SGI will be changing insurance rates for light vehicles. The changes, which take effect on May 21st, were approved by the provincial government.

The changes will match rates with updates made to the Canadian Loss Experience Automobile Rating (CLEAR) table.

Jeff Stepen is the Chief Financial Officer for SGI. He explained what the changes mean.

“When we calculate our rates, we use an industry table that tells us, for every make, model and year of vehicle, the likelihood of it being in a claim, and the cost of repairing that claim,” Stepen explained. The CLEAR table also determines the probability a vehicle will be stolen.

The small increases that some will see will be offset by those who will see a decrease in their rates. Overall, it will be revenue neutral for SGI’s Auto Fund.

To see how your vehicle will be impacted by the changes, you can visit the SGI website.