How Much Are Alberta Auto Insurance Rates Set to Increase?

By InsuranceHotline.com Team
A couple sitting on a couch reviewing their auto insurance renewal paperwork.

Alberta’s Automobile Insurance Rate Board releases its Q4 2019 filing decisions.

Gone are the days of the 5% cap on Alberta auto insurance rate hikes. The cap expired on August 31, 2019, and since then more than 92% of the auto insurers in the province turned to the Automobile Insurance Rate Board (AIRB) for a rate change.

For Alberta drivers, the news is not good as the range in rate increases for basic coverage is significant. Some drivers could see their rates increase less than 1% while others could see their rates increase as much as 30%. It all depends on who you have your coverage through and the change they’re allowed to implement.

Basic coverage includes the mandatory coverages—third party liability and accident benefits—that all Albertans are required to have to drive in the province.

Prices for additional coverage (e.g. collision and comprehensive) are also largely on the rise, resulting in an overall combined change in rates that ranges from -1.1% to 20%.

“The approved overall rate level change does not reflect how an individual driver’s premium may change as a result of the insurer’s rate filing, but reflects the average rate level change for all drivers who are insured with the insurer,” says the AIRB in its announcement.

In other words, the approved rate change for a particular insurer will not be uniformly applied across all the drivers it insures. Some drivers will see their rates increase a little, while others will see their premiums increase a lot.

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What the AIRB Says About It

Despite rising rates, the AIRB says it expects that these changes will open up access to coverage that was previously hard to obtain:

“Following nearly two years of rate restriction, some Albertans found it difficult to obtain the coverage they required or access to payment plans. These actions by insurers were directly related to their inability to receive approval for rates commensurate with the risk. The AIRB expects insurers who received approval for a rate increase to cease practices that limit access to certain coverages for Albertans.”

Approved Alberta Auto Insurance Rate Changes: Q4 2019

The AIRB approves rate changes for basic coverage (i.e. mandatory) which includes third party liability and accident benefits coverage, as well as changes to pricing for additional coverage (i.e. optional) which includes collision, all perils, comprehensive, specified perils coverage and underinsured motorist coverage. The results are released quarterly.

What follows are the approved rate changes for basic and additional coverage for private passenger vehicles in Alberta for the fourth quarter 2019:

Insurer Basic Additional Basic & Additional Combined Full or Simplified New Business Date Renewal Date Market Share
Allstate Insurance Company of Canada 8.80% 11.90% 10.00% F 05-Oct-19 05-Dec-19 3.20%
Allstate Insurance Company of Canada N/A N/A N/A S 04-Dec-19 04-Dec-19 3.20%
Belair Insurance Company Inc. 0.00% 0.00% 0.00% F 07-Nov-19 01-Jan-20 1.99%
Belair Insurance Company Inc. 14.20% 1.60% 10.00% F 05-Dec-19 16-Jan-20 1.99%
Certas Direct Insurance Company 0.00% 0.00% 0.00% S 18-Oct-19 17-Dec-19 0.66%
Certas Direct Insurance Company 29.80% -0.20% 20.00% F 18-Oct-19 17-Dec-19 0.66%
Certas Home & Auto Insurance Company 24.80% 8.50% 19.40% F 29-Nov-19 28-Jan-20 4.39%
Co-operators General Insurance Company 12.80% 10.70% 12.00% F 11-Dec-19 10-Jan-20 7.26%
Coseco Insurance Company 18.20% 2.40% 10.50% F 01-Dec-19 01-Jan-20 0.83%
Economical Mutual Insurance Company 21.50% 5.40% 15.00% F 08-Nov-19 31-Dec-19 2.87%
Economical Mutual Insurance Group N/A N/A N/A S 17-Nov-19 December 23. 2019 2.87%
Facility Association 0.00% 1.40% 0.30% S 01-Nov-19 01-Nov-19 0.22%
Intact Insurance Company 4.90% 2.60% 4.00% S 22-Oct-19 22-Nov-19 14.89%
Intact Insurance Company 0.00% 0.00% 0.00% F 06-Nov-19 06-Dec-19 14.89%
Intact Insurance Company 0.00% 0.90% 0.30% S 02-Dec-19 01-May-20 14.89%
Millennium Insurance Corporation 7.90% 0.00% 3.80% S 01-Nov-19 01-Nov-19 0.55%
Novex Insurance Company 6.60% 2.30% 4.80% S 22-Oct-19 22-Nov-19 1.95%
Novex Insurance Company 0.00% 0.00% 0.00% F 06-Nov-19 06-Dec-19 1.95%
Optimum West Insurance Company 24.90% 13.20% 20.00% F 15-Oct-19 15-Nov-19 0.17%
Peace Hills General Insurance Company 27.90% 8.50% 19.80% F 01-Nov-19 15-Dec-19 1.54%
Pembridge Insurance Company 10.10% 9.80% 10.00% F 08-Oct-19 08-Dec-19 0.73%
Pembridge Insurance Company N/A N/A N/A S 04-Dec-19 04-Dec-19 0.73%
Primmum Insurance Company 12.90% 3.70% 10.00% F 01-Dec-19 01-Jan-20 4.16%
Royal & Sun Alliance Insurance Company of Canada 7.20% 2.50% 5.00% S 01-Dec-19 01-Jan-20 1.01%
Security National Insurance Company 14.00% 3.70% 10.00% F 01-Dec-19 01-Jan-20 11.53%
SGI Canada Insurance Services Limited N/A N/A N/A S 01-Dec-19 01-Dec-19 2.00%
SGI Canada Insurance Services Limited 13.20% 18.60% 15.00% F 01-Dec-19 01-Dec-19 2.00%
Sonnet Insurance Company 15.60% 28.20% 20.00% F 24-Oct-19 08-Dec-19 0.44%
Sonnet Insurance Company 0.00% 0.40% 0.20% S 08-Nov-19 31-Dec-19 0.44%
TD Home and Auto Insurance Company 17.30% -0.80% 10.00% F 01-Dec-19 01-Jan-20 0.30%
The Dominion of Canada General Insurance Company 18.20% 10.70% 15.00% F 15-Dec-19 01-Jan-20 2.09%
The Personal Insurance Company 23.60% 2.90% 14.70% F 29-Nov-19 28-Jan-20 2.76%
The Sovereign General Insurance Company 0.00% 0.00% 0.00% S 28-Oct-19 27-Nov-19 0.00%
The Wawanesa Mutual Insurance Company N/A N/A N/A S 01-Nov-19 01-Nov-19 13.80%
The Wawanesa Mutual Insurance Company 20.80% 0.00% 12.10% F 15-Dec-19 15-Dec-19 13.80%
Unifund Assurance Company 18.00% -2.40% 7.80% F 01-Nov-19 01-Dec-19 4.36%
Zurich Insurance Company Ltd. 0.10% -2.20% -1.10% S 31-Dec-19 31-Dec-19 0.00%

What’s It All Mean to Alberta Drivers?

Shop around. The AIRB says, “Alberta has a competitive marketplace, with 69 active insurers and 46 who offer private passenger vehicle insurance. Consumers are encouraged to shop the market as insurance premiums vary from insurer to insurer.”

Don’t let increasing insurance rates get you down. Find your best Alberta auto insurance rate at InsuranceHotline.com.