Earlier this month the Public Utilities Board (PUB) approved a 1.57 per cent rate decrease for policyholders as well as a rebate of approximately $312 million. Policyholders can now expect to receive a rebate cheque in mid February 2022.
This rebate of $312 million will result in about $328 rebated to an average private passenger policy. It’s estimated about 578,000 cheques will be issued.
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This latest rebate was made possible due to a combination of fewer claims during the COVID–19 period and continued strong financial results. This is the third MPI COVID-19 rebate in less than two years. In total, MPI will have provided rebates of nearly $500 million to its policy holders.
Customers planning a change of address should notify MPI no later than January 12, 2022, to ensure they receive their rebate cheque. Rebate amounts of $10 or less will be credited to the customer’s account.
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