Premiums under the ACT's no-fault motor accident injuries insurance are 15 per cent lower in the new model, which had accepted 95 per cent of lodged applications.
The average premium under the old at-fault compulsory third-party insurance scheme was $517 a vehicle, while the average premium under the new model was $437 a vehicle in July 2021.
More than $7 million has been paid out by insurers under the scheme, which began in February 2020.
Special Minister of State Chris Steel said the ACT had gone from having the most expensive premiums in the country to being cheaper than NSW.
"Evidence from the first year and a half of the scheme shows the ACT's Motor Accident Injuries Scheme is achieving the objectives of better supporting Canberrans while delivering a more affordable scheme," Mr Steel said.
The new no-fault scheme came into effect in February 2020, after a long process of reform work, which began with a stalled attempt in 2012.
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The most recent quarterly report from the ACT's Motor Accident Injuries Commission showed 77 per cent of claims were made by people not at fault for the accident, while 13 per cent of the claims were for at-fault or blameless accidents.
The median time between lodging a claim and a payout was 13 days for treatment and care expenses and 29 days for income replacement payments.
"Under the old scheme, people often had to go to court and argue for months or years to get a payout to fund their treatment and cover lost income - with limited support in the meantime," Mr Steel said.
"Now, Canberrans are getting access to treatment, care and payments for lost income much more quickly."
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