Government preserves Compulsory Third Party insurance rates

24/4/04 The State Government has confirmed that Third Party insurance premiums for Western Australian motorists would not increase in the 2004-2005 financial year.

24/4/04
The State Government has confirmed that Third Party insurance premiums for Western Australian motorists would not increase in the 2004-2005 financial year.
Government Enterprises Minister Nick Griffiths announced today the State Government would preserve current rates for the coming financial year.
The decision means Western Australian motorists will continue to have the cheapest private vehicle premiums in the nation.
The premium for private motor vehicles would remain the most affordable of all States and Territories at $250 during 2004-2005.
Mr Griffiths said motorists in WA continued to have an unlimited indemnity policy of insurance for Motor Vehicle Third Party (Personal Injury) without diminishing benefits which are equal to, or better than, comparable policies anywhere in the nation.
"There were no increases in premium rates in 2002 and only a modest, inflation-linked increase of 2.8 per cent for private motor vehicles in 2003," the Minister said.
He said the State's sole compulsory third party system for motor vehicle personal injury, operated by the Insurance Commission of Western Australia, continued to offer substantial public benefit.

The premium rates for private motor cars [set out in the table below] show WA remained the lowest third party insurance provider in Australia.
These rates are expected to increase further on July 1, 2004 in most other States and Territories, making the Western Australian premium even more competitive.

States$
Western Australia 250
South Australia 329
Victoria 332
Tasmania338
New South Wales*347
Queensland*352
Australian Capital Territory 399
Northern Territory403
*Average premium offered by private insurers



COMPULSORY THIRD PARTY INSURANCE
2004-2005 PREMIUM SCHEDULE

CLASS NO.VEHICLE CLASSIFICATIONCURRENT PREMIUM
(including
10% GST)
$
PRIVATE		CURRENT PREMIUM
(including
10% GST)
$
BUSINESS
1APRIVATE MOTOR VEHICLE250.25265.65
1BAMBULANCE, FIRE BRIGADE,
FUNERAL HEARSE		122.10
2PRIVATE GOODS VEHICLE ie. UTILITY, VAN, TRUCK231.00245.30
3AHIRE VEHICLE LICENSED TO CARRY 8 OR MORE PERSONS - METRO AREA856.90
3BVEHICLE LICENSED TO CARRY 8 OR MORE PERSONS - OUTSIDE OF METRO AREA462.00
3CTAXI OPERATING IN METRO AREA1147.85
3DTAXI OPERATING OUTSIDE OF METRO AREA315.70
3ESCHOOL BUSES201.85
3FANY VEHICLE USED FOR HIRE
NOT INCLUDED IN 3A TO 3E		368.50
3GHIRE & DRIVE YOURSELF315.70
4PRIVATE MOTOR CYCLE141.90150.70
5AMOTOR TRADE60.50
5BMOTOR TRADE - MOTOR CYCLE92.40
5CTOW TRUCK284.90
6TRAILER, CARAVAN6.05
7AVETERAN CARS, FARM FIRE FIGHTING VEHICLES, MOTOR CYCLES LESS THAN 75CC's17.60
7BFORKLIFT, FARM TRACTOR36.30
8ATRACTOR PLANT (Class C Licence)116.05
8BMOTOR CRANES629.75

In May 2003 the State Government introduced a 50 per cent rebate on Compulsory Third Party insurance premiums for designated farm vehicles.
The rebate, worth $111.50 per vehicle each year, applied to policies commencing on or after January 1, 2004 for Goods Carrying Vehicles having a tare weight of 2,500kg or more which are owned by farmers and used principally for carrying the products of - or requisites for - an owner's farming business.
The rebate helped more than 6,000 farmers and recognised the unique circumstances in the use of rural vehicles which were mostly limited to seasonal use.
Minister's office: 9222 8950

Published
24 April 2004
Ministers

Hon. Nick Griffiths

Former Minister for Housing and Works; Racing and Gaming; Racing and Gaming; Government Enterprises; Land Information
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