SGI building (File photo/980 CJME)

By CKOM

SGI announces rate changes to begin in the spring

Dec 21, 2021 | 9:26 AM

The majority of SGI customers will see rate changes come into play starting in April.

SGI announced Monday the plants to start implementing revenue-neutral rebalancing of Auto Fund rates.

It’s expected that 51 per cent of customers will see an increase while 49 per cent will notice a decrease.

Don Morgan, the minister responsible for SGI, said what the new changes will accomplish.

“The fund is intended to be self-sufficient rather than subsidized by the province,” Morgan said. “Right now, the fund is in the range of about a billion dollars, which is about the anticipated amount.”

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Customers won’t see an annual increase in their premiums higher than 10 per cent on premiums higher than $1,000 (and a dollar cap of $100 for premiums under $1,000).

“A revenue-neutral rate rebalancing demonstrates SGI’s commitment to fairness across vehicle types. This will move SGI closer to rate fairness across different vehicle types,” Morgan said in a media release.

Motorcycles and taxis will not be included in rate changes beginning in the spring. Morgan said that’s something SGI will be looking into in the future.

“We’d like to work with the taxi business to try and get their technology working so they’re on a level playing field,” he said.