Regina, Saskatchewan -- February 13, 2014 -- Saskatchewan Government Insurance (SGI) has announced their intention to increase provincial auto insurance rates to 5.2 percent.
SGI says it has submitted a proposal to Saskatchewan's Rate Review Panel to increase the rate, which if approved would catalyze increases in the inusrance rates for 84 percent of vehicles, while the remaining 16 percent would either see a decrease in their rates or no change at all. The 5.2 percent increase would amount to approximately $49 annually.
The crown-owned company says the increase is necessary to offset the frequency of filed claims, in combination with collision repair rates set to rise 10 percent over the next three years.
SGI says the hike will contribute to rebalancing the rates--the raising and lowering of rates to balance costs--for all vehicle classes with the exception of motorcycles, with motorcycle rates going up a flat rate of 5.2 percent.
Once approved, the rate insurance increase would take effect at the end of August 2014.
To read the full SGI release, please visit SGI.sk.ca. For further reading on the increase to collision repair rates over the next three years, please read Saskatchewan repairers successfully negotiate rate increase with SGI at CollisionRepairMag.com.Â