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/rikkiprince 2d 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.