To assist those affected by the impacts of COVID-19, the Queensland Government has introduced a 1 month of registration renewal. This shorter registration gives car owners the option to manage their cash flow better.
This renewal period will complement the already existing 3, 6 and 12-month registration options. Enrolling via direct debit will be the only choice available for the 1-month option, and it’s worth noting that if the direct debit fails you’ll most likely face a late fee and even a catch-up payment.
A late payment fee for the 1-month option will set owners back $21.80 for most vehicles . Whereas the fee for 3, 6, or 12-month periods is $65.30.
For a 4 cylinder motor vehicle with no concessions would cost $62.80 including a CTP insurance premium of $29.25 using the 1-month option. For the same vehicle with a 12-month registration would cost $737.10 or $61.43 per month.
The 1-month registration renewal is a positive step, but unlike some insurance firms in the United States, we’re yet to see any widespread refunds or reduction in premiums for registration and insurance due to the lower amounts of driving undertaken by car owners.
Youi Insurance is the first insurer to offer refunds and discounts for those now driving less. If you’re driving a lot less and spending more time at home, it could be worthwhile asking if they are willing to offer a refund or discount.
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