MPI Applies for 0.6% Rate Decrease for 2020-21

MPI Applies for 0.6% Rate Decrease for 2020-21

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(SHUTTERSTOCK)

Drivers will get a break next year if a proposed rate decrease by Manitoba Public Insurance is approved.

MPI has applied for a 0.6 percent decrease in insurance premiums for 2020-21 through the Public Utilities Board.

The decrease would save the average passenger vehicle owner about $10 in premiums per year.

MPI originally requested a 0.1 percent increase in June, but says, due to favourable financial results as of the end of September, it amended its application on October 4. The request is the first overall rate decrease since 2012.

The proposed rates would be effective March 1, 2020, but because renewal dates are staggered, some vehicle owners won’t pay their new rates until February 28, 2021.

The PUB is expected to issue its decision in December.



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