Saskatchewan Government Insurance (SGI) has submitted a proposal to the Saskatchewan Rate Review Panel asking for a net increase of 3.7 per cent to the Saskatchewan Auto Fund rate.
Under the proposed rate increase, SGI says approximately half of the vehicle owners in the province would see an average increase of seven dollars a month.
All other vehicle owners would see their rates decrease by an average of five dollars a month, or no change.
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SGI is also asking for a rate rebalance, which the agency says takes into account the number of collisions and its severity, including damage, injury and liability costs for each vehicle.
“We’re seeing rising injury claim costs, especially for income replacement benefits due to increased wages in Saskatchewan,” said SGI president and CEO Andrew Cartmell.
Cartmell also said there is a rising trend for autobody repair costs including parts and labour but SGI is committed to keeping rates as low as possible.
“Over the last 14 years, the Saskatchewan Consumer Price Index has increased by 37 per cent, while the Auto Fund’s rates increased only six per cent over the same period,” said Cartmell.
The rate review panel must present its report on the proposed increase by May 29, 2012.
If approved, rate changes would be effective August 4, 2012.
For a complete listing of the new proposed rates for all vehicles by model and year, visit the SGI rate proposal page.
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