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Save time and effort by comparing a range of car insurance quotes with iSelect
Save time and effort by comparing a range of car insurance quotes with iSelect
Compulsory Third Party (CTP) Insurance is a type of Car Insurance that drivers are required to hold. At its most basic, if you get into an accident and you’re at fault, it covers your legal liability for injuries to others, including pedestrians, cyclists, passengers, and other drivers.2ACT Treasury – Frequently Asked Questions
CTP Insurance can work a little bit differently depending on which state or territory you’re in. In New South Wales it’s often called Green Slip Insurance, whereas in the ACT it goes by the name Motor Accident Injuries (MAI) Insurance. The details of exactly what it covers can vary, too.
Wherever you are though, all CTP Insurance still has one thing in common: it protects you financially if you injure someone else on the road.
If you don’t have CTP, you could be held liable for all these costs. Yikes! The good news is, it’s pretty hard to forget to get CTP – because it’s mandatory, it’s generally part of the process when you register your car.3Moneysmart.gov.au – Choosing car insurance
Back in 2020, CTP Insurance in Canberra got a refresh. The slightly boringly named Compulsory Third-party (CTP) Insurance Scheme got replaced by the (OK, still pretty boring) Motor Accident Injuries (MAI) Scheme.4ACT Government Motor Accident Injuries Commission – Your MAI Insurance
This isn’t just a name change, though: MAI is the definitely souped-up version of the old scheme. While the old scheme only covered you for other people who got injured (hence the name ‘third party’), the new one also covers your own injuries, no matter who was at fault.5As above Anyone injured is also entitled to receive benefits for medical treatment and lost income for up to five years.6As above Essentially? It gives Canberrans more of a safety net if they get injured on the road.
When it comes to CTP Insurance, the ACT has one of the most comprehensive schemes out there. Just take a look at how it stacks up to the other states and territories:
Yep, Canberra checks all the boxes! So, what do those boxes actually mean?
When it comes to the price for MAI Insurance, there’s some wiggle room. You’ve got four options to choose from – AAMI, APIA, NRMA and GIO – all with their own prices.39ACT Government Motor Accident Injuries Commission – Learn about your MAI insurance policy But here’s where it gets better: MAI’s community-rated system means things like your driving record or the make and model of your car won’t jack up your premium.40ACT Government Motor Accident Vehicles Commission – How MAI insurance premiums are set
So, while different insurers still charge different premiums, each specific insurer only charges one premium for all passenger cars.
What a relief! But how much do these premiums actually cost, you ask? Well, annual premiums range from $396.20 to $417.90 for passenger cars.41ACT Government – NRMA MAI Premiums effective 13 October 2023,42ACT Government – GIO MAI Premiums effective 22 August 2023,43ACT Government – AAMI MAI Premiums effective 5 December 2023,44ACT Government – AAPIA MAI Premiums effective 23 May 2023 Keep in mind that this price is not for people who receive input tax credits towards their MAI premium; for them it will cost slightly more.
MAI Insurance can be a lifesaver when it comes to medical and rehabilitation costs, but it won’t give you protection for everything. Let’s break down some of the things it doesn’t cover:
So, while MAI is essential for personal injury claims, it still has its limitations. This is where considering additional Car Insurance might be a good move.
Legally, you don’t have to hold any other Car Insurance policy besides MAI. However, it’s worth noting that MAI is the bare minimum. If you don’t have any additional insurance, you could be leaving yourself open to a lot of risks. Hopefully, your car will never get stolen and you’ll never crash into someone else. But if you do? The costs could be a lot more than what you’d end up paying for an extra premium.
You can also decide the level of cover. From least to most expensive, you can pick from the following:
It’s also worth noting that none of these policies cover you for personal injuries. That’s something only MAI Insurance covers – which is part of what makes it so important.
The ACT keeps things pretty simple when it comes to renewing your MAI Insurance: you take care of it as part of your rego.50Motor Accident Injuries Commission – Learn about your MAI insurance policy
When it’s time to renew your car registration and MAI policy, Access Canberra will give you a little nudge.51Access Canberra – Motor vehicle registration and renewal You can pay for both of these essentials through Access Canberra’s website, with a little extra flexibility when it comes to your premiums: you can pay for them in three, six or 12-month instalments.52Access Canberra – Forms and fees
If you’re after a Car Insurance policy that goes a bit further than simple MAI, then iSelect has got you covered.
Using our online comparison tool, you can compare a range of policies from different providers.* Whether you’re after Third Party Property Insurance, something for fire and theft, or Comprehensive Cover for all of life’s ups and downs, you’ll find a vast selection. So give it a go today – it’s simple and free!