Saskatchewan drivers will likely pay more soon to insure their vehicles, now that the province's rate review panel has approved a 1.03 per cent rate increase.
There will also be a 1.23 per cent surcharge for one year to allow Saskatchewan Government Insurance to replenish its Auto Fund reserve fund. The proposed change will also include "rate rebalancing" — which means some drivers will see their insurance go up and others down.
For people who ride motorcycles, there will be a much smaller hit than they would have been facing a few months ago.
SGI's original 2013 proposal wanted to boost motorcycle rates an average of 72 per cent.
Following a massive outcry, SGI backed off and submitted the most recent proposal.
That would cap rates at 15 per cent or $150.
The rate review panel is recommending that any decisions about rebalancing motorcyle rates should wait until a separate review by a motorcycle review committee is complete.
The proposed 2.27 per cent increase, which still needs to be approved by cabinet, would take effect Aug. 31.