Changes to the Qld CTP scheme have occurred in the middle of a government review. RACQ withdrew from the CTP scheme on 1 October 2023 and during August 2023, Suncorp and QBE ceased to offer extra cover for at-fault drivers. Learn more about Qld CTP premiums during 2022-23.
RACQ exits CTP
RACQ advised in July it would exit the CTP scheme on 1 October 2023. At the time, it held about a quarter of all CTP policies.
If you bought CTP insurance from RACQ up to 30 September 2023, your policy will remain in place for the full period. After that, the Department of Main Roads will allocate you to another insurer, unless you wish to choose one.
No more at-fault driver cover
Since August 2023, no Qld CTP insurers offer any form of extra protection for at-fault drivers:
- Suncorp withdrew its Driver Protection Cover from 2 August 2023, saying it was unsustainable to continue to offer it.
- QBE withdrew its DriverProtect insurance on 25 August 2023 because seriously injured drivers are covered by the NIIS, regardless of fault.
Qld CTP premiums
According to Annual CTP scheme insights: 2022-23, Queensland has the second lowest CTP premiums in Australia. Affordability in June 2023 was 21.1%, compared to the average weekly wage.
Insurer premium takes about half, insurer expenses and profit take 10% and NIIS levy takes about a third of the total cost:
Insurer premium $185.99 (50.8%)
NIIS levy $116.60 (31.9%)
Insurer expenses and profit $36.01 (9.8%)
CTP levies and fee $27.40 (7.5%)
Total cost (June 2023) $366.00
CTP insurers in Qld
At June 2023, Qld insurer market shares were:
- Suncorp 43.0%
- RACQ 26.2%
- Allianz 23.4%
- QBE 7.5%
During the year, only 34,679 motorists chose to switch insurer. There was a noticeable trend away from Allianz and QBE towards RACQ or Suncorp. With RACQ now out of the scheme, there will be a big increase in motorists switching insurer.