Motorbike insurance hikes to be amended, Wall says
Saskatchewan Premier Brad Wall says the government will amend its application for a rate hike on motorcycle insurance premiums.
Many riders were furious with SGI's proposed insurance increases, which were recently submitted to a rate review panel.
Under the initial proposal, an average rider would have seen a 73 per cent hike for motorcycle insurance, while some would have seen their insurance bills triple.
"We've heard pretty loud and clear from people," Wall said Tuesday. "I think there needs to be a reasoned approach."
Wall said he wants to find a way to lessen the impact of rate hikes on riders while addressing the costs associated with motorcycle insurance.
"We'll contemplate both things: both what do we do now to prevent this rate shock but also what do we do long-term to provide more options to riders and still respect the Autofund and others that don't want to subsidize any other class of drivers," Wall said.
He said details on amendments will be released later in the week.
"The government has the option to amend the application," Wall noted, adding the issue could be addressed in a number of ways, including a phased-in set of increases.
He also said there could be an option, down the road, which would allow motorbike riders to adjust the level of coverage they get with their insurance.
"To sort of forego some coverage, for example insuring their earnings. That's a big, big cost here," Wall said. He pointed out, however, that such a change would require legislation.
With files from CBC's Stefani Langenegger