Policyholders can expect to receive a rebate cheque in early February 2022 after the Public Utilities Board (PUB) issued its decision on Manitoba Public Insurance (MPI)’s 2022/23 General Rate Application, which approves a 1.57 per cent rate decrease for policyholders as well as a rebate of approximately $312 million. Further details about the rebate will be made in the coming weeks at mpi.mb.ca.
The rebate is primarily due to a drop in the number of claims during the pandemic period, the Public Utilities Board said in a separate news release.
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The PUB also approved changes to the Driver Safety Rating (DSR) system. As a result, in 2022/23, the top of the DSR scale will expand from +15 to +16. This is the first step in a multi-year plan that gives the safest drivers to receive the greatest benefits. MPI expects that almost 95 per cent of drivers at DSR level +15 will move up to DSR level +16 and receive a four per cent higher vehicle premium discount (37% compared to 33%)
The approved rates will be effective April 1, 2022, but because renewal dates are staggered, some vehicle owners will not pay their new rates until March 31, 2023. The 1.57 per cent rate decrease means the average passenger vehicle owner will pay about $16 less in premiums per year.
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