REGINA -- SGI will be sending out rebate cheques to eligible drivers across Saskatchewan in the coming months.
At the end of February, the insurance company announced it would be paying out a total of $285 million in one-time rebates to customers.
Tyler McMurchy, SGI's director of media relations, spoke with CTV Morning Live Regina to explain why the rebate is happening.
"We maintain a rate stabilization reserve to help keep our rates low and protect customers from wild rate fluctuations in the event of a sudden onset of claims," McMurchy said.
"That rate stabilization fund, which essentially serves as a rainy day fund, has more money than it needs. So we're returning that money back to the people of Saskatchewan in the form of rebates."
McMurchy said the amount of each rebate will differ for each person depending on how much they paid in premiums.
"The money that you pay to register a vehicle, whether it’s a car, truck, minivan, motorcycle, snowmobile, trailer; the money that you pay to register those vehicles will help determine the amount that you're going to be receiving back," McMurchy said.
Rebates will be sent to people who had a vehicle registered with SGI between April 2018 and 2020, for those full calendar years.
McMurchy added that if you have multiple vehicles registered, a bigger rebate could be possible.
"If you registered two vehicles in your name over the course of that period, the rebates for that will be combined into one cheque, but you will be getting a rebate per vehicle," McMurchy said.
SGI said rebates will be sent by cheque, through the mail, starting in May.
