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Preparations underway to deliver premium rebate

Later this spring, rebate cheques totaling $58 million will be mailed to Manitoba Public Insurance customers who purchased Basic Autopac coverage for the 2004 insurance year.

This is the second refund to customers in five years. In 2001, Manitoba Public Insurance returned $80 million to customers.

Here are some basic rebate facts.

• The rebates are possible because of strong investment income. The company invests funds set aside to meet the ongoing needs of claimants. Returns have been greater than expected so you share in the benefits.
• The rebates will be calculated on basic mandatory insurance policies written for the 2004 policy year.
• Rebates are on basic Autopac premiums only. There will be no rebate of financing fees, interest or extension products, such as lower deductibles or other policies.
• The rebates do not affect new Autopac rates. This year 57 per cent of our policy holders will see premium rate reductions when they renew.
• The rebate illustrates one of the many advantages of public auto insurance. When a private insurance company has unexpected income, it flows to shareholders. Under public insurance, you, the policy holder, directly benefit.
• About 600,000 Manitobans will receive refund cheques.