Your CTP insurance premium is paid as part of your vehicle registration.
Changes to the CTP Insurance Scheme, introduced on 1 July 2013, have made vehicle registration more affordable. More information on the CTP Scheme changes can be found here.
Effective 1 July 2013, the Class 1 Passenger Vehicle CTP Premiums will reduce from $512 to $408 (i.e. for the family car garaged in or near Adelaide).
If you drive a vehicle that is unregistered and / or uninsured you run the risk of incurring hefty penalties.
|Offence||Expiation Fee (excl $60 Victims of Crime levy)||Maximum Court Penalty|
|Unreg & Uninsured (CTP)||$954||$7,500|
How are Premiums calculated?
Equity markets and increases in medical and wage costs can force premiums to increase unless the number of road injuries and deaths requiring compensation reduce. MAC aims to contain annual premium increases by managing its investments, the cost of administering the Scheme and the cost of claims.
An independent committee established under Section 129 of the Motor Vehicles Act, advises the Government on how much to charge for CTP Insurance premiums. The Committee determines rates on a fair and reasonable basis and allows for appropriate levels of funding and return so that MAC can continue to pay compensation to claimants.