SGI has submitted a proposal to the Saskatchewan Rate Review Panel for what it calls, a revenue-neutral rate rebalancing.

The proposed changes would result in a net 0% change overall to the Auto Fund. If approved, rates will be rebalanced to move closer to each vehicle group paying a sufficient amount to cover the cost of insurance claims for that group.

The proposal would result in 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 any remaining.

Increases would 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 Saskatchewan Rate Review Panel will review SGI’s proposal and seek feedback from the public. The panel will then submit a report with its recommendations the Minister of Crown Investments Corporation to inform Cabinet’s decision.