The Public Utilities Board has order MPI to pay back $320 million to car owners by May 31, 2011! The rebate will be at a 45% rate, which is up from the previous years 10% rebate cheques.
This means if you paid $1,000 on your 2009/10 insurance, you’ll get $450 cheque in the mail. So if you insured a car last year, you’ve pretty much won the lottery and have an extra few hundred dollars in your pocket.
The rebate comes from $250 million in a Injury Claims fund that was never used. The PUB argues that MPI should have told them about the money sooner.
Oh the joy of having publicly owned Car Insurance!! We may not be able to go Geico, but we are protected from things like this.
Image MPI and City Place Building Originally uploaded by Omega Man
