going beyond CTP (part 2)

now that we've learnt the basics of what CTP is/does, you may notice that CTP only covers other people (the third party). government legislation for CTP does not provide compensation for the injured driver "at fault" in an accident. this is where the CTP insurers can provide an add-on product or incentive benefit to fill this gap. there are various names for this additional insurance, but they are all free / included with your CTP insurance, and they all aim to provide some form of benefit to the at fault driver for injuries s/he may sustain in an accident.

in addition to the premium, there are differences in the various covers provided to the at fault driver by each insurer. for example, the maximum claim per policy currently ranges from $250,000 up to $2,000,000 between the queensland CTP insurers. there are also differences in what's covered, and time limits for claiming etc. listed below (in no particular order) are each of the six licenced CTP insurers in queensland, along with brief details of significant differences in their offerings, plus links (where applicable) to find further information. my notes are offered as a guide only, and you should rely upon the actual policy documents to make any final decisions.

• NRMA - At-fault Driver Policy
  - up to $250,000
  - for drivers aged 25 or older
  - for injuries arising within 6 months of the accident
  - does not cover death
  Policy document: http://www.nrmaqld.com.au/documents/policy-booklets/policy.pdf
  NB. NRMA has a lowest price CTP guarantee. good marketing line, but not too hard to achieve - they just need to set their premiums at the minimum range set by the MAIC...
  
  
• QBE - Driver Serious Injury Protection
  - $1 million for quadriplegia, lower limits for specified injuries
  NB. no other details / policy documents available online (that I could find at the time)
  
  
• AAMI - Serious Injury Cover
  - up to $250,000 cover
  - limited schedule of items
  - for drivers aged 25 or older
  - does not mention driver being "at fault"?
  - for accidents occurring on a public street
  NB. no policy document (or even reference to this additional cover) found online, but a hardcopy information sheet was sent with my rego renewal letter (since i'm currently with AAMI). i'm surprised i couldn't find any more info on the website, but if you want a copy of the info sheet email me and i'll scan it for you. or you could try asking AAMI, in which case why not find out why there's no info about this on their website!
  [edit: here's a jpg scan of the policy document]
  
  
• Suncorp - Driver Protection Cover
  - up to $2 million if the motor vehicle is comprehensively insured with Suncorp
  - up to $1 million if the motor vehicle is not comprehensively insured with Suncorp, and the driver is 25 years and over
  - lump sum of $5,000 following preliminary assessment of the claim for drivers eligible, or likely to be eligible for DPC benefits
  Policy document: http://www.suncorp.com.au/suncorp/personal/ctp/_media/pdf/driver_protection.pdf
  
  
• RACQ - At Fault Driver Injury Insurance Policy
  - up to $250,000 cover
  - rehabilitation expenses up to $5,000
  - if under 25 only applies if you are a current private members of RACQ or live with a parent who is a current private member of RACQ
  - for an injury sustained in an accident that is solely your fault
  - for injury or circumstance that manifests within 12 months of the accident
  - only applies if you are alive more than 3 months after the accident
  - $5,000 may apply for death between 3-12 months after the accident
  Policy document: http://www.racq.com.au/images/Insurance/RACQ_DPCV1_AtFaultDriver_0704.pdf
  
  
• Allianz - At-Fault Driver Protection
  - up to $1 million cover
  - for drivers aged 25 or older
  - for an injury sustained in an accident that is solely your fault
  - for disabilities suffered witin one year of the accident, as a result of that injury
  Policy document: http://www.allianz.com.au/internet/Allianz.nsf/docs/2443552BD52E135E4A256E5900261327/$file/At%20Fault%20Driver%20Protection%20PDS%203-2007.pdf

the last 4 insurers on the list are all currently charging the same price for CTP for my class of vehicle. for me, it seems clear after checking out the options that i can, for the same price, get a lot more benefit (which i hope i'll never actually need to use!) by switching to another insurer for my next registration period... which i've just done with a 3 minute phone call to queensland transport. too easy.

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related posts:
going beyond CTP (part 1)
saving on CTP