Albertans are being asked to weigh in with their opinions on the province’s auto insurance system, and it’s your turn to voice your thoughts.
According to the Insurance Bureau of Canada (IBC), Albertans pay the second-highest auto insurance rates in the country, and the bureau wants the province to lower those costs.
Last week, the Alberta government launched an online survey asking residents to join the conversation. The deadline to provide your input is June 26.
“Let’s put drivers in the driver’s seat, let’s let them choose the level of coverage that best meets their needs at the best price possible,” said Aaron Sutherland, Insurance Bureau of Canada (IBC) vice-president of Western and Pacific regions in a recent CityNews article.
Before taking the survey
The provincial government is looking for input into five specific areas around auto insurance in Alberta:
- Affordability, with the idea that all Albertans should be able to access affordable premiums.
- Stability, in that costs should not fluctuate without due cause.
- Simplicity, in that policies, benefits, coverage, and prices should be easy to understand.
- Care focused, in that Albertans who are injured in an automobile accident can recover as quickly and fully as possible.
- Accountability, in order to keep drivers accountable for their driving habits and actions.
Before taking the survey, the government asks that respondents take the time to brush up on the state of auto insurance in Alberta. Top of mind are legal costs.
Last year, a report from accounting firm MNP revealed that litigation costs are a major contributor to the rising cost of auto insurance in Alberta. Legal costs for personal injury claims are higher here than anywhere else in Canada, costs which are factored into every auto insurance policy holder’s agreement.
In addition, parts shortages and rising auto thefts are also said to be driving up insurance rates across Canada.
The Alberta government hired the expertise of two independent companies to explore strategies that could potentially alleviate the cost of auto insurance in Alberta while improving the resiliency and consistency of the insurance sector.
The Oliver Wyman analysis primarily compared average premiums across various existing auto insurance frameworks, predominantly across Canada. The Nous Group delved into the broader spectrum of costs and advantages associated with a wide range of auto insurance models. The government assures Albertans that no definitive decisions have been reached regarding modifications to Alberta’s auto insurance system, however these reports will serve as valuable tools for shaping future discussions and policy initiatives.
To delve deeper into these findings, you can access the report titled “Auto Insurance Changes in Alberta,” which includes insights from both the Oliver Wyman and Nous Group studies.
How to lower your auto insurance premiums now
Insurance brokers such as us at Lane’s are completely independent entities who work for you, our clients, not for the insurance industry and not for insurance companies. We act as intermediaries between insurance companies and you, and have access to a number of different policies from a number of different providers. This basically means that we do your insurance shopping for you, and our goal is only to provide the very best coverage at the lowest possible costs.
First, we will assess your auto insurance needs. This involves understanding your driving history, the type of vehicle to be insured, how it will be used, and any specific coverage requirements.
Next, we conduct a market analysis and explore various insurance options available from different insurance companies to find policies to match your requirements.
Once suitable options are identified, we will then present you with quotes from different insurance providers outlining coverage options, premiums, deductibles, and any additional features or discounts available.
Because of our extensive expertise and knowledge of the insurance market, we can provide the necessary advice and guidance to help you make an informed decision. We will explain the terms and conditions of different policies, clarify any doubts or concerns the client may have, and assist in selecting the most suitable coverage. Once you have chosen your policy, we do all the paperwork.
In the event of an accident or damage to your vehicle, we are here to provide you with outstanding claims support. We act as a liaison between you and the insurance company, helping to expedite the claims process and resolve any issues that may arise.
Trust Lane’s for all your Alberta insurance needs
Whether you prefer the convenience of online service or the ease of face-to-face interaction, Lane’s promises to make your insurance experience a pleasurable one. In a world of 1-800 numbers and automated phone systems, we continue to provide dedicated broker services. For as long as Lane’s is your Insurance brokerage, you’ll know your broker, and more importantly, we’ll know you. Contact us at our Calgary, Edmonton, Banff and greater Alberta offices.
