To calculate your premium, you need to know:
- your vehicle class, and
- the date your CTP insurance is due.
You can locate this information in the vehicle details section on the Compulsory Third Party Insurance Information (the sheet attached when you received your Vehicle Registration Renewal Notice). You also need to know whether you will be using your vehicle for private or commercial purposes as it impacts on your GST.
CTP insurance premiums consist of the following parts: the insurer’s premium, statutory insurance scheme levy, hospital and emergency services levy, nominal defendant levy and an administration fee.
|The insurer's premium:||The major component is the licensed CTP insurer's premium. The insurer must charge enough to cover the cost of existing and future claims, so they estimate this based on previous claim numbers and costs. CTP premiums can fluctuate due to changes in claim frequency and average claim size, external economic factors and the ability of insurers to file below the ceiling.|
|Statutory Insurance Scheme (SIS) levy:||The SIS levy covers the estimated operating costs of administering the Motor Accident Insurance Act 1994 and also provides funding for research into accident prevention and injury mitigation.|
|National Injury Insurance Scheme Queensland (NIISQ) Levy||The NIISQ Levy, which varies by vehicle class, covers necessary and reasonable treatment, care and support for anyone who sustains an eligible serious personal injury in a motor vehicle accident.|
|Hospital and Emergency Services (HES) levy:||The HES levy is designed to cover a reasonable proportion of the estimated cost of providing a public hospital and public emergency services to people who are injured in motor vehicle crashes and who could potentially make a CTP claim.|
|Nominal Defendant levy:||The Nominal Defendant levy, which varies by vehicle class, is a levy to fund the cost of injury claims where a vehicle involved in an accident is either uninsured (unregistered) or cannot be identified. The Nominal Defendant can seek recovery of all monies paid on claims from the owner and/or driver of an uninsured vehicle. The Nominal Defendant is also responsible for the liabilities resulting from an insolvent CTP insurer.|
|Administration Fee:||The Administration Fee is a fee to fund the cost incurred by the Department of Transport and Main Roads for CTP related customer services and for the processing of CTP premiums as part of the motor vehicle registration renewal process.|