Eligible motorists who renew their current vehicle registration between 30 April, 2022 and 29 April, 2023 will receive a refund based on their vehicle class. Photo: James Coleman.
Canberra motorists renewing their passenger car’s registration over the next 12 months will receive a refund of about $20 as the ACT Government catches up with lower insurance premiums under the Motor Accidents Injuries (MAI) scheme.
Third-party insurance is a compulsory part of vehicle registration in the ACT. It previously took the form of Compulsory Third-Party (CTP) insurance but was replaced by the MAI insurance scheme on 1 February, 2020.
The crossover period between the two schemes meant many motorists had already paid the higher-priced CTP premium before MAI took effect. To make it easier to receive this refund, the ACT Government is adding it to registration renewal notices.
The difference will be refunded to eligible motorists who renew their current vehicle registration between 30 April, 2022 and 29 April, 2023.
The refund will vary by vehicle class but eligible motorists with passenger vehicles should expect to see a refund of $19.90 on their renewal notice.
The refund will only be granted once per vehicle, but will be the same amount regardless of whether motorists choose to renew their registration for three, six or 12 months.
On the move for refunds: Special Minister of State Chris Steel. Photo: ACT Government.
“The ACT Government reformed MAI insurance to deliver better coverage for Canberrans who are injured on our roads – that’s exactly what the new scheme is delivering,” Special Minister of State Chris Steel said.
“Because the no-fault scheme has lower costs, insurers via the ACT Government’s one-stop registration process can provide a one-off premium refund when people renew their vehicle registrations. We recognise every little bit counts at a time when households are facing higher fuel prices and other cost of living pressures.”
Electric vehicles receive two years of free registration in the ACT. Photo: James Coleman.
Managed by the Motor Accident Injuries Commission in the ACT, the MAI insurance scheme is provided through the insurance companies of AAMI, Apia, GIO, and NRMA. The cost is included in the total registration fee paid to Access Canberra.
MIA covers everyone injured in a motor vehicle accident and, unlike the previous CTP scheme, includes the driver who causes the personal injury. The injured person is entitled to treatment, care and lost income benefits of up to five years, regardless of who is at fault.
This is distinct from separate policies available from insurance providers including comprehensive or third-party property, which only cover damage to vehicles or other property in the event of a motor accident.
A few vehicle classes are not eligible for the refund, including motorcyclists who carry a “substantially higher risk of injury than other vehicle classes”. They also receive a premium subsidy within the broader scheme.
The average passenger vehicle premium is now $434 for six months compared to the average of $458 on 1 February, 2020, when the new scheme was introduced. Under the previous scheme, the average passenger vehicle premium was $534, resulting in reductions over the past three years of $100.
Vehicle registration can be renewed online by visiting the Access Canberra website.
Original Article published by James Coleman on Riotact.
Loading ...
