Satvir Jatana, president and CEO of Manitoba Public Insurance, speaks in Winnipeg on Friday, November 15, 2024. (CHRISD.CA FILE)
WINNIPEG — Manitoba Public Insurance will increase automobile insurance costs by 5.7 percent this year following an order by the Public Utilities Board.
The price increase for basic-rate automobile insurance will take effect on April 1.
MPI had been seeking a 3 percent increase as part of its application, which the Crown corporation filed with the PUB last summer.
The increase will cost the average driver $50.84 more annually or $4.24 per month for passenger vehicle policies. Basic insurance, which is mandatory for Manitoba drivers, is regulated annually by the PUB.
Optional extension products, chosen by 96 percent of MPI customers, will also see a 2 percent rate increase, adding approximately $1.99 per year to the average passenger vehicle policy. These products include additional liability coverage, lower deductibles, and rental vehicle insurance.
Additionally, the PUB has approved a $10 annual increase for driver’s licences, the first adjustment since 1997, to support the province’s Personal Injury Protection Plan (PIPP).
