The Alberta government is going to be taking a hard look at the provincial auto insurance system in the near future. With the second highest automobile insurance rates in Canada according to the IBC, many people agree that it’s time to take a look and make some changes to the current system.
What Does This Review Entail?
The Alberta government announced that they were going to be conducting consultations with a number of stakeholders in the private auto insurance industry to learn what’s happening on the front lines. After gathering stakeholder opinions, they’ll go back and revamp the current regulations. The Alberta auto insurance auto regulations have not seen a major update since 2004. Throughout the review, the government will review the Automobile Accident Insurance Benefit Regulation, Automobile Insurance Premiums Regulation, Minor Injury Regulation and Diagnostic and the Treatment Protocols Regulation. If you were wondering about the possibility of a public insurance system in Alberta, word is that it’s not coming anytime soon.
Why Are Alberta’s Auto Insurance Rates So High?
Alberta insurance premiums have continued to rise year after year, so why is this? While there are a multitude of reasons, Heather Mack, director of government relations with the Insurance Bureau of Canada’s Alberta branch, says that the increase in rates can largely be attributed to an increased number of people receiving large payouts for minor injuries. This puts strain on the system, and causes everyone’s premiums to increase.
What’s the Goal of the Review?
By doing this regulations review, the Alberta government plans to implement changes to the current system that will ensure that auto insurance in Alberta remains fair and affordable for everyone.
Your Driving Record Still Matters
Don’t think this review is going to implement changes that will magically make all those speeding tickets disappear. The majority of your car insurance premium will continue to be based a number of factors, including your driving history, age, and what type of vehicle you drive.
Got Auto Insurance Questions?
If you have questions about Alberta's auto insurance, contact the experts at ARC insurance. Our team is ready to help you get the right coverage for your needs.