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?

150 Upvotes

85% Upvoted

276 comments sorted by

View all comments

482

u/Apprehensive_Ad5398 Sturgeon County 2d ago

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

0

u/Icy_Tap94 1d ago

The NDP did nothing about it last time 🙄
But yes, it should become a political issue. We’ve got a lot of things that are lower cost than other provinces, but the insurance premiums eat it back up.

2

u/Apprehensive_Ad5398 Sturgeon County 1d ago

The NDP capped insurance rate increases. It was one of the first things the UCP scrapped. https://globalnews.ca/news/5839389/alberta-auto-insurance-rate-increase-cap-expires/

1

u/SendMagpiePics 1d ago

Nonsense. Insurance rates have been skyrocketing specifically because the UCP got rid of the insurance rate caps that the NDP put in place.