Light vehicles only: SGI announces new insurance rates
Beginning in May, light passenger vehicle owners in Saskatchewan will see changes to their auto insurance rates.
The provincial government has approved a request by SGI to change auto insurance rates for light passenger vehicles to match updates to the Canadian Loss Experience Automobile Rating (CLEAR) damage rate group table.
“It’s all about fairness,” SGI Chief Financial Officer Jeff Stepan told battlefordsNOW. “By moving to the CLEAR table it just makes sure the rates for individual vehicles in regards to make, model and year reflect the cost of any accident claim.”
The CLEAR system looks at each type of vehicle based on the expected number of claims and cost per claims as well as the probability the vehicle will be stolen. This helps determine insurance rates. A lower risk of claims means lower rates and vice versa.