Auto insurance rate decreases recommended for Saskatchewan Auto Fund

Auto insurance rate decreases recommended for Saskatchewan Auto Fund | Insurance Business Canada

Auto insurance rate decreases recommended for Saskatchewan Auto Fund

The Saskatchewan Rate Review Panel has recommended that the provincial government greenlight a rate deduction for the Saskatchewan Auto Fund administered by Saskatchewan Government Insurance (SGI).

The panel had originally proposed a 0% revenue-neutral rate change effective January 21, 2022, but decided to recommend an overall estimated reduction of 1.3% following a review of the rate change application, receiving the insurance program’s updated financial information, and public input.

Individual customer rates will still vary depending on factors such as vehicle classes, the panel noted.

In addition to the rate reduction, the rate review panel also recommended to the Saskatchewan government that the proposed 15% cap for base premiums greater than $1,000 be reduced to 10%. It also suggested that a scaled cap with reductions ranging from $25 to $100 be implemented for base premiums up to $1,000.

Notably, the panel also made several other recommendations for the Saskatchewan Auto Fund, which include the development of a “meaningful, formal engagement process” with the province’s taxi community to resolve their issues, and for the fund to re-engage the motorcycle review stakeholder committee process with Saskatchewan’s motorcycle community.