WINNIPEG — Manitoba Public Insurance has applied for the largest rate decrease in 30 years.
The proposed overall 10.5 percent decrease will see the average passenger vehicle owner pay about $130 less in premiums per year.
“This historic rate decrease reflects the strong recent performance and financial position of our corporation,” said Ben Graham, president and CEO, Manitoba Public Insurance.
“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.”
MPI issued a $110 million rebate in May 2020 due to a decrease in insurance claims during the COVID-19 pandemic.
The Public Utilities Board will begin hearings in October and is expected to issue its order in December. If approved, 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
- 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%