ACT reduces CTP insurance costs
Compulsory third-party insurance is set to become cheaper in the ACT from 1 July 2008 after the Road Transport (Third-Party Insurance) Act was passed in the Legislative Assembly.
Chief Minister and Treasurer, Jon Stanhope, said the Act overwrites the current third-party insurance scheme, which had not changed significantly since 1948.
"The CTP insurance scheme in the ACT has been through a complete review by the ACT Government," Stanhope said.
"The current scheme will be streamlined, making it more responsive by introducing competition for premiums and a focus on rehabilitation for people injured in accidents.
"The new scheme will bring cost savings that should flow through to premiums without diminishing the compensation that, quite properly, should continue to be available for negligently injured Canberrans.
"It will also ensure that accident victims receive both fair compensation for injury and economic loss, and timely and effective rehabilitation to help them recover from their injuries to the fullest extent possible."
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