SGI Cutting Auto Insurance Rates

Saskatchewan Government Insurance, or SGI, has announced that they will be cutting auto insurance rates. According to the CBC, SGI had applied for the ability to cut their auto insurance rates and they were approved to do so.

SGI had applied to the Saskatchewan Rate Review Panel to see if they could reduce their car insurance rates by 5% with rate rebalancing. That means that roughly 53% of their clients would see their auto insurance decrease, or somewhere around 448,000 cars’ owners would be able to pay less for their auto insurance. This decrease would have meant that on average, they would have seen a decrease of $68 for their auto insurance.

However, the review panel recommended that the decrease be higher than requested. They thought that the amount of auto insurance decrease should be about 7.1% instead. They took that figure to the Saskatchewan Cabinet, who agreed with the review panel and approved the auto insurance decrease by 7.1% instead.

Now more drivers will see more of a difference on their auto insurance policies. Instead of 53% getting a $68 decrease on their auto insurance, 63% will get a decrease of $80 on their auto insurance policies. About 25% of drivers will see an increase of $18 a year on their auto insurance, and the rest will remain the same.

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