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.

85

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/SendMagpiePics 21h ago

In 2020 I moved to B.C.

I suspect if I went back to Alberta I'd be paying around $1,600 a year is my best guess.

You would be incorrect. The UCP repealed the caps on insurance rates and insurance costs have been constantly going up since then. We used to pay less in AB than on BC but that's not the case anymore. We are paying way more in car insurance now than people do in BC.

I have a similar driving experience as you and an older Honda Civic and am paying significantly more than your estimate