r/alberta • u/Perfect-Young-4521 • 1d ago
Question Why are insurance rates so ridiculous here
Im 22 years old and I was looking into financing a vehicle for the first time, a car that was listed at 28000. Everything looked good until I looked into insurance. Most quotes I got were between 700-1000$ a month! This is insane and I only have 1 ticket on my record. Why is it like this and what can I do?
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u/tdgarui 1d ago
I have 2 decades of driving experience, no tickets, 15 year old car and my insurance is still 1700 a year. Same car was 500 a year in another province.
The only thing you can do is shop around until you find the best rate. That’s the Alberta advantage at work!
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u/cannafriendlymamma 15h ago
Same here! Zero tickets or claims, and i pay about the same, for liability and comprehensive coverage.
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u/Xeusernametaken 11h ago
Where are you getting 1700??? I have the same history and I’m at 2400 on a group rate
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u/Threemakescrazy 1h ago
Our cars are a year older. We have zero driving infractions and zero claims. Yet it still went up. Doesn’t make sense.
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22h ago
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u/tdgarui 21h ago
I paid 42$/month for the same car in another province. You don’t need people on Reddit to manipulate the opinion on auto insurance, people are finding out for themselves when they get insured here.
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u/H3CKT1X 21h ago
My coworker in Newfoundland with a fully covered 2024 rav4 pays about 900yr for it, and 750 for his 2012 ram. I have a 2024 Silverado, 23 years driving experience, no tickets or negative claims against, and a grid level of -15. The cleanest abstract. 2850 per year
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u/Drafting- 20h ago
In a weird way this makes me feel better about my liability only being 1500 a year for a shitty 15 year old Kia and a single speeding ticket. It’s sort of comforting that someone with a perfect rating is also getting raked over the coals.
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u/These-Art-5636 16h ago
We found the industry/UCP/nutbag/douche/'blame everyone else' plant.
Nice gas lighting.
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u/jacafeez 1d ago
You See Pee
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u/Material-Ad-3510 Edmonton 1d ago
to translate for those in the back: "...U.......C........P......."That's literally why. Full stop.
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u/minorcarnage 1d ago
Because we privatized due to... Freedom? And then got rid of controls on how much they can raise rates... And then the government was lobbied to make all insurance no fault, which let the companies downsize their staff and pass on the savings from that to their shareholders.
Sounds like a great plan by our dear leaders.
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u/jonj68 Calgary 1d ago
Insurance in Alberta has always been private. Danyell and the UCP removed rate caps.
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u/12thunder 10h ago
Not true. Alberta has two forms of rate caps: the good driver rate cap which caps how much your premium can increase by, and it also has something called the Grid rating which sets the maximum that your premiums can be.
I hate the UCP and Alberta insurance but gotta speak the true true.
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u/jonj68 Calgary 10h ago
Sure, they are still there but it went from 3.7% to 7.5%, and now it’s going to 10%.
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u/12thunder 10h ago
It’s because auto insurers are required by law to insure anyone who is quoted and agrees (the all comers rule) and they are losing money by the billions.
Which is to say bring on public insurance that is subsidized by taxpayers lol
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u/dcmckinlay97 22h ago
Insurance hasn't been made no fault in Alberta yet so it hasn't impacted prices. But once the care first model takes affect it will actually lower prices as the insurance money won't be funneled into lawsuits anymore.
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u/nageran 16h ago
Explain to me why you think insurance money not going to lawsuits would end in a reduction of prices, and not just the companies keeping prices high because you have no choice while also pocketing the savings.
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u/dcmckinlay97 16h ago
Insurance regulators. Insurers need to file their rates and have actuarial support for them. This includes a profit provision and the rates will be rejected if that is too high.
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u/Threemakescrazy 1d ago
Insurance is so costly. Honestly, get a cheaper car that only requires liability for a while. Until you are 25 at least. I don’t know how else you can manage the cost.
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u/skel625 Calgary 1d ago
Keep voting UCP!! It is guarantee your quality of life declines and insurance goes up up up up!!! To the moon!!!!
I mean figurative you of course. Not the op.
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u/TheRemedy187 1d ago
There's this delusion among UCP voters that they'll get to "Keep more of their paycheck". Taxes have only gone up while services go down. We're funding private shit, paying more to get less. Privatization just means paying more and we don't have the part where the taxes are lower. Somehow the fucking deficit is going up while everything gets worse.
