance is due: CTP is part of your vehicle registration, so the date your registration is due is the same date that your CTP insurance is due. Remember, your CTP premium is included in the total vehicle registration cost. You can also check your registration details online using the DTMR website or app. For more information, visit the Renew your registration Queensland Government webpage.
Compare CTP insurance pricing
To check how much your CTP insurance will cost, visit our Compare pricing tool.