If you drive a light vehicle in Saskatchewan your SGI rates could be changing in May.
The government has approved a request by Saskatchewan Government Insurance (SGI) to change auto insurance rates for light vehicles to match updates to the Canadian Loss Experience Automobile Rating (CLEAR).
The rate change will take place effective May 21.
“These adjustments are revenue-neutral, they will not generate any extra money for SGI,” Minister Responsible for SGI Joe Hargrave said.
“We know that currently, owners of certain makes and models of vehicles are paying more than their actual costs, and others are paying too little. These adjustments are about ensuring fairness when it comes to insurance costs.”
Every light passenger vehicle, make, model and year available in Canada is rated according to the CLEAR system. It looks at each type of vehicle based on expected number of claims and cost per claim, as well what is the probability of the vehicle being stolen.
The CLEAR table is used by auto insurers across Canada. In most jurisdictions, rates for light vehicles are adjusted annually to match the updates on the table.
The changes will mean some minor rate adjustments for light vehicles including private passenger vehicles, light farm vehicles and light commercial vehicles. These will be the first rate changes to vehicles since 2004.
Rates for 434,000 vehicles will decrease by an average of $2.58/month. Rates for another 406,000 vehicles will go up by an average of $2.75/month with the maximum increase being $12.25 (for a high-end Ferrari).
Here are the rates changes for light vehicles and SUVs.
Comments