Thanks to the new ACT MAI scheme, most vehicle owners can look forward to an MAI refund in the next 12 months.
New scheme reduces premiums
The new MAI insurance scheme replaced the old ACT compulsory third party (CTP) scheme on 1 February 2020. The new scheme reduced premiums. This means people who paid premiums under the old CTP scheme paid more than they should under the new MAI scheme.
If you renew your vehicle registration between 30 April 2022 and 29 April 2023, you will receive a refund. It is based on your vehicle class. For example, owners of passenger vehicles receive $19.90 and owners of light goods vehicles receive $27.70.
Who is eligible for an MAI refund?
Most vehicle owners are eligible for an MAI refund. However, not everyone will receive this refund:
- It applies only to renewals, not to new registrations
- Motorcycles have to pay the same premiums because they are already subsidised
- Rideshare and personal share vehicles saw premiums increase under the MAI Scheme.
Premiums have fallen
The average passenger vehicle premium is now $434 compared to $458 at the same time last year. Under the old scheme, motorists paid about $534. This means most motorists have saved $100 over 3 years.
Access Canberra started sending out registration renewals providing MAI refunds from 16 March 2022.