MPI has announced they’re requesting an overall rate decrease of 10.5% with the Public Utilities Board.
It would be the largest rate decrease in three decades if it gets approved.
The average passenger vehicle owner will pay about $130 less in premiums per year.
In a press release, Ben Graham, President and CEO with MPI, says the historic rate decrease shows the strong recent performance and financial position of MPI.
“While many private auto insurers across Canada are asking for double-digit rate increases, Manitobans are receiving the benefits of a well-executed public auto insurance model.”
The PUB hearings typically begin in October, concluding later in the month. The board typically issues its order in December.
The proposed rates would be effective April 1, 2021, but because renewal dates are staggered, some vehicle owners won’t pay their new rates until March 31, 2022.
Requested Rate Changes by Class
|
Major Use |
Applied for Rate Changes |
|
Private passenger |
-11.0% |
|
Commercial |
-4.8% |
|
Public |
-6.1% |
|
Motorcycles |
1.8% |
|
Trailers |
-11.4% |
|
Off-road vehicles |
0% |
|
Overall (applied for) |
-10.5% |
