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No overall increase in rates: MPI

By: Staff Writer

Friday, Jun. 15, 2012 at 12:59 PM | Comments: 0

Manitoba Public Insurance said today it doesn’t need any more of your money.

The Crown auto insurer, in its 2013-14 rate application filed with the Public Utilities Board, said it’s requested no overall rate increase for the next insurance year.

It means, if approved by the PUB, nearly 25,000 passenger vehicles in northern Manitoba will experience a reduction in the basic Autopac premium. It will also be the third consecutive year these communities have received rate decreases.

The application also requests rate decreases for a total of 8,205 motorcycles in the province, MPI said.

"Today’s rate application confirms the strength of the public auto insurance system," Marilyn McLaren, president and CEO of MPI said today in a statement.

"Our record is unmatched anywhere in Canada and demonstrates our commitment to providing Manitobans with the rate stability they expect. We have held the line or reduced rates 14 of the last 15 years."

MPI also said while the Corporation has requested no overall rate increase, the rates individuals pay for basic Autopac will be determined by their driving record, the kind of vehicle they drive, what the vehicle is used for and where they live.

If approved by the PUB, 430,531 vehicles (42.2 per cent) receive reductions in their basic compulsory coverage next year, while 23,154 vehicles (2.3 per cent) will remain the same.

A total of 556,522 policies (55.5 per cent) will be increased ─ most increases will be less than $50.

MPI also released its 2011 Annual Report this week. It reported a net income after surplus distribution of $23.3 million. Investment income of $119 million continued to reduce the cost of the average basic Autopac premiums.

MPI said last year, Manitobans filed an average of 1,109 claims every working day, representing about $2.4 million in claims every working day.

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