How is the scheme funded

How is the scheme funded

How is the Lifetime Care and Support Scheme funded? How much will I have to pay for the Scheme?

The Scheme is funded by a levy which has been set by the ACT Lifetime Care and Support Commissioner. The levy applies to all motor accident injuries (MAI) insurance policies and appears on motor vehicle registration notices for registration periods that commence on or after 1 July each year.

The amount of the levy that applies, and is payable at the time of registration of the vehicle, for the period from 1 July 2022 to 30 June 2023 is:

A LTCS levy applies to MAI policies for vintage vehicles that are registered under the ACT’s Concessional Vintage Vehicle Registration Scheme. The concessional levy is based on the distance restrictions applicable under the scheme. The amount of the levy is $12.10 for a 12 month MAI policy.

Will the Lifetime Care and Support levy reduce my Motor Accident Injuries (MAI) insurance premium?

In the long-term the scheme is providing downwards pressure on MAI insurance premiums as it removes some claims’ risk that is presently covered by MAI insurance. Licensed MAI insurers are responsible for setting their own premiums and are aware of the scheme.