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CTP premiums continue to fall

Release date: 16/05/24

CTP premiums will drop again from July 1, as reforms to the state’s compulsory third- party insurance scheme – introduced by the former Labor Government - continue to pay off.

South Australian motorists will pay $260.71 from July 1 for metropolitan-based private passenger vehicles, a decrease of $16.13 since July 2023 (6 per cent).

The cheapest premium offered for non-metropolitan-based private passenger vehicles will be $179.39 – a saving of $9.31.

All policy holders of annual premiums will benefit from the competitive scheme, including:

  • goods carrying light vehicles (utes) by $16.25 (down 5%) metro and $10.77 (down 6%) non-metro;
  • taxis metropolitan by $170.33 (down 6%) and country by $18.00 (down 4%);
  • rideshare metropolitan by $77.08 (down 8%) and country by $19.20 (down 4%); and
  • public passenger small (chauffeurs) by $35.80 (down 6%) metro and $19.16 (down 5%) non-metro.

When the competitive CTP insurance scheme was introduced motorists were paying $411.25. From July 1, 2024, they will be paying $150.54 a year less – a saving of 37 per cent.

In the same five years, taxi premiums in the metro area have dropped by $2,205.45 – a saving of 46 per cent.

It means that for the second year running, an average four cylinder rego bill in the metro area will go down.

Across government fees and changes will rise by about 3 per cent in 2024-25 – well below inflation.

The Malinauskas Government has stuck to its traditional method of calculating fees and charges – a combination of public sector wages and increases in prices – meaning the increase has been kept 1.3% below inflation (currently 4.3%).

Some examples include:

  2023-24 2024-25 $ change
Drivers’ licence renewal (5 years) $255 $265 $10
Drivers’ licence renewal (10 years) $510 $530 $20
Car registration (12 months - 4 cylinders or less) $663.93 $657.10 -$6.83
Car registration (12 months – 6 cylinders) $816.93 $815.10 -$1.83

Quotes

Attributable to Stephen Mullighan

We know many households are under pressure and we are working hard to provide targeted relief.

This has remained top of mind as we head into our next budget, to be handed down next month.

It’s pleasing that motorists continue to benefit from the former Labor government’s reforms to the competitive CTP insurance scheme. For the second year running, registering your 4 cylinder car in Adelaide will be cheaper, which will be welcome news to motorists, at a time when every little bit helps.

And our commitment to use the traditional method to set fees and charges means South Australians are continuing to pay well below inflation.