The cost of basic car insurance coverage may be on the rise for some drivers in Alberta after the province’s regulator, the Automobile Insurance Rate Board (AIRB), released its rate-filing decisions from the fourth quarter (Q4) of 2020 (October to December).
Depending on the insurer, the basic coverage increases for private-passenger vehicles range from 0.06% to 9.25%. However, a few insurers were approved by the AIRB to lower their basic coverage rates. Basic or mandatory coverage includes third-party liability and accident benefits. Some insurers were also granted permission to increase the cost of optional coverages such as collision and comprehensive ranging between 0.01% and 9.51%.
According to the AIRB’s fourth-quarter filing decision, driver premiums are calculated using many different factors such as your driving experience, claims you may have made, the type of car you drive and where you live. The regulator’s decisions are based on a detailed analysis, which may increase or decrease rates whether a driver has any traffic convictions or at-fault collisions on their records or not.
Here are the approved rate changes for basic and additional coverages for private-passenger vehicles in Alberta for Q4 of 2020:
* – denotes rate change approvals before October 29, 2020 legislative change announcements
** – denotes rate change approvals delayed from May 28, 2020 due to COVID-19
There are 69 insurers in Alberta, and 46 of them offer private-passenger car insurance. Though not all insurers in Alberta were approved for a rate increase, you can keep abreast of the AIRB’s rate-filing decisions using the RATESDOTCA Rate Tracker.
There are several strategies drivers can look into to help reduce their premiums. In the meantime, the easiest way to find out if you can get a more affordable rate in Alberta for the type of coverage you need is to compare premiums and policies from a broad range of insurers.