SGI will be changing auto insurance rates for light vehicles after having their request approved by the government of Saskatchewan.

The changes will take effect May 21st, 2017 and will be made to match insurance rates with updates that were made to the Canadian Loss Experience Automobile Rating (CLEAR) table.

The CLEAR table is used by auto insurers across Canada. In most other jurisdictions, the rates for light vehicles are adjusted annually to match updates to the table.

Every light passenger vehicle make, model and year available in Canada is rated according to the CLEAR system. It looks at each type of vehicle-based on expected number of claims and cost per claim, as well as the probability of the vehicle being stolen.

Going forward, SGI will be updating rates annually based on the table. This will keep Saskatchewan rates for light vehicles in step with their likelihood of being in a claim and the cost to repair those claims. This includes claims caused by collisions, weather events, theft and other circumstances.

“These adjustments are revenue-neutral, they will not generate any extra money for SGI,” Minister Responsible for SGI Joe Hargrave said. “We know that currently, owners of certain makes and models of vehicles are paying more than their actual costs, and others are paying too little. These adjustments are about ensuring fairness when it comes to insurance costs.”

The changes will mean some minor rate adjustments for light vehicles including private passenger vehicles, light farm vehicles and light commercial vehicles.

According to the statement from the government, rates for 434,000 vehicles will decrease by an average of $2.58/month. Rates for another 406,000 vehicles will increase by an average of $2.75/month with the maximum increase being $12.25/month (for a high-end Ferrari). Approximately 2,000 vehicles will see no change.

Those looking to see how their vehicles rate will be impacted can visit www.sgi.sk.ca/2017ratechange.