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