Rate hike March 1, 2017

The Public Utilities Board (PUB) has granted an increase in rates to Manitoba Public Insurance (MPI) but much lower than the public insurer was asking for.

On Thursday the PUB voted to increase MPI basic premium rates by 3.7% effective March 1, 2017.

MPI had asked the utilities board for an increase of 4.3% but the board in its decision stated that “the corporation has not met its onus of proving that the applied for rate level change of 4.3%, was just and reasonable.”

MPI had said in their application that part of the reason an increase was required was because of how poorly their investments had performed.

Although the rate increase has been approved it does not mean every driver will see an increase to their personal premium. Rates paid by individual policyholders within each class will be determined based on their driving record, the registered vehicle (make and model and year), the purpose for which the vehicle is driven and the territory in which the policyholder resides.

-News4 Staff-