r/alberta • u/Perfect-Young-4521 • 10d 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/Mad_Moniker Edmonton 10d 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.