Compulsory third party (CTP) insurance premiums for the upcoming January to March 2022 quarter are now available online.
As Queensland’s regulator of CTP insurance, the Motor Accident Insurance Commission (MAIC) sets a premium range for CTP insurers to file their premiums within, based on the latest claims data.
Insurance Commissioner Neil Singleton said recent improvements to the number and severity of claims for classes 3, 4 and 26 have led to a reduction in premiums for these classes. These vehicle classes include cars or station wagons available for hire, with or without a driver.
“CTP premiums for classes 3, 4 and 26 will drop by approximately $43 for a twelve-month registration in January to March 2022, compared to the cost of a twelve-month registration between October and December 2021,” Mr Singleton explains.
“One of Queensland’s four CTP insurers is also offering a slightly lower premium than its competitors for class 4 hire vehicles, for the upcoming quarter.”
“Drivers are encouraged to compare insurers at maic.qld.gov.au/compare to select the CTP insurer that’s right for them.”
These updates followed changes to personalised transport premiums made on 1 October 2021 in response to changing market dynamics.
“The premium range that MAIC sets for class 3, 4 and 26 was aligned to simplify arrangements for these vehicle classes, to reflect the similar services they provide, and to offer greater equity.”
“MAIC continuously reviews Queensland’s CTP insurance scheme to ensure that it adapts to the needs of our community,” Mr Singleton explained.
Personalised transport operators and other Queensland motorists can view their premiums for next quarter through the CTP premium calculator.
MAIC will continue to monitor and respond promptly to claim trends to ensure that CTP insurance continues to meet the needs of Queenslanders.