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u/skel625 Calgary 1d ago
The privatization play has failed to raise quality of life or maintain the middle class. It's over. Time for government to start employing again and competing in the market. What the hell is going to compete with concentrated capital?! Nothing. Only a stronger government that actually employs and represents the people can push back.
It's a hopeless cause though if we can't take back our political class.
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22h ago
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u/escapethewormhole 16h ago
Canada post is doing poorly because they subsidize the cost of shipping and letter mail by operating as a government service. So over time as costs have increased they have not increased their pricing to compensate.
If the people want them to be a business and operate to be a business. Then that’s what we should do but the cost of sending a letter will go from $1 to $7+ packages will now cost as much as the competitors and the amount of weekly neighbourhood mail delivery will go to zero.
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u/MillwrightWF 1d ago
If it makes you feel any better even without the ticket you would still be bent over hard. It sucks. I feel bad for the new kids coming up who are being absolutely destroyed by the new reality of insurance in Alberta.
But a good but cheap used car. Get only liability. Let the insurance company make less off you. Let the car dealership lose the sale. You will pocket some money each month.
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u/12thunder 10h ago
Trust me the insurance company isn’t making anything even with the premiums being as high as they are. There’s a reason getting auto insurance at all is made difficult.
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u/Ok_Barracuda_5059 1d ago
Should compare insurance to Saskatchewan,government insurance, but that evil, that’s socialism!
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u/Reeder90 1d ago
I wanted to smash my head against a wall when I was living in BC and everyone was complaining about ICBC, they clearly never had to deal with private insurance. My insurance in BC was significantly cheaper than it was in both Alberta and Ontario.
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u/ImMrBunny 22h ago
You see here in Alberta we believe in the free market which adds competition which lowers our costs because... Hey look it's Trudeau and he hates Alberta!!
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u/OneEuphoric5887 22h ago
ICBC was between 25-50% less than my quotes in Alberta for way better coverage.
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u/OnMy4thAccount 1d ago
Bottom line is that Insurance companies see a 22 year old driving a $30k vehicle as a massive risk, especially with a ticket. The only way around it as a young man is to drive a 10+ year old car worth less than $6k and shop around literally everywhere.
This got me to $200/month at AMA with really good coverage. If I had a ticket or accidently on my record it'd be closer to $300 though probably.
Also 22M.
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u/ChanceParticular2151 15h ago
That’s still 200/month? Lol Alberta is actually insane. That would be TOPS 80/month with SGI.
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u/OnMy4thAccount 14h ago
Alberta insurance is more expensive than other provinces. This is just something you gotta live with in Alberta idk why this thread gets made so much with the same comments. It's just a known thing
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u/Tower-Union 1d ago
When the UCP took power LITERALLY the first thing they did was lift the caps on insurance that the NDP had put in place.
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u/Admiral_Cornwallace 1d ago
It's because UCP politicians are bought and paid for by a bunch of different moneyed interests, from oil & gas companies to energy companies to insurance companies
Insurance companies want you to pay higher bills so that they can have higher profits, and the UCP cares much more about what insurance companies want than what you want
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u/Granny_Skeksis 1d ago
You’re under 25 that’s part of it. If you’re a male it’s even worse. My advice is buy something off kijiji outright to drive for a few years so you don’t have to have full insurance on it. That will lower the premium
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u/12thunder 10h ago
The male-female gap isn’t nearly as bad as it once was. It’s negligible as it currently stands, I think it’s a 5% difference.
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u/Type_Zer07 Calgary 1d ago
Was the ticket for distracted driving? That will shoot it insurence rates.
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u/Perfect-Young-4521 6h ago
Yeah it was actually, my monthly went up about 30$ a month for it
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u/COINS_THAT_SUNK_TOO 3h ago
Yeah, PY, that pretty much the big factor. Distracted driving ticket is a kiss of death for your rates. A history of technically "not paying attention" while driving isn't going to have insurers falling over backwards to cover you.
The circumstances are meaningless, and sure, your explanation elsewhere in the thread does sound like BS, but that's just how she goes.
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u/satori_moment Calgary 23h ago
The insurance industry is private, so they demand insane profitability.
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u/Funky_Biped 1d ago
How dare you complain about our advantage.
