What Is Up With Car Insurance Rates in Edmonton?

What Is Up With Car Insurance Rates in Edmonton?

Edmonton definitely lives up to its nickname, Gateway to the North. Being the fifth largest city in Canada and the home of almost 1 million people, Edmonton is thriving. Together with its infrastructure growth and population, there is a surge of vehicles on Edmontons roads. All these drivers need to get around, and theres no shortage of routes to get anywhere; with a network of connecting roads, you can get from Summerside to St. Albert with ease.

Whether youre taking a road trip across the prairies or commuting daily via Calgary Trail, all Edmonton drivers need car insurance. Rates are changing in Alberta, which is why every driver in Edmonton should take advantage of price comparison shopping to get the best rate.

Lets see whats going on with auto insurance in Edmonton.

The Average car Insurance rates in Edmonton and Alberta

Alberta auto insurance premiums on average were $122/month in 2017, while Ontario auto insurance premiums averaged around $161/month in 2017. Drivers in Albertan pay around 25 per cent less for car insurance than Ontario drivers.

Its interesting to observe that on average, women pay less for Alberta auto insurance premiums than men – $116/month compared to $126/month paid by men in 2017, but this is pretty much standard across Canada.

Young drivers in Edmonton (aged 25 and under) paid around $187/month in 2017 for Alberta car insurance. Alberta auto insurance premiums go down as drivers grow older. For example, in 2017, people aged 31-35 paid around $152/month, people aged 46-50 paid around $122/month, and people aged 56-60 paid around $100/month.

Alberta drivers with a taste for luxury vehicles can expect their car insurance rates to increase. Drivers with cars valued between $40,000 – $80,000 paid around $170/month for their premiums in 2017.

For Albertans choosing to buy a modest means valued between $10,000 and $20,000, they can expect their Alberta auto insurance premium to be about $123/month. This method rates would be similar for luxury brand older models of compact car brands such as Kia, Mazda, Ford etc.

Facts to Know about Auto Insurance

LowestRates.ca (an online rate comparison website for auto insurance, credit card rates, loans and mortgages) launched its 2018 Auto Insurance Price Index report. This is Canadas only price index to use proprietary data to track the average quarterly cost for car insurance paid by Canadians. The data comes from the hundreds of thousands of quotes processed every year by LowestRates.ca. The index report shows that since the fourth quarter of 2016, the price for Alberta auto insurance has been increasing by 5.1 per cent in 2017, which method that the average Alberta driver paid more for car insurance in 2017 than in 2016.
Police have jurisdiction when it comes to deciding who is criminally responsible for a motor means accident but when it comes to the auto insurance claims, the insurance company makes the decision. Its the insurance company that will probe the crash and make a ruling about who was at fault – which ultimately decides whether or not the insured will have to pay the deductible.
Statistics from the Insurance Bureau of Canadas (IBC) 2014 top 10 most stolen cars revealed that cars made between 1999 and 2007 were in the top 10. Industry experts believe that part of the reason thieves target older form cars is because fewer of them have anti-theft devices. Additionally, the IBC states that sometimes car owners make it too easy for car thieves to get away with their vehicles. Around 20 per cent of all stolen vehicles had the keys left in them.
Although parking tickets are a pain and an avoidable expense for drivers, insurance companies arent concerned with how many a driver has; consequently, they dont affect car insurance rates. However, if tickets arent paid, you wont be able to revive your drivers license or registration; and if get your drivers license suspended it will affect your insurance rates. Auto insurance rates in Edmonton are changing, but the good news is you can shop around to get the best price. You dont have to settle for one insurance agencys quote. At InsurEye, our brokers shop the market for you, so you can get the best policy for your needs and budget.

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