CTP Insurers can offer incentives to policy holders. The incentive types are approved by the Minister to optimise the competition scheme for motorists, to achieve the following objectives:
- CTP Insurers compete for customers through offering value-added goods and services
- CTP Insurers only offer direct policy holder incentives approved by the Minister
- The cost of incentives cannot be passed onto motorists through CTP premiums.
CTP Insurers must ensure:
- the incentive is of an approved incentive class
- the person receives direct benefit and real value from the incentive
- the offer clearly and prominently outlines any eligibility criteria or other qualifying conditions.
CTP Insurers can offer incentives from the following classes:
- Discounts off other insurance products
- Reward programs
- Roadside services
- Crash and injury reduction products
- At-fault driver protection insurance.