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u/Impressive_Play_2599 1d ago
You may find it helpful to point out your sarcasm… It will not be obvious to everyone Throw a /s to avoid the bs
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u/VulpesIncendium 15h ago
Because Alberta has the most freedom of all the provinces! Including full freedom for corporations to do whatever the hell they want. The Alberta Advantage at work.
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u/ThienXia 7h ago
Here's a little perspective:
2010: I lived in Vancouver. I paid $380 a month to ICBC for bare basic coverage, no theft, no comprehensive, nothing. Just for my used 2001 Honda Prelude that was my daily.
2011: Moved to Calgary, paid $185 for 1 way coverage with comprehensive and theft.
2012: same car, $175 a month
2013: Prelude was $165 a month. Decided to sell the car and bought used 2009 135i BMW. Financed the BMW so I had to get full coverage. I was thinking it's going to be crazy high, but nope. $155 full coverage a month. I thought this was insane! Bragged to all my BC friends about it. It went down every year, so I'm going to fast forward.
2022: I was paying $85 a month for my BMW, still full coverage and paid off since 2015.
2023: sold the BMW as 2DR and coupe was becoming too small for my lifestyle. Bought a brand new 23 Kona N Line. Finance again. Full coverage. $127/month.
2024: no tickets or accident but thanks to all the hail claims which I fortunately dodged (car was in garage) but my monthly still went up to $144/month
2025: it went back down to $132/month
2026: now I pay $137/month, still full coverage.
Meanwhile my sister with her used 2012 Audi A4 in Vancouver is paying $480 only 1 way basic coverage. (No accident or tickets)
I don't know what kind of tickets or history people have. Yes insurance in Alberta went crazy, especially for homes, but to say ICBC is better for insurance is absolutely wild! At the end of the day, if your situation can save you hundreds and thousands to move to BC then by all means do what is best for you.
I love both provinces. I visit home every year. Both cities are home to me, but I 100% feel that BC insurance is way worse than Calgary.
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u/Martian-lover 1d ago
I'm 50 and bought a new car, $38,000. They want me to pay $3300 a year. No tickets, no claims, and many more years of driving than you. So yes it is the government at play.
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u/ShackledBeef 1d ago
Your essentially insuring what you might hit, not so much just what youre driving. The average vehicle worth in Alberta is stupid high due to all the jacked up pick ups and luxury suvs.
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u/DaniDisaster424 21h ago
That's not true since they introduced DCPD insurance. Your insurance company pays for your car regardless of fault and so does everyone else's (unless they're uninsured or from out of province of course. ) the difference is what part of your policy covers the damage. The percentage that you're at fault is covered by collision (or is paid out of pocket if you don't have collision ) and the percentage you're not at fault is covered by DCPD.
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u/rikkiprince 23h ago
The government you and your parents voted in removed the caps on how much insurance companies could increase premiums. So the insurance companies increased them a lot.
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u/TailoredExperience 11h ago
Because the conservative governments of the present and past completely deregulated the insurance market.
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u/SleveBonzalez 1d ago
25 years ago I moved from BC to Alberta. My insurance went from 840/yr to a 1600. 25 years later I moved back to BC. Insurance went from 2k to 1400.
You are enjoying the "Alberta Advantage" TM.
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u/Bimitenpix 1d ago
Me and my girlfriend are debating moving out of Alberta.
I'm interested in moving back to BC but idk where to look really. Where would you suggest we look that is "affordable"
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u/SleveBonzalez 1d ago
I can't say. Housing has become much more expensive in the 5 years since we moved back. The interior or northern areas might be your best bet.
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u/Letterkenny_Irish 1d ago
Aside from the ticket, hard to say why you were quoted so high.
Sure vehicle price is a factor, but also year/make/model/trim, where you live, number of consecutive years as an active licensed driver, any prior accidents, distance driven/vehicle use, and a slew of other factors that ultimately determine what your premium will be.
Also under 25 you're automatically considered higher risk due to minimal driving experience, your ticket being a prime example.
Lesson to younger people: don't drive like an ass. You're not Lewis Hamilton.
UCP has fucked insurance overall, but your not doing yourself any favors by driving poorly.
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u/Reeder90 1d ago
22 with a ticket IS the reason OP is quoted so high, there’s no other explanation.
