SGI to cut auto insurance rates by 7.1%

The Saskatchewan government approved changes to auto insurance rates that will translate to an average rate cut of 7.1%, reports the CBC.
In February of this year Saskatchewan Government Insurance (SGI) applied to the Saskatchewan Rate Review Panel to generally reduce rates by 5% with rate rebalancing, which would mean about 448,000 Saskatchewan vehicles (53 per cent) would see a reduction in their rates. The average decrease would have been $68, according to an SGI release.
The review panel, on the other hand, recommended a 7.1% decrease. The Saskatchewan cabinet agreed with the panel.
The changes will translate to an average savings of about $80 a year, for 63% of the provinces drivers, according to the CBC.
A quarter of the provinces drivers will see an increase of about $18 a year, while premiums remain the same for the remaining drivers.
SGI also handed out $100 million in rebates earlier this year, due to a surplus in its Auto Fund.