Alberta’s car insurance regulator approved changes to the rates for five insurance companies in the third quarter of the year (July to September).
The Automobile Insurance Rate Board (AIRB) differentiates between rate changes to basic coverage (which includes mandatory third-party liability and accident benefits) and additional coverages (such as optional collision, comprehensive, and underinsured motorist coverage). The combined rate represents increases or decreases for both basic and additional coverages.
For basic coverage, most insurance providers did not change their rates. However, belairdirect lowered rates by almost 6%. The cost of additional coverage with belairdirect increased by the same amount.
Tokio Marine, a specialty property and casual insurance provider, raised its price for optional auto insurance. The remaining companies reduced their rates by a marginal amount.
Combined, the rate approvals did not affect the weighted average of approved rate changes for private passenger vehicles. Last quarter, the weighted average rose by 2.79%.
Here are the approved rate changes for basic and additional coverages for private-passenger vehicles in Alberta for the third quarter of 2021:
Stay updated on AIRB’s rate filing decisions using the RATESDOTCA Rate Tracker.
According to the Financial Consumer Agency of Canada, one of the most effective tactics to ensure you’re not overpaying for car insurance is to compare rates from multiple insurance companies.
Compare rates before your current insurance policy renews for the year or before you buy a car. RATESDOTCA can help you find your lowest car insurance rate in Alberta.