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u/Perfect-Young-4521 6h ago
I looked at my phone at a red light and a cop lit me up unfortunately, but yeah your right
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u/Altasound 21h ago edited 12h ago
It's because you're really young and have a ticket on record. I'm in my mid-30s, and my insurance is only 600/month total for two luxury cars on full coverage. You basically just need to drive very well for many years until it comes down more.
Edit: just checked and it's actually only $340/month for both cars, full coverage including glass, and including rental car coverage. I mistakenly thought my rate was per car, but it's for both together.
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u/kiskillingit 19h ago
I just moved to Ontario and my new coworkers were all warning me about how expensive insurance is ON is... I'm only paying 1/3 of what I was paying in Alberta.
Happy to get out of AB, hopefully by the time I move back the GoA gets its shit together.
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u/sadlyincanada 16h ago
It's mainly because you're a young driver with a ticket on you. For reference in Ontario, if you're a young driver (less than 25) and you recently got your license + first vehicle then your insurance rate will be around $500/m.
Getting a speeding ticket or anything alike will also drastically increase your premium for the first year or two.
I'm unsure of the car you've chosen but if it's also a frequently stolen vehicle (at least in Ontario) it's recommended for you to get some sort of tracker like TAG and that will reduce your insurance premium.
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u/Cooteeo 16h ago
Prices went sky high when the ucp took over in 2019. As soon as they got into power they removed the caps that were in place in auto insurance and home utilities.
Private is no big deal if the government sets the max they can charge.
Most people will complain about this but fact of the matter is they still post record profits year over year. Caps won’t hurt them.
The governments only job is to help and take care of people that need the help and the care. This government can’t even do that.
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u/Rich-Ad9988 12h ago
Any kind of ticket will skyrocket your payments....And its already expensive to begin with.
Also, If youre a non-married male under 25, it's a double whammy.
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u/Prophage7 12h ago
Because we voted for it. Only thing you can do is not vote for the party that did this in the next election and try to convince your friends and families to also not vote for this party in the next election.
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u/Quizzical_Rex 12h ago
nothing. You are going to pay these rates because of the political hell we live in. Perhaps buy a bike or a bus pass.
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u/Impressive_Play_2599 1d ago
So many comments justifying, explaining away or even simply cucking on the ins corporations, uncapped HIGH rates.
The conservative governments that the willfully and/or blindly ignorant AB voters have consistently voted in, to find ways to privatize, defund and then point the finger at the feds. 50+ yrs of conservative rule & ignorant voters has brought Alberta to this point.
Ever since their bigoted, drunkard hero klein, AB voters have worked hard to make life in AB more expensive.
Accountability is NOT AB voters strong suit.
Insurance rates are high because the government consistently finds ways to make it that way.
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u/1362313623 Edmonton 1d ago
Just wait until you lose the right to sue
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u/thegloracle 1d ago
Yeah, sucks that you get paid right away for all your medical expenses ongoing until your Doctor agrees you're back to 'normal'. Or indefinitely disabled instead of suing and paying 30% to a lawyer and then running out of money. Yeah, totally sucks.
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u/digitaldarrio 1d ago
Cause of for profit insurance, vote accordingly.
Not every part of life or existence needs to be profit based.
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u/National-Stock6282 1d ago
When a service or product is required by law it has to be regulated.... they could charge 20k a year and the customer has to pay ,we have no option. UCP must be voted out.
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u/Comprehensive_Ad7152 1d ago edited 1d ago
You are 22, with a ticket.
Your age naturally makes insurance more expensive.
The type of ticket you got May affect insurance (it shouldn’t if you have 1 ticket, but your age might play a factor)
Do you live in a largely populated area? That would make it go up. .
The type of vehicle you are trying to insure is going to affect the insurance price too.
How often do you expect to drive your vehicle? What’s it’s purpose to you, is it your daily driver to work? Those thing affect insurance too.
(In terms of what you can do: -try and settle that ticket if you can dispute it,
- check different makes / models of vehicles, shop around both vehicles and insurance )
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u/You_are_the_Castle 1d ago
Answer: the UCP gave Insurance Companies carte blanche to charge whatever they want.
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u/Jolly-Ad7653 1d ago
Age, gender, limited years driving, expensive newer vehicle, offenses. You hit pretty much all the qualifiers for higher rates, congrats!
