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The government also approved rate re-balancing (now including motorcycles), in efforts to equalize rates and make things fairer for everyone. Bright side: 17% of vehicle owners will see a decrease in their rates and 1% will see no change. For the 82% majority, though, rates will increase an average of $44 per year. To limit the shock, increases have been capped, as per a Saskatchewan Rate Review Panel recommendation earlier this month.
Vehicles with annual rates over $1,000 will see a maximum increase of 10%. For vehicles with rates under $1,000, caps will range from $17 to $100. If you are one of the many behind the wheel of a 1996 Cavalier, your increase will maximum out at $27 and you might even see a decrease. If you drive a Ford pickup truck you are just to see a $116 increase as a $137 decrease.
In either case, you can thank all the drivers who share your taste in cars: Rates are determined based on claims made for specific vehicle models. Those plain-jane F150 drivers might have been texting a little too much a higher rate of accidents is what’s costing them more across the board.
Between recent increases from Sask Energy (8% July 1), SaskPower (10.5% over two years), water/sewage (8%), property taxes (5.88%) and rent (4.1% from October 2012 to 2013), it’s not cheap to live in Regina. The SGI rate hike is just another example of that.
Even still, “Saskatchewan’s auto insurance rates will continue to be among the lowest in Canada,” said Don Mc Morris, minister responsible for SGI. Granted, a 4.4% increase is lower than what was asked by the Saskatchewan Auto Fund (5.2%) during the SRRP.
If you want your registration to cost less, you drive a clunker most vehicles 1995 or older cost less than $1,000 to register. Or take the bus then you would not even have to register a vehicle.
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