The Insurance Bureau of Canada (IBC) is an outstanding resource for people looking to purchase new and used vehicles, or upgrade their insurance coverage. If you’re in the market for a new car, or if you want information about car insurance in Calgary from a trustworthy neutral source, the IBC is an excellent starting point for your research.
Car Insurance Calgary: How Various Makes and Models Fare with Insurance Claims
One of the most valuable resources the IBC offers is its claim cost index. This index is designed to provide car buyers with comprehensive, up-to-date information on how various vehicle choices will affect their Calgary car insurance premiums.
The index uses 100 as its average, with every increment above or below 100 representing a one percent deviation. Thus, in the index, a vehicle with a claim cost of 88 is 12 percent below average, while a car with a claim cost of 115 would be 15 percent above average. It also uses a self-explanatory colour-coding system to give readers a quick and easy way to identify makes and models with below-average, average and above-average insurance costs. Categories include collision claims, comprehensive claims and direct compensation property damage (DCPD) claims.
If you’d like a snapshot of the ten best and ten worst vehicles for insurance claims, the IBC also offers that information in an easy-to-read package. Data on theft frequencies is also available, as these statistics have a direct impact on insurance premiums. Insurers calculate their policy prices based on risk; the higher a vehicle’s theft risk, the most expensive it will be to insure.
Keep in mind that even safe, commonly driven cars may be associated with increased theft risk. For example, the Honda Civic remains among the nationwide leaders in theft rates. While the Civic is generally regarded as a safe and reliable vehicle, you should be aware that you may be asked to pay a higher insurance premium if you buy one. One of the reasons that Civics are stolen so much is that there is a large volume of them on the road; the Civic has been one of Canada’s top-selling vehicles for years, so it’s to be expected that they are stolen relatively often compared to less popular makes and models.
Car Insurance Calgary: Avoiding Flood-Damaged Vehicles
The fallout from last spring’s Alberta floods is still being felt in the used car market, particularly in Canada’s western provinces. Some unscrupulous vehicle owners are attempting to sell flooded vehicles in other parts of the country, while thousands of cars that have suffered serious water damage are still on the market in Alberta. The owners of these vehicles are generally attempting to pass off the vehicle as normal, without disclosing its full history.
You should never purchase a vehicle that has been damaged by flood waters. Such cars have suffered irreversible and irreparable damage to their electrical systems, and these vehicles are best avoided even if the electrical system has been completely replaced.
We have several pointers and tips on how to spot a vehicle that has been damaged by a flood.
Car Insurance Calgary: Compare Rates with Lane’s
Lane’s Insurance is a leading Alberta-based brokerage, providing comprehensive resources to vehicle owners seeking the best coverage at the lowest possible rates. In addition to drawing on information provided by the Insurance Bureau of Canada, you should be sure to compare quotes through Lane’s before committing to a policy.
As a brokerage, the professionals at Lane’s Insurance work for you, not for the insurance companies. Thus, you can be sure you’re always getting the best advice and the most advantageous rates when you trust Lane’s for your car insurance needs. Visit Lane’s Insurance online for a fast, free, no-obligation price quote on your auto insurance.
