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Car Insurance

If you own or drive a car in Alberta, by law, you must buy insurance coverage from a private insurer. A no-fault and tort-based system is used to set out accident benefits and the right to sue in specified situations, according to the Insurance Bureau of Canada.

The Automobile Insurance Rate Board (AIRB) and the Office of the Superintendent of Insurance regulate auto insurance in Alberta. AIRB recommends InsuranceHotline.com as a trusted source for independent online comparative quoting. 

Auto insurance in the province of Alberta is mandatory for all vehicles. Drivers must carry a minimum of $200,000 in Third Party Liability insurance coverage, though the majority of Albertans opt for at least $1,000,000 in coverage, according to the Alberta Automobile Insurance Rate Board (AIRB). 

Drivers must also have Accident Benefits coverage. This covers medical/rehabilitation costs, death benefits, funeral expenses and income replacement relating to occupants of a vehicle in the event of an injury.

Without this minimum coverage on your vehicle, you will not be able to register your automobile. It is illegal to drive uninsured and unregistered automobiles in Alberta, including Edmonton.

Optional coverage

In addition to the mandatory coverage, drivers can also opt for:

• Collision - Covers damages to your vehicle in the event of a collision with another vehicle or object
• Comprehensive - Covers damage from incidents outside of collisions, including vandalism, hail, theft and fire
• Specified Perils - This is similar to comprehensive coverage, but covers incidents named on a policy, such as fire, lightening and theft

These optional coverages typically have a deductible, which is the amount you pay in the event of a claim. 

Endorsements

There are also endorsements, which is an additional coverage attached to a standard policy. Some examples of endorsements include:

• Accident Rating Waiver - Prevents your rates from going up in the event you're responsible in an at-fault accident
• Limited Waiver of Depreciation - Waives the cost of depreciation on the repair or replacement of your vehicle in the event of an insured loss
• Family Protection - Protects you and your family in the event you're involved in a collision with an uninsured or underinsured at-fault driver. This type of coverage covers the difference between what the driver can pay and what you're eligible for

Insurers take a number of things into consideration when calculating your premium, including:

• Amount of coverage - Including mandatory and optional coverages and endorsements
• At-fault accidents and collisions - Your past driving record and insurance history 
• Mileage - How often and how far you drive 
• Vehicle - The make and model of your vehicle has a big impact on your rates, this includes such considerations as safety features you have in place, how likely your vehicle is to get stolen, and the age of your vehicle
• Where you live - Your location plays a role, whether you live in the more urban parts of Edmonton or on the skirts somewhere more rural

There are other factors as well, but these are some of the main variables insurers look at. 

Since car insurance operates under a private system in Alberta, each insurance company in Edmonton charges different rates to insure the same car and driver. 

Sometimes these rates can vary by hundreds and even thousands of dollars. The trick is to find the insurance company that has the lowest rate available to you for your driving profile, but with so many Edmonton car insurance companies, calling around to get comparative quotes from all of the insurance companies is a lot of work, and takes a long time! 

To help our fellow drivers find better rates in less time, InsuranceHotline.com offers instant online car insurance quotes, comparing the rates across a broad cross-section Edmonton insurance companies to make your life easier! Since comparing quotes is recommended by the province, why not compare rates today to see what savings could be yours?

Saving money on your Edmonton car insurance today is great, but why not extend the benefits beyond your initial quote?

At InsuranceHotline.com, we can actively monitor our network and alert you when a better rate becomes available. Our rate alert service is optional, free, non-intrusive and occurs every 3 to 6 months depending on your preference. Just like mortgage rates, Edmonton car insurance premiums can change frequently. We will make sure you stay informed absolutely free and we will even remind you when it's time for your next auto insurance renewal.

To opt into this service, simply select the "Rate Alert" option when completing a quote.