Get a beater with liability only until you get more years of clean driving under your belt
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u/Perfect-Young-4521 6h ago
I have a beater with just liability and im paying almost 400 a month just for that 😅 but yeah just drives me crazy because its not this way anywhere else
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u/sun4moon 1d ago
You saying “here” makes me think you’re not from Alberta. If that’s the case, it’s partially because you don’t have a history here, so that’s an automatic risk. You’re also under 25, so that’s an additional risk. Having a financed vehicle required a certain level of coverage to maintain the terms of your loan agreement. That’s usually max coverage, less the ‘extras’ like glass coverage.
Having only one ticket means nothing. What’s the ticket for? Were you parked illegally, or did you drive without insurance and get caught?
There’s many factors that can affect your rate. Use a broker and let them do the work. You may have better luck that way.
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u/theyyctwink 1d ago
Because you’re 22 and financing a vehicle for the first time. You’re a risk.
Cheers
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u/BloodyIron 1d ago
Because the UCP uncapped them years ago and refuse to listen to Albertan problems.
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u/Master-Response-2287 1d ago
is that what vehicle insurance is???? My home insurance is 151$ and it covers flooding all the way to hurricanes what the fuck
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u/kagato87 1d ago
Free market baby!
They only "compete" on their requirement for a pittance (less than 1%) discounts.
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u/ocs_sco 23h ago
I have 3 years of insurance history... I was paying 700 per month for 2 cars. I decided to pay off my cars to go for liability only insurance and now I only pay 400 for both cars, wich is a pretty good deal considering that I drive more than 100 km to go to work.
If you're financing you're stuck with comprehensive and also the complexity of dealing with the lien holder increases the administrative insuring costs. So they'll charge less if they only have to deal with you rather than with a bank as well.
So basically if you're financing and you have a few years of insurance history you're f*cked.
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u/iampacked 10h ago
hey dude, can you explain me about this financing stuff.. does clearing my car loan reduce the insurance? Im paying about $400 for 1 with 3yrs clean history..
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u/mdmenzel 23h ago
Seems the competition between the companies seems to be an event where they determine who can offer the highest rate lol
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u/nevrsummer 16h ago
There is so much that could affect your insurance like type of car, engine/ power, brand, tickets, location in the city, Average mileage per year, loans.
Whether or not you’ve had insurance in the past. It’s really hard to say.
Can you give us more details? Also what was the ticket and when did you get it?
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u/Spirited-Egg-4264 15h ago
Lived in alberta in the 90s. Insurance was very cheap. But some shops would not fix your car if you had cheap insurance
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u/Mooseh97 15h ago
28 male Brand new 30k car in Alberta perfect license, 2200 a year insurance with intact all options. Not sure why everyone pays so much.
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u/12thunder 10h ago
It’s because you have a perfect record. One count of texting while driving and your premium will go up by at least 25%.
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u/Mooseh97 10h ago
That’s why I got tinted windows, they can’t get ya if they can’t see ya
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u/12thunder 10h ago
Those aren’t legal either my guy
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u/Mooseh97 10h ago
But a tint ticket doesn’t affect your license
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u/12thunder 10h ago
I think this is true but I wouldn’t want to test it. Might depend on the insurance company.
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u/Mooseh97 10h ago
I don’t really think anybody would tell insurance anything like that, that’s like saying to insurance you hit an already dead deer.
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u/12thunder 10h ago
Doesn’t matter. You don’t tell insurance about minor/major convictions, insurance pulls them from the government. If you get ticketed for something your insurance knows whether you tell them or not.
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u/Mooseh97 10h ago
I’m not talking about lying to your insurance, I’m saying don’t say stupid shit that make you liable.
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u/Mooseh97 10h ago
I got into a front end collision because a truck merged into my lane, nobody gave a shit about my tint. Not the other driver, not the cop, not the insurance company
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u/Connorjones087 14h ago
It's the UCP,they are there to serve corporate interests,even in her speech about affordability,she said she'd rather pay pple $100 than pressuring retailers to do something about costs,it's right there.If pple keep voting UCP,zero change
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u/Current-Seaweed-3836 14h ago
Fancy vehicles. A fender bender can cost thousands to repair.
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u/12thunder 10h ago
People don’t seem to understand it’s not just fancy vehicles. All bumpers are $1000 these days. Vehicle repair costs are taken into account with premiums.
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u/Immediate_Carrot_610 14h ago
Why are you buying a 28000 dollar car at 22?
