CTP premiums will drop to a record low from January 1, leaving South Australian motorists almost $150 better off since the competitive scheme was introduced by the previous Labor Government in 2016.

Private passenger vehicle owners in the metropolitan area – accounting for more than 50 percent of all CTP policies will be able to choose an annual premium for $264.62.

That’s a saving of $12.22 or 4.4 per cent since July 2023.

Private passenger premiums in regional areas will drop $7.62 - or 4 per cent - to $181.08.

All policy holders will benefit.

Taxi premiums will drop $160.23 in metro areas, or 5.8 per cent. In regional areas, they will fall by $67.63, or 13.6 per cent.

In the four years since price competition was introduced the lowest available premium has, from January 1, 2024:

• Decreased in the district 1 (metro) private passenger vehicle class by $146.63 (36 per cent) from $411.25 to $264.62;
• Decreased in the taxi metropolitan premium class by $2195.35 (46 per cent) from $4790.40 to $2595.05.

Quotes

Attributable to Stephen Mullighan

At a time when so many costs are going up, this will be welcome news for motorists.

South Australians are continuing to benefit from the competitive CTP scheme introduced by the previous Labor Government. Annual premiums are now almost $150 cheaper.

We know South Australians are under pressure which is why we have committed $471.3 million for the largest package of cost of living relief measures ever deployed in South Australia including a $500 reduction in electricity bills for more than 400,000 households.