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As the new auto insurance year begins today, three out of four vehicle owners will be paying less for their basic Autopac, and thousands more can look forward to another rebate on premiums paid in the past.
The rates taking effect today are 2.6 per cent lower overall than rates in 2006-07, marking the eighth year out of the last nine in which Manitoba Public Insurance has held the line or reduced basic Autopac rates without lowering customer service or reducing coverage.
Premiums will decrease for 644,050 of the 864,086 policies. The reduction will be $40 or more for about 21 per cent of those receiving reductions. About 31 per cent will pay $30 less and 40 per cent will pay $20 less. The average family passenger vehicle premium will be $805, a reduction of $25.
Of the 19 per cent of customers who will pay more, about two-thirds will see increases of less than $20.
Renewal dates for customers are staggered throughout the year, so some vehicle owners will not pay the new rates until February 2008.
By early May, the corporation also expects to have a 10 per cent premium rebate ordered by the Public Utilities Board in the hands of customers who paid for basic Autopac during the 2005 – 06 insurance year.
The $60 million rebate will be the second rebate in as many years. In all, more than 600,000 cheques will be sent out with the average being worth about $100.
President and CEO Marilyn McLaren said the new rates and rebate demonstrate that public auto insurance works in the best interests of Manitobans.
“This is the third time in seven years that customers have received rebates,’’ she said.
“Together, nearly $200 million will have been returned to customers over the last six years. No private auto insurer can make such a statement.
“Clearly, the public auto insurance model is keeping the promise it was designed to deliver more than three decades ago – to provide Manitobans with complete coverage at an affordable price.”
McLaren also added that Manitoba Public Insurance will indefinitely extend its free immobilizer program, to respond to a growing number of vehicle owners who are joining the fight against auto theft.
“Nearly 63,000 Manitobans have signed up for this program,” McLaren said. “Manitobans clearly know that an electronic immobilizer that meets the national standard is the very best protection against auto theft.
“Our goal is to improve community safety by taking a bite out of auto theft. It’s a plan that will also have a payback to all Manitoba motorists by reducing insurance rates in the longer term.”
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Contact:
Media Relations, Manitoba Public Insurance
(204) 985-7300 or 1-888-554-9549 (toll-free in Manitoba)
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