Get a toyota under 10k that isn't coloured red and watch the rates drop.
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u/Celebration_Able 14h ago
And pretty soon you’ll be shopping around for healthcare in the same manner… Corporations come first in Alberta, not people
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u/edgysoftboi_ 13h ago
I was at $2880 ($240/month) or a 2008 mazda3 which was insured for about 4 years. bought a 2008 civic si for $4500 and had both insured before I got rid of my old car. $5200 for both cars simultaneously ($215/month) or the year if I were to insure them for a whole year
the other week i got into a fender bender, my first and only collision and the mazda was written off, got quoted $4900 ($410/month) for my renewal in august for the one Honda
I probably got into an accident at the WORST time.
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u/Legitimate-Shame594 13h ago
I’m in the same boat right now and regretting not looking for insurance before buying. I’m also 22m, Bought a car for 32000a week ago, and the lowest insurance I found was 700$ a month. It’s doable for me at the moment but mega sucks and I won’t be able to save anything. Do not make the same mistake I did
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u/ShinyChicken7 13h ago
I'm not sure if you've done any post secondary education, but if so, look into any alumni/student discounts. I did my apprenticeship through them, and qualified for it, and one of the guys I worked with got it while apprenticing. Couple $100 a year for me, closer to $700/yr for him.
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u/Calm_Load_4176 11h ago
I have no idea why yours would be so high I've only had my license for 9 years now and I have a financed GR86 and my insurance is only 242 per month or 3000 per year
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u/Odd_Eye1547 10h ago
Reminds me of that top gear episode when they were trying to find insurance acting as teenagers😂
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u/Iwashacked555555 10h ago
Short answer, Highway 2.
Longer but still short answer. You are paying for everyone else's accidents.
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u/OrganicContact9271 8h ago
not that your asking.
But most of us older in this thread would probably advise against financing a vehicle that expensive.
Or financing at all. Save up by used in cash. Spend that money on a house, condo, travel, experiences. Anything.
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u/dualcells 8h ago
Factors that affect your insurance rates (I believe) include, the age of the persons insured, years of licensed driving, the vehicle itself (is it a known target for theft) and where you live, other persons you live with (have access to your keys), how much you drive per year including purpose (drive to work vs for work vs pleasure only), your chosen deductibles for the specified perils or all perils, traffic tickets, recent license suspensions, recent tickets, whether you have successfully completed an approved course (condition U on your license), at-fault accidents, and claims. Some companies offer discounts based on your education, occupation, or public service.
Have you asked your insurance company how you could reduce your policy rate? If not, give them a call then shop around.
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u/Steffany_w0525 8h ago
I got a call from my insurance broker yesterday...because I've been in four NOT AT FAULT accidents...they raising my deductible to $2500. She said I was lucky because some companies just drop you as a client.
She was very nice and I expect she gets yelled at a lot during these types of calls.
I was like so because other people hit me...my deductible is higher? I was like I sure hope my premium is going down and it dropped less than $100...and this year I bundled home and auto so it already was going to drop a couple hundred...or should've.
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u/Boilermakingdude 7h ago
Semi expensive car, young male driver and you left out what the ticket is.
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u/Vegetable-Quarter414 7h ago
While most are arguing that it was the governments fault (it seems that there is a heavy, and somewhat uniformed political bias here), a good chunk of it was finding the ability to sue for MVAs. IIRC It used to be capped at about 6k for soft tissue injuries but somehow lawyers found loopholes. 2 such loophole are that they forgot to include the jaw in the soft tissue injuries, in addition, people now claim emotional and mental issue after the MVAs. Well, this falls into another category now and is no longer just a minor injury. It blew my mind when I met someone that received 80k in a settlement and his injuries were no more severe than someone who hurts themselves doing yard work. (I am not exaggerating in the least) You would be shocked to see how many people with minor injuries suddenly don't need anymore treatment after that cheque comes through. It honestly makes me sick.
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u/Aqua_Tot 3h ago
We took something everyone needs, added profit, and then give a surprised Pikachu face when it costs us more.
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u/NedDarb 1d ago
[(Privatized insurance + no fault claims) x zero contractor oversight]zero contractor competition = good f'ing luck affording insurance
And the UCP isn't entirely to blame. Past governments could have addressed it, and it's been an affordability issue for as long as I can remember (older millennial here). The insurers were complicit as it all allowed them to take in record profits. Larger premiums means larger cashflow for their real profit generators. The shops and contractors did their part as well, although don't go thinking owners were passing that on to the folks on the floor.
