SGI customers will be seeing a rebate coming their way this Spring.
The Saskatchewan government approved Friday a one time, $285 million total rebate headed to be split up among all SGI vehicle owners. The amount people receive will be calculated based on a proportion of vehicle premiums paid in the previous three years.
While details are being hammered out still, it’s expected that the average rebate will work out to approximately $285 per vehicle or approximately 26 per cent of an average annual premium in Saskatchewan.
The rebate comes, Minister Responsible for SGI Don Morgan explains, as the SGI Rate Stabilization Reserve had a strong investment return year, and to a smaller degree, less vehicle collision claims due to the pandemic.
This reserve is also why, statistically, Saskatchewan has some of the lowest auto insurance rates in Canada despite rising costs in auto repair, the Government notes. The currently strong RSR will be able to absorb the rebate cost while also protecting customers from significant rate hikes in the future, they add.
Drivers will be able to expect their cheques to be issued and mailed in May if they’ve paid Auto Fund premiums any time in the last three years. People can reach out to their local motor licence issuer or go online to make sure their mailing info is up to date.
SGI has also added two enhancements for their clients who have been seriously injured in car accidents. Customers who require assistance with daily tasks like self-care, bathing, dressing, cooking or home care will see the maximum payments for those services increase to better reflect current market rates.
Secondly, people receiving income replacement benefits from SGI and Canada Pension Plan (CPP) will no longer have income benefits from SGI reduced by their CPP payment. While this is standard practice across the country, SGI says they’re leading the industry by eliminating it.
The first change is expected to impact over 1,100 SGI customers and the second over 200.