Finding affordable car insurance quotes in Alberta involves comparing and contrasting multiple quotations from many insurance companies! If a low price is important to you, above all else, it’s simply not enough to go by a friend’s referral or a gut-feeling hunch! You need to scour the market for the lowest price in order to get the cheapest auto insurance in Alberta!
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We will connect you to an Alberta licensed auto insurance Broker who will personally guide you in securing the most affordable and best suited coverage!
FAQs about car insurance in Alberta
How does car insurance work in Alberta?
Car insurance in Alberta is sold and distributed by private Insurance companies. Private Insurers use direct and indirect distribution channels to sell to the consumer public. Alberta car insurance is sold by Insurers directly or through the use of insurance brokers or agents
How does no-fault auto insurance work in Alberta?
Alberta is a hybrid car insurance system, where no-fault rules and the ordinary rule-of law are used to adjudicate car insurance claims and assign responsibility. Bodily injury is handled by your own insurance company while compensation for vehicle damages and other property damage is sought from the at-fault insurance company and driver.
How does accident benefits auto insurance work in Alberta?
Accident benefits in Alberta are compulsory auto insurance coverage like in every other province. The only exception is Newfoundland were they can opt-in or out of accident benefits coverage.
Accident benefits car insurance coverage in Alberta serves to provide benefits to drivers and passengers involved in a vehicle accident, regardless of fault. Accident benefits in Alberta cover the out of pocket medical expenses for treatment and recovery.
As mentioned earlier, accident benefits in Alberta are based on the “No-Fault” system for injuries sustained in a motor vehicle accident. This means that you would need to claim through your auto insurance policy for injury benefits.
How does uninsured motorist car insurance in Alberta work?
Uninsured motorist coverage in Alberta is compulsory auto insurance coverage, not unlike most provinces in Canada. Coverage is meant to provide indemnification for property damages and injuries sustained when an uninsured or unidentified person is at fault for the incident.
How do I get the cheapest car insurance in Alberta?
The secret to finding cheap car insurance in Alberta, like in many other privately run insurance provinces, is shopping and comparing prices from as many Insurance companies, insurance brokers or agents as possible. If your goal is to find the cheapest car insurance, and the price is the most important factor to you then you should be looking for car insurance quotes approximately 30 days before your renewal if applicable to you. Prices of auto insurance in Alberta fluctuate regularly and car insurance quotes are usually good for one month before lapsing, so it’s important to shop around as much as possible within that time frame to secure the cheapest rate.
How do I get the best car insurance in Alberta?
Getting the best car insurance in Alberta requires comparing as many quotes as possible. This means comparing and contrasting auto insurance coverage from as many insurance providers as you can! This may seem like a time-consuming exercise, but one that can potentially save you thousands of dollars!
Everyone has different insuring requirements which might deem one insurance company a better choice than others. Asking what is the “best” auto insurance company in Alberta is a subjective question. As mentioned above, your definition of what constitutes the best insurance company can depend on what’s important to you.
For many, price is the most important factor, while others consider customer service, or superior and competent claims handling as the utmost important factor that might influence a purchasing decision. Simply put, what one may consider the best car insurance may not be for considered the same by someone else.
How are car insurance rates calculated in Alberta?
Car insurance rates in Alberta are calculated similar to other car insurance rating models, used by insurance companies in other provinces, but with a distinct difference.
Auto insurance premiums in Alberta usually take into consideration:
Vehicle Type – based on insurance bureau statistics that measure the likelihood of an injury or extent of damages of a vehicle based on make and model of car.
Postal Code – where you garage the vehicle, usually where you live in a personal auto insurance policy
Driver Behaviour – this is pretty self-explanatory; if you have a driving history full of driving violations and traffic tickets, and accidents, you’re likely to pay more than someone who has a cleaner driving record.
Driving Experience – Years licensed and insured also play a factor in determining your car insurance premium in Alberta.
Car insurance rates in Alberta are based on a two-model system. One system of car insurance rating is a traditional system comparable to other provinces. The other system is called the grid system.
How does the Alberta Grid-Rating calculate car insurance rates for drivers?
Alberta’s’ grid rating program was designed by the government of Alberta to keep car insurance prices at reasonable prices. The risks that fall under the grid rating plan are often considered “high risk” or substandard. Because of this, an insurance pool was set up with the residual insurance company called the Facility Association so that auto insurance can be accessible to all Albertans regardless of driving record.
The grid outlined the maximum car insurance premium that an insurance company can charge for basic coverage, regardless of driving record.
Insurance companies then compare car insurance premium generated by the Grid system to their rating program and choose the lesser of the two quotes. You can argue the grid system is a consumer protection measure for Albertans, although most insured drivers in Alberta fall below Grid premiums.
Is car insurance mandatory in Alberta?
Car insurance in Alberta is a legal requirement to cover any damages or injuries you may cause to others while operating your vehicle. Also, you wouldn’t be able to register your vehicle or renew your license plates without proof of insurance. Mandating auto insurance in Alberta, like the rest of Canada, is a consumer protection measure to help mitigate the chances of not recouping loss or damage from a responsible driver.
How can I lower my car insurance in Alberta?
Lowering the cost of car insurance in Alberta can be involves thoroughly shopping around for the best price, substituting your vehicle, increasing your deductible, combining home and auto insurance and/or reducing insurance coverage.
– Thoroughly shop around – shopping from different distribution channels such as an Insurance Brokerage, Agency or a direct writer insurance company can generate different prices with comparable coverage. Get as many auto insurance quotes from as many sources as possible. The exercise may seem time-consuming and tedious but might help you save money!
– Substitute your vehicle – although your driving record and prior claims history make of the bulk of your auto insurance cost, there’s an opportunity to save money by switching to a different vehicle. Auto insurance companies in Edmonton use the CLEAR model for rating the vehicle in itself. CLEAR stands for Canadian Loss Experience Automobile Report and provides statistical data on the likelihood of injuries, damages or loss associated with a particular make and model of vehicle involved in an accident or loss.
– Increase your deductible – a deductible also called a Self-Insured Retention (SIR), means that you must pay the first portion of a covered loss in a car insurance claim. Increasing your deductible shows the insurance company that you’re willing to pay more out of your pocket for covered losses. Deductible amounts in Edmonton typically can range from $300 to $1,000, with higher deductible amounts not unheard of. The cost savings from increasing your deductible isn’t going to be a drastic reduction in insurance cost, but still, a way to save some money!
– Combine Home and Auto Insurance – insurance companies offer big discounts for combining your home or habitational insurance with your car insurance. Discounts anywhere from 20% to even as large as 40% are common for bundling your insurance under one company! You can even benefit from when adding additional vehicles to your auto policy.
– Reduce Insurance Coverage – it’s probably not a good thing to reduce insurance coverage, but if you must, it might save you some money. Speak to your insurance representative about the repercussions of reducing or eliminate insurance coverage.