News & Resources

Alberta Car Insurance Rate Decisions: Q2 2021

July 8, 2021
5 mins
Young couple reviewing documents in front of computer

The Automobile Insurance Rate Board (AIRB), Alberta’s car insurance regulator, has approved car insurance rate changes for seven insurers in the second quarter (Q2) of 2021 – from April to June.

According to the AIRB’s Q2 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.

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 Q2 2021 for private-passenger vehicles range from 0.01% to 14.98%. Some insurers were also granted permission to increase or decrease the cost of optional or additional coverages such as collision and comprehensive. The optional coverage increases range between 0.27% and 6.86%, while the decreases are between 0.01% and 13.78%. In Q1 2021, the AIRB approved rate changes for six auto insurers.

Here are the approved rate changes for basic and additional coverages for private-passenger vehicles in Alberta for Q2 2021:

Insurer Basic Additional Combined New Business Date Renewal Date Insurer Market Share
Aviva General Insurance Company 0.01% -0.01% 0% May 1, 2021 May 1, 2021 0.75%
Aviva Insurance Company of Canada 0.02% -0.03% 0% April 1, 2021 April 1, 2021 4.69%
Intact Insurance Company -3.35% 0.27% -2.04% June 8, 2021 July 8, 2021 14.55%
S&Y Insurance Company -0.17% -0.06% -0.13% May 1, 2021 May 1, 2021 0.01%
Sonnet Insurance Company 4.11% 6.86% 5% April 26, 2021 June 10, 2021 0.70%
Traders General Insurance Company 0.03% -0.04% 0% April 1, 2021 April 1, 2021 1.42%
Zenith Insurance Company 14.98% -13.78% 0% May 1, 2021 September 1, 2021 0.30%

The weighted average of approved rate changes for private passenger vehicles in Alberta over the last 12 months as of June 30, 2021, is an increase of 2.79%.

Know your car insurance options

You can keep abreast of the AIRB’s rate-filing decisions using the RATESDOTCA Rate Tracker.

There are several strategies drivers can investigate to help reduce their premiums such as bundling your home and auto policies, increasing your deductibles, and paying your premium annually instead of monthly if you can afford to do so.

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 auto articles

That Older Dream Home Can Come With a Higher Insurance Price Tag
Do your homework, know what to look for and which questions to ask inspectors and insurance providers before making that dream purchase a reality. Here are five things to consider.
What’s On in Ottawa in August
As Ontario moves to step three of its COVID-19 reopening plan, here are a few events happening in Ottawa in August for you and your family to enjoy.
What’s On in Toronto in August
With restrictions loosening as Ontario moves to step three of its COVID-19 reopening plan, here are a few events happening in Toronto in August for you and your family to enjoy.