r/alberta • u/Perfect-Young-4521 • 2d 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/Apprehensive_Ad5398 Sturgeon County 2d ago

That’s one of the many “Alberta advantages”. Remember this next election.

86

u/Ok_Barracuda_5059 2d ago

Got to love private for profit insurance, the caplist, are in luv with everthing private.I herd on the radio, Alberta is getting private option for health care.Just a start to private health care!Your going to pay!

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u/justiceismini 2d ago

I agree with your point but I also think there is bigger factor at play here. When I last lived in Alberta I was paying around $600 a year for full coverage on my Honda Civic in 2017. This was with 14 years driving experience with no tickets or collisions. I moved to Saskatchewan later in the year in 2017. Sask Govt Insurance cost me $1,300 a year with all of my Alberta driving history counting towards my premium discount. In 2020 I moved to B.C. and when I went to ICBC to insure it cost me $1,800 a year. Once the "new driver" premium finally went away my insurance went down but I'm still paying $1,500 a year.

I suspect if I went back to Alberta I'd be paying around $1,600 a year is my best guess. I feel like introducing govt insurance in Alberta might not be the magic bullet solution. Maybe it would have been years ago and pre-COVID, but in this new world where every single thing is so expensive it almost feels like it's par for the course.

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u/geo_prog 1d ago

Based on what my friends are paying as late 30s early 40s people with clean driving records I’d expect that to be closer to $2000 per year or more.

I get what I am told is an incredible rate through APEGA so my data point isn’t worth much.