Alberta won’t see increases to passenger vehicle insurance rates in 2023.
The provincial government is pausing private passenger vehicle auto insurance rate increases for the year. This measure is part of efforts to combat rising inflation and cost-of-living, as well as support long-term affordability for Albertans struggling to heat their homes and feed their families.
“We share Albertans’ concerns about the rising cost of living during the current inflation crisis. We will continue to meet with members of the insurance industry to find additional longer-term solutions for automobile insurance,” said President of Treasury Board and Minister of Finance Travis Toews.
While no new rate increases will be approved by the government, Albertans may see increases to their insurance as a result of already approved increases. Changes to their insurance profiles or driving records – including tickets and at-fault claims – can also cause increases.
Concerns from Albertans over having to pay their full auto insurance premiums up front are also being addressed. The provincial government is requiring insurance companies to provide payment plans for most Albertans.
Previously, Alberta implemented reforms in the fall of 2020. Supply chain issues in the auto industry, as well as inflation, have impacted those reforms in the short term.
Consumer tips for keep insurance rates down:
Consumer tips
- In Alberta’s competitive marketplace, Albertans can often get better rates by shopping around and exploring their options.
- Albertans should continue to work with their insurance companies or brokers to get the best rates.
- Alberta drivers can get discounts of up to 20 per cent for bundling their home and property insurance, in addition to discounts for good driving behaviour.
- Alberta has a unique consumer protection in the grid rating system. Insurers must look at the grid premium and their own premiums and charge the lesser rate for basic automobile coverage.
View the original press release for the pausing of insurance rates on the Government of Alberta website here.
Those living in Red Deer-North wanting to have their voice heard can contact the Red Deer-North Constituency Office through the contact form.