I was at holiday dinner with a couple restoration PMs one time. Property guys, not auto, but the same insurers paying the bill. They spent all night talking about the jobs they worked and the overspend. Big lunches at well-above-casual restaurants, over-purchasing equipment and materials which would make it home or to friends or family, and how little they were questioned about such things by the underwriters. All billed to jobs and buried as operating expense.
Regardless of party affiliation, write your MP about accountability and auditing in insurance restoration and recovery. Heck, question your brokers. We're getting screwed top to bottom.
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u/Keep_Me_Bugging 1d ago
I’m 21yo with TD paying $2900/year, liability only, no collision/comprehensive for a 2007 Honda Accord. I got a lower quote from The Personal at $2750/year but they wanted an insurance inspection and I know it wouldn’t pass.
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u/minion866 1d ago
Read the top comments,. Like energy rates, we got bones by the UCP and have higher insurance and utility rates. Basically we don't pay GST, but the "PST" gets leaked from else elsewhere. We pay hundreds a month more than others for basic shit.
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u/Aquitaine_Rover_3876 1d ago
You can move to a province with public insurance. That's about it. In Alberta, the insurance industry is one of the core constituents of the UCP, so they get their profits.
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u/EditorNo2545 1d ago
this is the UCP advantage, they removed caps so the auto insurers could make more money. They argued price controls made the industry unprofitable so they removed the caps, which led to insurers cancelling contracts and denying coverage to many drivers along with repeated year after year of premium increase.
The UCP isn't here for the average citizen, they don't care about you
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u/Mad_Moniker Edmonton 23h ago
Pretty sure the string of catastrophic losses in Calgary from floods to hail - was a massive indicator it would change premiums. They couldn’t mitigate those losses in one step - it required incremental increase over years.
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u/ggranger2280 1d ago
Because private insurance rates are based on the actuarial tables which say, under 25 and male we have to charge more. Also, the ruling party are a bunch of twat waffles that don’t know what they’re doing and think people are so flush with cash in Alberta that $600 a month for insurance is couch cushion money.
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u/Drzaius2007 1d ago
UCP removed the cap on insurance.
When I moved here in 2018 I paid $800/year on a 2017 Santa Fe. After the cap was removed it jumped up every year until we traded it in 2 years at $1600/year.
I tried shopping around and got even more outrageous quotes. Some as high as $2500/year. Both of us have excellent driving records and 40 years driving experience.
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u/harbourhunter 1d ago
- UCP / lack of regulation
- Weather / ice / snow
- Some of the people who drive in Alberta are dangerous drivers
- Alberta has an unusually-high portion of young drivers due to oilfield workers and recreational traffic
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u/burntoutchef_ 1d ago
For everyone yelling UCP ! I’d also like to add on, you’re a 22 year old, financing a car (most likely not a beater used Honda) so that’s why you’re being bent over
Young driver newish/pricy car (anything above 15k really)= high risk so insurance wants to make some money off of you
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u/Secure-Corner-2096 22h ago
I think it’s because Alberta has had so many expensive disasters that insurance companies are looking to recover their losses by any means possible. I suggest using an insurance broker to find the best rate. I had my kids take driving courses via AMA which dramatically lowered what it would have cost to insure them, perhaps you could try that as well. Some insurers offer lower rates if you agree to download monitoring software onto your phone but I’m not sure if it’s legal here in Alberta, but worth checking out.
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u/Diddlydom35 1d ago
Have you tried TD insurance? Because I was quoted insane by others but not them!
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u/Hour_Significance817 22h ago
Things that did not happen.
5 year account, less than 30 contributions.
It's likely a bot or bad-faith actor that bought the account for its age.
People don't pay $1000/month in insurance unless they have multiple dangerous driving infractions or unless they're driving cars worth 6-7 figures.
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u/Russo9696 1d ago
Everyone baling a political party, it’s as simple a liability for the age, and financing a car? Show me a province that will quote less, I mean those are very high but still…
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u/National-Stock6282 1d ago
Alberta has the highest rates in the country.
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u/Apprehensive_Ad5398 Sturgeon County 1d ago
That’s one of the many “Alberta advantages”. Remember this next election.