SGI is giving its customers a $100 dollar rebate for each vehicle they had registered as of March 9th. The benefit will roll out this Spring. SGI estimates the total cost of the rebates at about $95 million dollars.
The Auto Fund says everyone who registers a vehicle contributes to the province’s self-sustaining, not-for-profit basic vehicle insurance program. The Auto Fund has a Rate Stabilization Reserve (RSR) that acts as a “rainy day” fund to cushion customers from sudden increases in their vehicle insurance.
Minister Responsible for SGI Don Morgan says, “The Rate Stabilization Reserve has a surplus that was largely generated by its well-performing investment portfolio. We believe it’s fair that all Auto Fund customers benefit equally, regardless of how long their vehicle was registered or the premium they pay for that vehicle.”
All classes of vehicle inclusive of private, commercial and farm are eligible. Trailers and snowmobiles are excluded.
SGI indicates they will prepare over 700,000 rebate cheques and encourage customers to ensure their mailing address is up to date with SGI before mailout occurs at a date to be determined.
Customers with several vehicles or motorcycles registered as of March 9th will receive rebates for all vehicles combined into one cheque, says SGI.