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Saskatchewan vehicle owners may see a change to their SGI insurance premiums starting next year as the Crown corporation seeks to rebalance its rates.
SGI has proposed a rate rebalancing that would see annual vehicle rates drop for around half of vehicles, while rates would rise for the other half, according to a news release. This would lead to a zero per cent change overall to SGI’s Auto Fund.
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Tuesday’s release said these changes are about rate fairness. Taking into account how often collisions happen for each type of vehicle, how serious these collisions are and the injury and liability costs, SGI is looking to rebalance rates to make sure each vehicle type is paying enough to cover its own anticipated claims.
Rate decreases for about 52% of Saskatchewan vehicles with an average annual reduction of $102; Rate increases for about 48% of Saskatchewan vehicles with an average annual increase of $96; and No rate change for the remaining vehicles (less than 1%). 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 full rate proposal can be viewed on the SRRP’s website at www.saskratereview.ca. SGI is confident that the premiums currently being collected are enough to offer all of our customers coverage in the event of a collision; by rebalancing rates so some vehicle types pay more and others pay less, we can move closer towards rate fairness,” said SGI President and CEO Andrew Cartmell. “SGI is committed to ensuring fairness in rates between vehicle types, while also keeping Saskatchewan’s basic auto in
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