Some Saskatchewan drivers will likely see their SGI auto rate go up and some will see it go down as the company seeks a rebalancing.
SGI is going to the Rate Review Panel for the first time in seven years asking for a revenue-neutral rate rebalancing which would see some have their rate go up by just over a 100 dollars a year and some go down by about 100 dollars a year.
Chief Financial Officer Jeff Stepan is confident the proposal they are giving the Rate Review Panel will be successful and that this will create rate fairness.
“You will have as many going up as you have going down to ensure the rate fairness and keep basic auto rates in Saskatchewan among the lowest in Canada.”Stepan said. “We are comfortable with the proposals and the work put into it so I am not anticipating any problems.”
Increases will be capped to reduce rate shock – a maximum of $150 per year for an annual premium under $1,000 and a cap of 15% for premiums over $1,000/year. If approved, the rate changes would take effect Jan. 21, 2022.
The rate review panel will look at the proposal and get feedback from the public before making a final decision. A report with recommendations will then be submitted to the Crown Investments Corporation Minister to inform Cabinet’s decision. If all goes well, the rate changes would take effect on January 21, 2022.
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