News & Resources

Alberta Car Insurance Rate Decisions: Q1 2021

April 8, 21
4 mins
A man and woman work together at a laptop computer

The Automobile Insurance Rate Board (AIRB), Alberta’s car insurance regulator, has approved car insurance rate changes for six insurers in the first quarter (Q1) of 2021 (from January to March).

According to the AIRB’s Q1 2021 filing decisions, 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.

The AIRB approves rate changes for basic coverage (i.e. mandatory car insurance), which includes third-party liability and accident benefits coverage, as well as rate changes for additional (or optional) coverages such as collision, comprehensive, and underinsured motorist. The combined rate represents increases or decreases for both basic and additional coverages.

car mascot.png

Don't waste time calling around for auto insurance

Use RATESDOTCA to shop around, and compare multiple quotes at the same time.

Depending on the insurer, the basic coverage increases in Q1 2021 for private-passenger vehicles range from 0.02% to 6.91%. However, one insurer (Intact) was approved by the AIRB to lower its basic coverage rates. Some insurers were also granted permission to increase the cost of optional coverages such as collision and comprehensive ranging between 0.07% and 2.78%, while two insurers (Economical and Intact) were approved to lower their optional coverage rates. In Q4 2020, the AIRB approved rate changes for 10 auto insurers.

Here are the approved rate changes for basic and additional coverages for private-passenger vehicles in Alberta for Q1 2021:

Insurer Basic Additional Combined New Business Date Renewal Date Insurer Market Share
Alberta Motor Association Insurance Company* 5.77% 2.78% 4.88% January 1, 2021 January 1, 2021 4.68%
Certas Direct Insurance Company* 6.91% 0.40% 5% February 5, 2021 April 6, 2021 0.70%
Co-operators General Insurance Company 0% 0.07% 0.02% January 13, 2021 February 27, 2021 7.22%
Dominion of Canada General Insurance Company 0% 1.43% 0.57% March 15, 2021 April 1, 2021 2.16%
Economical Mutual Insurance Company 0.02% -0.03% 0% January 15, 2021 March 19, 2021 2.87%
Intact Insurance Company -2.99% -0.26% -2.02% January 6, 2021 February 6, 2021 14.55%

* – Approved prior to October 29, 2020 legislative change announcements.

When it comes to car insurance, make sure you know your options

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.

Liam Lahey

Liam Lahey is a versatile, seasoned writer and editor. He worked as both a staff writer and freelance writer for many business and technology publications as well as for several newspapers. He writes about home, auto, and travel insurance, and is a media spokesperson for RATESDOTCA.

LinkedIn

Latest life insurance articles

How Does Vaping and e-Cigarettes Affect Life Insurance?
Many insurers may classify vaping in the same way they do smoking. If you smoke or vape, you can still qualify for a life insurance premium, but in all likelihood, you will pay a higher rate than someone who does not.
Credit Life Insurance: Is It Worth It?
You’re a new homebuyer in the final stages of closing a mortgage. Suddenly the lender rep asks if you want to take out a life insurance policy for your mortgage. Do you take it?
What Not to Do Before a Life Insurance Medical Exam
The night before a medical exam for your life insurance is important and shouldn’t be taken lightly.