Many drivers will pay more for insurance in the 2015/2016 year, while some will see a decrease.
The Manitoba Public Utilities Board has approved an overall MPI rate increase of 3.4 per cent, effective March 1, 2015.
“Basic insurance has suffered combined losses in 2012/13 and 2013/14 totaling $132.2 million. MPI has projected a net loss of $82.5 million for the current financial year,” said the PUB in its decision.
The PUB said MPI rates for “private passenger” vehicles will increase by 3.7 per cent, while rates for motorcycles will decrease by 5.8 per cent.
Rates for commercial vehicles will decline by 1.8 per cent but “public” vehicles will see an increase of 6.2 per cent.
"Actual rates paid by individual policyholders are based on their driving record, the kind of vehicle (make, model and year), the purpose for which the vehicle is driven, and the location in Manitoba where the policyholder resides," said the PUB. "Premiums are also be impacted by actual claims experience."
The PUB said the changes in 2015 would be as follows for specific vehicle classes:
- Private Passenger - 3.7 per cent increase
- Commercial - 1.8 per cent decrease
- Public - 6.2 per cent increase
- Motorcycle - 5.8 per cent decrease
- Trailers- 6.1 per cent increase
- Off-road vehicles - 14.3 per cent decrease
