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
'A beautiful soul': Funeral held for baby boy killed in wrong-way crash on Highway 401
A funeral was held on Wednesday for a three-month-old boy who died after being involved in a wrong-way crash on Highway 401 in Whitby last week.
'Sophisticated' cyberattacks detected on B.C. government networks, premier says
There has been a "sophisticated" cybersecurity breach detected on B.C. government networks, Premier David Eby confirmed Wednesday evening.
Police handcuff man trying to enter Drake's Toronto mansion
Toronto police say a man was taken into custody outside Drake's Bridle Path mansion Wednesday afternoon after he tried to gain access to the residence.
Biden says he will stop sending bombs and artillery shells to Israel if they launch major invasion of Rafah
U.S. President Joe Biden said for the first time Wednesday he would halt shipments of American weapons to Israel, which he acknowledged have been used to kill civilians in Gaza, if Prime Minister Benjamin Netanyahu orders a major invasion of the city of Rafah.
Canucks claw out 5-4 comeback win over Oilers in Game 1
Dakota Joshua had a goal and two assists and the Vancouver Canucks scored three third-period goals to claw out a 5-4 comeback victory over the Edmonton Oilers in Game 1 of their second-round playoff series Wednesday.
Nijjar murder suspect says he had Canadian study permit in immigration firm's video
One of the Indian nationals accused of murdering British Columbia Sikh activist Hardeep Singh Nijjar says in a social media video that he received a Canadian study permit with the help of an Indian immigration consultancy.
Pfizer agrees to settle more than 10K lawsuits over Zantac cancer risk: Bloomberg News
Pfizer has agreed to settle more than 10,000 lawsuits about cancer risks related to the now discontinued heartburn drug Zantac, Bloomberg News reported on Wednesday, citing people familiar with the deal.
Quebec premier defends new museum on Quebecois nation after Indigenous criticism
Quebec Premier Francois Legault is defending his comments about a new history museum after he was accused by a prominent First Nations group of trying to erase their history.
U.S. presidential candidate RFK Jr. had a brain worm, has recovered, campaign says
Independent U.S. presidential candidate Robert F. Kennedy Jr. had a parasite in his brain more than a decade ago, but has fully recovered, his campaign said, after the New York Times reported about the ailment.