The price for plates on most light passenger vehicles in Saskatchewan will see changes in May.
SGI announced Thursday, the government approved their request to change auto insurance rates for light vehicles. It said the change will match rates to the Canadian Loss Experience Automobile Rating (CLEAR) damage rate group table.
Every light passenger vehicle make, model and year available in Canada is rated according to the CLEAR system. The system looks at each type of vehicle based on the expected number of claims, cost per claim and the probability of the vehicle being stolen — a lower risk of claims means lower rates and a higher risk will mean higher rates.
Starting May 21, SGI will update rates annually based on changes to the table. SGI said this will keep the rates in step with vehicles’ likelihood of being claimed and the cost of repair— it includes claims caused by collisions, weather events, theft and other circumstances.
“These adjustments are revenue-neutral, they will not generate any extra money for SGI,” Minister Responsible for SGI Joe Hargrave said in a news release. “We know that currently, owners of certain makes and models of vehicles are paying more than their actual costs, and others are paying too little. These adjustments are about ensuring fairness when it comes to insurance costs.”
Rates for about 434,000 vehicles will decrease by an average of $2.58/month, 406,000 vehicles will see an average increase of $2.75/month and around 2,000 vehicles will see no change.
You can see if the rate on your vehicle changed here.