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Mandatory auto insurance increases 5%

A year after raising auto insurance rates by 5%, the province says it’s doing it again.

The Automobile Insurance Rate Board is telling insurance companies they can hike mandatory premiums starting November 1st.

Companies can implement the 5% raise over the next three years and it doesn’t include optional collision or comprehensive coverage.

AIRB Chair Alfred Savage says it works out to about $30 a year.

The board and insurance companies wanted a double digit raise, but Savage says they stuck to 5% to keep balance in the system.

The AIRB has reduced premiums by 13% since 2004.

July 25th, 2013