yyctimes

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    WestJet pilots to vote on strike action after talks stall

    March 31, 2023

    Braid: New poll shows a tight, unpredictable battle for the province

    March 31, 2023

    Piano phenom Kevin Chen wins top prize at prestigious competition

    March 31, 2023
    • Home
    • Contact Us
    Facebook Twitter
    yyctimes
    yyctimes
    Home » Alberta’s vehicle insurance premiums among the highest in Canada: report
    yyctimes

    Alberta’s vehicle insurance premiums among the highest in Canada: report

    yyctimesBy yyctimesDecember 13, 2022No Comments3 Mins Read
    Facebook Twitter LinkedIn Telegram Pinterest Tumblr Reddit Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    A recent report by Ernst & Young (EY) found Alberta has some of the highest auto insurance premiums in the country.

    The review looked at 30 different driver profiles, including different cars to different ages and levels of driving experience, to compare what those drivers would pay in nine different provinces.

    For example, the report found that an 18-year-old driving a 2021 Honda Civic LX with a novice license would pay $5,936 a year in Alberta, while paying just $1,129 in Saskatchewan.

    EY used Calgary, Edmonton, Red Deer and Grande Prairie to represent Alberta in its report, which can be viewed here.

    Read more:

    BC’s vehicle insurance rates are now among the cheapest in the country: report

    “Albertans are being squeezed as they struggle to keep their car on the road and food on their table amid an affordability crisis,” said Shannon Phillips, opposition finance critic. “They pay thousands of dollars more per year than other counties for the same level of insurance.

    Story continues below advertisement

    “This is highway robbery, but rather than addressing it, the UCP (government) is allowing big insurance companies to charge as much as they want.”

    John Shmuel, managing editor at PRICEDOTCA, said the NDP’s insurance cap isn’t all positive for insurers in Alberta’s private system, and he’s not entirely surprised to see these numbers.

    “Insurance companies have talked about losing money in Alberta,” he said.

    “We’ve actually seen insurance companies pull out of Alberta because they felt they couldn’t price their insurance based on the amount they were paying out in costs.”


    Click to play video: 'Getting back in the driver's seat when it comes to insurance rate hikes'

    2:21
    Getting back in the driver’s seat when it comes to insurance rate increases


    Shmuel said it was hard to say whether the high prices were just companies “catching up” after the cap was lifted, but he pointed to several factors that hurt their ability to make a profit, such as the high costs of law and health fees.

    Story continues below advertisement

    “Which in turn leads to increased costs for consumers,” he explained. “Can we cut out some of the middlemen and connect drivers more directly with the services they need if they are injured in an accident?

    “I don’t think anyone is happy to see high insurance prices for consumers, especially now with inflation.”

    A statement from Finance Minister Travis Toews said he believes Albertans are getting better auto insurance coverage because of changes from the UCP government.

    Read more:

    UCP hides insurance company profits from Albertans: Opposition

    “As a result of our actions with Bill 41, Alberta drivers have seen improvements such as stabilized rates, increased insurance options and flexibility. Albertans injured in traffic accidents now have access to more health professionals, such as dentists and psychologists, through their insurance claim,” she said in a statement. “Amounts for bereavement counselling, income replacement and funeral benefits are now adjusted for inflation.

    “The 12-month change in insurance premiums from the end of November this year is also 2.4 per cent. This is less than half of what it would have been under the NDP rate cap.”

    Regardless of where someone lives in Canada or what they drive, Shmuel said drivers can have some leverage in what they pay by shopping around after renewal, looking at bundle options and advising their insurance companies if the length of their commute changes.

    © 2022 Global News, a division of Corus Entertainment Inc.



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    yyctimes
    • Website

    Related Posts

    WestJet pilots to vote on strike action after talks stall

    March 31, 2023

    1 person dead after serious collision on Highway 2A near High River, Alta. – Calgary

    March 31, 2023

    RCMP investigation closes Highway 552 near Okotoks

    March 31, 2023

    How Chinatowns in Western Canada are evolving amid business closures

    March 31, 2023

    Trans Albertans find joy in community in the face of rising hatred: ‘We stand together’

    March 31, 2023

    TSB points to steep climb, accelerated stall as cause of fatal 2022 plane crash in central Alberta

    March 31, 2023

    Leave A Reply Cancel Reply

    Don't Miss
    yyctimes

    WestJet pilots to vote on strike action after talks stall

    By yyctimesMarch 31, 2023

    Pilots for WestJet are poised for a strike authorization vote on Monday after they are…

    Braid: New poll shows a tight, unpredictable battle for the province

    March 31, 2023

    Piano phenom Kevin Chen wins top prize at prestigious competition

    March 31, 2023

    1 person dead after serious collision on Highway 2A near High River, Alta. – Calgary

    March 31, 2023
    Our Picks

    WestJet pilots to vote on strike action after talks stall

    March 31, 2023

    Braid: New poll shows a tight, unpredictable battle for the province

    March 31, 2023

    Piano phenom Kevin Chen wins top prize at prestigious competition

    March 31, 2023

    1 person dead after serious collision on Highway 2A near High River, Alta. – Calgary

    March 31, 2023

    Subscribe to Updates

    Get the latest creative news from SmartMag about art & design.

    Our Picks

    WestJet pilots to vote on strike action after talks stall

    March 31, 2023

    Braid: New poll shows a tight, unpredictable battle for the province

    March 31, 2023

    Piano phenom Kevin Chen wins top prize at prestigious competition

    March 31, 2023
    New Comments

      Type above and press Enter to search. Press Esc to cancel.