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:
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%.
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.