Why auto insurance may get cheaper in Sask.
Vehicle owners in Saskatchewan could soon see some relief on their insurance bills.
The Saskatchewan Rate Review Panel has recommended the provincial government approve a decrease in rates, according to a news release.
This will lead to an overall estimated reduction of 1.3 per cent, although individual customer rates will vary depending on several factors including vehicle classes.
The panel had originally proposed a revenue neutral rate change but revised its recommendations after reviewing the application and public input and receiving updated financial information.
The panel also recommended that the proposed 15 per cent cap for base premiums greater than $1,000 be reduced to 10 per cent and that a scaled cap with reductions ranging from $25-$100 be implemented for base premiums up to $1,000.
Those moves are slated to be paid for out of the Rate Stabilization Reserve. The reserve is held on behalf of Saskatchewan’s motoring public and is intended to protect motorists from rate increases made necessary by unexpected events and losses arising from catastrophic events.
This year SGI paid out $285 million in one-time rebates to customers, saying reserve had more money than it needed.
A final decision on the changes will be made by Cabinet.
The Saskatchewan Rate Review Panel advises the Government of Saskatchewan on rate applications proposed by SaskEnergy, SaskPower and the SGI Auto Fund.
CTVNews.ca Top Stories
Grandparents killed in wrong-way crash on Hwy. 401 identified
A 60-year-old man and a 55-year-old woman killed in a wrong-way crash on Highway 401 earlier this week have been identified by the Consulate General of India in Toronto.
Police arrest 3 Indian nationals in killing of B.C. Sikh activist Hardeep Singh Nijjar
Three people have been arrested and charged in the killing of B.C. Sikh activist Hardeep Singh Nijjar – as authorities continue investigating potential connections to the Indian government.
TD worst-case scenario more likely after drug money laundering allegations: analyst
TD Bank Group could be hit with more severe penalties than previously expected, says a banking analyst after a report that the investigation it faces in the U.S. is tied to laundering illicit fentanyl profits.
Human remains found in rural Sask. possibly a decade old, RCMP say
RCMP say human remains found in a rural area in central Saskatchewan may have been there for a decade or more.
2 charged after police find 'concerning and diverse' explosives at Manitoba home
Winnipeg police say they have arrested two people in their 20s after a large amount of explosives were found in a home outside of Winnipeg, Man.
Canadian doctor concerned new weight-loss drug Wegovy may be used inappropriately
As Wegovy becomes available to Canadians starting Monday, a medical expert is cautioning patients wanting to use the drug to lose weight that no medication is a ''magic bullet,' and the new medication is meant particularly for people who meet certain criteria related to obesity and weight.
Spain abolishes national bullfighting award in cultural shift
Spain scrapped an annual bullfighting award on Friday, prompting a rebuke from conservatives over a backlash against a centuries-old tradition they see as an art form but which has run into growing concern for animal welfare.
Drew Carey is never quitting 'The Price Is Right'
Drew Carey took over as host of 'The Price Is Right' and hopes he’s there for life. 'I'm not going anywhere,' he told 'Entertainment Tonight' of the job he took over from longtime host Bob Barker in 2007.
Police officer hit by driver of fleeing vehicle in Toronto
York Regional Police say they are continuing to search for a suspect in an auto theft investigation who was captured on video running over a police officer in Toronto last month.