See which Alberta auto insurance providers changed their rates.
- Eight Alberta auto insurers had rate changes approved in Q1 2021.
- For basic coverage, the approved rate changes range from a decrease of –2.99% to an increase of 6.91%; for additional coverage the range spans from –0.26% to 2.78%.
Auto insurance rates in Alberta are on the move. The province’s auto insurance regulator, the Automobile Insurance Rate Board (AIRB), has approved several Alberta car insurance rate changes that came into effect during the first three months of 2021.
Some drivers could see their premiums increase, while others may benefit from a lower premium. It all depends on which insurer you have your coverage through and the change they’re allowed to implement.
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Approved Alberta auto insurance rate changes: Q1 2021
The AIRB approves rate changes for basic coverage (i.e. mandatory), which includes third-party liability and accident benefits coverage and changes to pricing for additional (optional) coverage, which includes collision, all perils, comprehensive, specified perils coverage, and underinsured motorist coverage.
The range of approved rate changes for both types of coverage is considerable. For basic coverage, the changes range from a decrease of –2.99% to an increase of 6.91%; for additional coverage, the range spans from –0.26% to 2.78%.
|Insurer||New Business Date||Renewal Business Date||Basic||Additional||Combined|
|The Dominion of Canada General Insurance Company||March 15, 2021||April 01, 2021||0.00%||1.43%||0.57%|
|Certas Home and Auto Insurance Company||February 05, 2021||April 06, 2021||0.00%||0.00%||0.00%|
|The Personal Insurance Company||February 05, 2021||April 06, 2021||0.00%||0.00%||0.00%|
|Certas Direct Insurance Company*||February 05, 2021||April 06, 2021||6.91%||0.40%||5.00%|
|Economical Mutual Insurance Company||January 15, 2021||March 19, 2021||0.02%||-0.03%||0.00%|
|Co-operators General Insurance Company||January 13, 2021||February 27, 2021||0.00%||0.07%||0.02%|
|Intact Insurance Company||January 06, 2021||February 06, 2021||-2.99%||-0.26%||-2.02%|
|Alberta Motor Association Insurance Company*||January 01, 2021||January 01, 2021||5.77%||2.78%||4.88%|
* Rate changes approved prior to October 29, 2020 legislative change announcements.
Have your Alberta auto insurance rates risen?
No one fancies seeing the cost of their auto insurance policies increase. Although general premium hikes are not necessarily a reflection of your driving profile, they are typically in response to a myriad of factors such as an increase in collisions, claims, vehicle repair costs, and fraud.
However, the province is taking aim at controlling prices. In October 2020, the Alberta government introduced the “Insurance (Enhancing Drive Affordability and Care) Amendment Act” (Bill 41), which contains proposed changes to how auto insurance is managed in the province. One of the proposals is to adopt a no-fault insurance model.
Currently, Albertans pay the third-highest auto premiums in Canada after drivers in British Columbia and Ontario.
What can you do today to lower your Alberta car insurance?
Pricy car insurance does not have to be your reality. Shop around. AIRB notes, “Alberta has a competitive marketplace, and consumers are encouraged to obtain competitive quotes as insurance premiums vary from insurer to insurer.”