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Manitoba motorists are facing an increase in Autopak premiums for the third consecutive year.
The Public Utilities Board has approved a 1.8 percent overall rate increase for the basic motor vehicle insurance Monday, which almost all 2.2 percent traveled by Manitoba Public Insurance earlier this year. The increase takes place on March 1.
MPI says the creation will result in the average passenger vehicle owner pay about $ 20 more for their insurance next year.
The Crown Corporation requested an increase to boost its reserves to involve any future financial shocks due to unanimous claims. With this increase, the PUB forecasts that MPI's reserves could rise to $ 280 million in 2020 of $ 211 million in 2018.
Last year's financial year, MPI earned a profit of $ 91 million.
By the numbers
Click to Expand
• Private passenger vehicles – up 1.98%
• Commercial Vehicles – Up 1.91%
• Public (transit, school buses) – up 0.14%
• Motorcycles – Up 2.14%
• Trailers – Down 4.86%
• Off-road vehicles – down 20%
• Overall – Up 1.8%
Figures reflect average increases or decreases for each classification. Individual rates rely on a host of factors including age and make of vehicles, personal driving records, and whether various options are purchased.
Source: Manitoba Public Insurance
While the overall premium rate for basic vehicle insurance is climbing, some other factors, including insurance options, determine the final rate of motorists pay.
Owners of private passenger vehicles will see their rates rise an average of 1.98 per cent in March. Motorcycle owners will face an average rate of 2.14 per cent and rates for off-road vehicles will be tumble 20 per cent.
The citizen of Birman Williams, who represents the Manitoba branch of the Consumer Association of Canada, said the Pub made a "philosophical choice" to be careful MPI's desire to boost its reserves, or "capital maintenance provision," as the corporation calls it.
"Our client has a different perspective," said Williams. "Our client's perspective is that (an increase) closer to zero would be appropriate given that MPI would still achieve break-even rates."
He also said there was a "little say to suggest" that MPI would lead to "excessive reserves."
Erica Miller, a spokeswoman for CAA Manitoba, did not comment directly on the decision, but noted that individual vehicle owners have significant control over how much they pay in insurance.
"Manitobans should be reassured that not all the pioneers will be impacted by the 1.8 percent increase in overall rate," Miller said. "Manitoba Public Insurance's driver safety rating scale, which is provided by an individual's driving record and other factors including the make, model and year of an individual's vehicle, as well as their vehicle's reason for use and where they are driving, All play a part in whether one will see a change in one premium. "
In the 116-page decision, the PUB has supported the MPI's new efforts to cleanse in staffing and information technology expenses.
"The board finds that the corporation is continuing to take positive steps with its costs," said the board.
Meanwhile, it has the latest income to a template structure approved by an interim basis earlier this year for drive-hailing services such as TapPcar.
Larry Kiss did not understand what he wanted to be with his life until he joined a summer school in the editorial editor in Regina in the summer of 1969 and heard a university student talk globally about the journalist's journalism in Carleton University in Ottawa.
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