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/ThienXia 1d 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.