After two consecutive years of rate increases, vehicle owners will finally see a decrease in their insurance premiums in the 2016/17 insurance year.
If approved, it will be the 12th time in 15 years that MPI has not requested a rate increase.
“With the PUB’s approval of last year’s rate application, we were able to apply to hold the line on rates this year.” Dan Guimond, President and Chief Executive Officer of Manitoba Public Insurance said today. “This rate application confirms the strength of the public auto insurance system.”
In total, 547,032 vehicles will receive rate reductions and 78,442 vehicles will remain the same.
|Major Use||Applied for Rate Changes|
|Private Passenger||-0.10 %|
|Off Road Vehicles||0.00%|
|Overall (applied for)||0.00%|
The biggest change will be with motorcycle rates. It will see a 7.63 per cent overall average decrease to motorcycles, mopeds and motor scooters. 95 per cent of those vehicles will receive a decrease in rate. In total, 14,062 motorcycle owners will receive a decrease in their premium.
The proposed rates will be effective March 1, 2016.