SGI implementing rate rebalancing; motorcycles and taxis exempt

Saskatchewan Government Insurance (SGI) is excluding motorcycles and taxis from a plan to rebalance rates for some customers.

SGI said rate rebalancing means some vehicle classes will have rate increases while others will have decreases. There will be no changes for motorcycles and taxis.

It is estimated that approximately 49 per cent of customers will see a decrease in their Auto Fund premiums, and 51 per cent will receive an increase.

“SGI customers will continue to benefit from among the lowest basic auto insurance rates in Canada,” said Don Morgan, Minister Responsible for SGI. “A revenue-neutral rate rebalancing demonstrates SGI’s commitment to fairness across vehicle types.”

SGI is also implementing feedback from the public and stakeholders that was received during the rate review process.

Per those recommendations, no customer will see an annual increase higher than 10 per cent on premiums higher than $1,000, SGI will engage with stakeholders too resolve “industry-specific” issues, and it will adopt recommendations from the Saskatchewan Rate Review Panel regarding enhancements to filing standards and information in future applications.

SGI said rate increases will be capped to provide stability for vehicle owners.