The Saskatchewan Government Insurance will be issuing a one-time rebate for vehicle owners in May, and have released more details on how much money individuals will get back.
The amount customers will receive is dependent on how much they paid in base vehicle insurance premiums over the past three years.
First announced in late February, individuals who paid Auto Fund premiums between Jan. 1, 2018 and Dec. 31, 2020 and met residency requirements as of Feb. 26, 2021 to have a vehicle registered in Saskatchewan are eligible for the rebate.
Rebates will also apply to all vehicle classes including passenger vehicles, motorhomes, buses, motorcycles, farm and commercial vehicles.
The rebates will be paid to the registered owner of the vehicle, and won’t apply to amounts paid to buy a permit for the vehicle.
To calculate your rebate amount, SGI will be using this equation:
Rebate = Total Base Insurance Premium Paid for last three years ÷ 3 x 26%
SGI used customer insurance premiums as a base to allocate the $285 million rebate amount. That amount works out to 26 per cent of SGI’s total premium, which can then be applied to each customer’s premium to find out their specific rebate amount.
Insurance premiums can be found a number of ways, including on an individual’s vehicle registration renewal letter (back side), a vehicle registration renewal email (third paragraph) on emailed renewals, and on vehicle registration renewal receipts.
Insurance premiums can also be found on MySGI.
SGI spokesperson Tyler McMurchy said it’s important to note that people don’t have to apply for the rebates. McMurchy urged customers to make sure their address with SGI is their current one so their cheque is mailed to the correct address.
He said they can do that on MySGI or Express Address website. Individuals can also call a local motor license issuer to update their address.
McMurchy added that it’s also not up to customers to calculate their rebate, SGI will be handling that, but they wanted to give customers an idea on the size of the cheque they will be receiving.
“If you qualify for a rebate, we’ll mail you a cheque,” McMurchy said.
“We just know that a lot of people will be curious as to how SGI is calculating the amount and they might be interested to have an idea of what they’re going to receive. That calculation we put out there for people’s interest.”
SGI further explained on their website that an individual’s Safe Driver Recognition (SDR) score will not impact their rebate. The rebate amount is based on base insurance premium for the period the vehicle was registered, regardless of any discounts received due to safe driving.
This also applies to individuals with a negative SDR score.
If individuals who are eligible for a rebate owe money to SGI, the rebate will be applied to the balance owing and the individual will receive the difference, if there is money left over.
Customers who have more than one vehicle registered in their name will be receiving one cheque with the combined amounts.
SGI will not be mailing out rebate cheques that amount to less than $5.00.
McMurchy said that SGI is excited to be giving back $285 million to Saskatchewan residents.
“It’s a much-needed injection in our provincial economy at this time and I think it’s something that we’re all looking forward to,” McMurchy said.
For more information, visit SGI’s website here or call the customer service centre at 1-844-TLK-2SGI (1-844-855-2744).