The average auto insurance in Alberta is around $1,088 per year; however, rates can vary greatly (up to 14 per cent above average) across the cities. Are you ready to see how your city stacks up? The following study was completed by kanetix.ca and all calculations are based off of a 35 year old male with a clean driving record.
Top 10 Most Expensive Cities to Insure your Vehicle in Alberta
- Edmonton - $1,237/year
- St. Albert - $1,139/year
- Fort McMurray - $1,1,36/year
- Peace River - $1,130/year
- Sturgeon County - $1,118/year
- Calgary - $1,117/year
- Bay Tree - $1,095/year
- Grande Prairie - $1,1095/year
- Fort Chipewyan - $1,083/year
- Sherwood Park - $1,055/year
Edmonton is the Most Expensive City to Insure A Vehicle
Sorry Edmonton, but it looks like your auto insurance premiums are the highest in the province at 14 per cent above the provincial average. Why is this the case? While premiums are largely determined by your own personal driving record, there are a couple other factors that come into play. One of these factors is population density. Larger populations mean more vehicles on the road, which generally means a higher risk of accidents occurring. Historically, Edmonton has seen a higher incidence of claims than other cities, so insurance companies need to consider this risk when pricing out their premiums.
Another factor that plays into higher premiums is public transit. The less people that use public transit, the higher the insurance will be for the average driver because again, it means that there are more vehicles crowding the roads.
Lastly, insurance companies consider theft rate when building their pricing. With Edmonton Police noting an increase in vehicle theft year over year, it’s bound to have a ripple effect on premiums.
The Top 10 Cheapest Cities to Insure your Vehicle in Alberta
Let’s take a look at the other end of the spectrum. Here is a list of the cheapest auto insurance rates across Alberta.
- Lacombe - $753/year
- Devon - $781/year
- Vegreville - $833/year
- Medicine Hat- $901/year
- Canmore - $934/year
- Banff - $937/year
- Okotoks - $952/year
- Aldersyde - $961/year
- Red Deer - $964/year
- Camrose - $965/year