Winnipeg Free Press - ONLINE EDITION

MPI asking for 1.8 per cent premium rate increase

  • Print

HANDOUT Enlarge Image

Manitoba Public Insurance wants to hike basic Autopac rates by 1.8 per cent for the 2014-15 insurance year, the first time the Crown auto insurer has asked for a hike in premiums in a decade.

MPI announced the request today as it filed the paperwork with the rate-watchdog Public Utilities Board. Hearings are to start in the fall.

If approved by the PUB, a total of 707,090 vehicles owners will receive a premium increase, MPI says.

Of the vehicles that will receive premium increases, most will be less than $50.

A total of 342,319 vehicle owners will receive a premium decrease or stay the same in 2014. The average passenger vehicle premium will be $898.

MPI says overall, 67 per cent of premiums will increase (707,090 vehicles); 603,377 vehicles will increase by $50 or less, 25 per cent of premiums will go down (259,085 vehicles). And of those decreasing, 92 per cent – 238,587 vehicles – will decrease by $50 or less. Eight per cent of premiums will remain unchanged (83,234 vehicles)

MPI also says overall, rates decreased by four per cent in 2011, eight per cent in 2012, and remained stable in 2013.

For vehicle owners in the north, 97.3 per cent (9,897) of passenger vehicles will receive rate decreases in all areas north of the 55th parallel, including Thompson, Lynn Lake and Churchill.

As well, 85.6 per cent (12,733 units) will receive rate decreases in the near north, north of the 53rd parallel, including Flin Flon, The Pas and Grand Rapids.

MPI also says it’s applied for an average rate decrease of 7.6 per cent or $83 for motorcycles (excluding mopeds and small-engine displacement motor scooters). If approved, the average motorcycle rate will decrease to $1,001 from $1,084.

Mopeds and small-engine scooters will see an average rate increase of 15.1 per cent, if approved by the PUB. The average rate for these vehicles will increase from $287 to $330 per year, or by $43.

MPI says the rate hike request is needed in part to address a net operating loss of $48.1 million in the last fiscal year.

MPI says its fiscal performance was affected by the investment markets and increased claim costs, resulting in a net operating loss.

Last year, MPI says Manitobans filed an average of 1,153 claims daily, and the corporation paid out $2.4 million in benefits, every working day. The average cost per claim is $2,600.

Fact Check

Fact Check

Have you found an error, or know of something we’ve missed in one of our stories?
Please use the form below and let us know.

* Required
  • Please post the headline of the story or the title of the video with the error.

  • Please post exactly what was wrong with the story.

  • Please indicate your source for the correct information.

  • Yes

    No

  • This will only be used to contact you if we have a question about your submission, it will not be used to identify you or be published.

  • Cancel

Having problems with the form?

Contact Us Directly
  • Print

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

Have Your Say

New to commenting? Check out our Frequently Asked Questions.

Have Your Say

Comments are open to Winnipeg Free Press print or e-edition subscribers only. why?

Have Your Say

Comments are open to Winnipeg Free Press Subscribers only. why?

The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.

letters

Make text: Larger | Smaller

LATEST VIDEO

Maria Aragon performs new single "Nothing but a Beat"

View more like this

Photo Store Gallery

  • Aerial view of Portage and Main, The Esplanade Riel, Provencher Bridge over the Red River, The Canadian Museum for Human Rights and The Forks near the Assiniboine River, October 21st, 2011. (TREVOR HAGAN/WINNIPEG FREE PRESS) CMHR
  • Jia Ping Lu practices tai chi in Assiniboine Park at the duck pond Thursday morning under the eye of a Canada goose  - See Bryksa 30 Day goose challenge Day 13- May 17, 2012   (JOE BRYKSA / WINNIPEG FREE PRESS)

View More Gallery Photos

Poll

Have you decided which mayoral candidate will get your vote?

View Results

View Related Story

Ads by Google