The truth about auto insurance in Alberta
Everyone wants an auto insurance system that works well for Alberta’s 3 million drivers. Recent reforms and the introduction of DCPD are a good start – and these are helping to stabilize rates.
In fact, we are already seeing rates decrease in the province.
The most recent data from the Alberta Auto Insurance Rate Board – the government’s insurance regulator – shows rate approvals have remained stable over the past 12 months.
Similarly, the General Insurance Statistical Agency’s (GISA) data also indicates average premiums in Alberta declined by 1.1% over the last 12 months (January to January). GISA is a national body of insurance regulators specifically tasked with monitoring insurance premiums in the country.
Even with record inflation, auto insurance premiums are one of the few things not adding to the increased cost of living. Statistics Canada’s data shows that auto insurance premiums declined 6.5% across Canada over the last year. This, despite the cost of vehicle parts increasing by 5%, the price for new vehicles up 7% and the cost for rental cars up 19.4% (which drives up the cost of claims) and an overall inflation rate of 6.7% in March.
Over the course of the pandemic, the insurance industry provided $3.7 billion in financial relief to home, auto and commercial consumers – a significant and unmatched effort by insurers to help Canadians when they needed it most. In Alberta alone, the industry provided over $460 million in premium relief back to their customers.
Improved Affordability and Care
In these challenging economic times, Albertans need affordable auto insurance they can count on. The changes introduced by the Government of Alberta were intended to stabilize premiums and improve medical care for Albertans injured in collisions by increasing the amount of coverage available to accident victims with minor injury and increasing benefits available to accident victims with serious or catastrophic injuries. Learn more about the government’s changes to auto insurance here.

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Alberta’s Insurance Industry is
Here to Help
The Alberta insurance industry is local and essential, and composed of members of your community who are there to support you when you need it most.
Alberta’s Insurance Industry is
Local & Essential
The insurance industry in Alberta is composed of people who care about helping their neighbours and making a difference for those in need.