CTP, or compulsory third party insurance, covers your liability for personal injury to other parties in the event of a motor vehicle accident. the compulsory bit is self-explanatory, as having CTP insurance is a condition of registering your vehicle (and you'd be a fool to drive an unregistered vehicle on the road). the third party refers to the injured person, the first and second parties being the owner/driver of the vehicle that is "at fault", and the the CTP insurer of the vehicle at fault.
the queensland government, through the motor accident insurance commission, sets a maximum and minimum range for CTP premiums and the various CTP insurers file a premium within this range every 3 months. hence the premiums of each insurer may (and usually change) every 3 months. there are a number of levies and fees included in the CTP premium. my current renewal period sees a variance of $10.20 between the lowest and the highest premiums charged.
however, price may not be the only factor you should consider when choosing your CTP insurer, as we shall see in the next post...
for more information about CTP, see:
- CTP FAQS
- CTP premium calculator
- Information on premium rates, including the levies and fees included in a premium
- or you could just read everything that comes with your registration renewal notice :)
related posts: saving on CTP
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