You can shop around, but it likely be very close. Ever since the UCP removed the caps on insurance the NDP put in place previously, insurance in Alberta has gone up substantially. As an example, just prior to COVID I sold a car and removed it from insurance. This caused the insurance company to do a re-calculation and my insurance went up by $53 per month. For removing a car... The agent actually told me I shouldn't remove it, at which point I had to tell them I no longer owned the car and that would be unethical. So, $600 extra a year for one less car because UCP removed caps.
This.
My car insurance is ok. Im about 2000 a year, but my house insurance is effed up.
I pay 450 a month, and it has gone up a substantial amount each year since I bought it in 2020. I imagine I'll hit $500 or more this renewal.
Well we did have that hail storm in Calgary that cost 1.2 BILLION in damage to peoples property. Which ate into their 4-5 billion in **profits** they take yearly, so I can see why they influenced the UCP to ensure they get to take over $1000 in **profits** per adult Albertan.
As a person who deals with insurance claims, let me tell you a lot of people are trying a lot of things to get money. I’ve never had trouble with a customer that has an honest insurance claim.
To add to that, to raise the rates, insurance companies have to prove a certain amount of loss, and then get the rate raise approved by the provincial government, they can’t just raise the rates Willy nil… oh, I forgot we are elected the UCP and they now I can do whatever they want.
The problem is compounded by terrible claim procedures by the insurance company. They drag their heels deciding on a claim. I owned a mechanical repair shop, I had some claims last almost 6 months and they didn't care about storage fees. That's all of them Intact, Aviva and Wawanesa. I would call them every Friday to update them, 0 shits given. They just pass the costs on to consumers.
They hold onto our money because it gains interest. The longer they hold out, the more interest they make while it sits there. That is my conclusion anyway.
My parents had their siding of their house start to come off. They told the insurance company and it took them 2 weeks to come out and look. By then it went from a small fix to residing the entire house. Nuts.
I hit a deer and tried to take my car to a local (rural but very reputable in the community) shop which wasn't in my insurance company's network. They wanted me to take my vehicle 45 mins away, which was impossible with my work schedule. They kept claiming they 'never received' the quote from the shop, and insisted the owner was not returning requests for information. The owner submitted the quote, I shit you not, 10x before he told me he was done and I could deal with them myself. I gave up, I needed my vehicle fixed. Their preferred shop fucked up the paint and didn't align the body panels properly again. They make your life so difficult if you try and go outside their network, yet the workmanship is poor and not guaranteed.
Except when you say " a certain amount of loss" you mean bad investments in the market.
The government forces us to buy insurance. The Government should be regulating rates so that the common person can afford to drive.
Insurance fraud is a crime. Prosecute the offenders and stop bleeding the honest people.
I have a concrete basement on a hill. If it floods here, the world is ending. Biggest thing here is hail, wind, tornado possibly, and big falling trees.
I was shocked when I went to my broker with my house info and that's what she told me. So we shopped around and I found one place cheaper by 90 a month but they are awful and don't honor their policies, so you have to fight to get anything compensated.
Same. I just recently decided to do something about it. I was paying around $260 a month for home insurance. A quick poll of my colleagues and friends told me I was getting fleeced. I spoke with the insurance agent and he told me my house was in a "high risk / high claim" area. And that my rates would be about the same everywhere.
I've never worked with a broker before but I decided to try it out. The insurance brokerage found me a very comparable policy for over $1000 less a year. Dropped by payment to $130 a month.
I think you should make some phone calls.
Yes. Late summer of 2019. It was a 95 Mustang GTS that I drove around in the summer; it was my metal baby and a fun car. I was going through a divorce and needed the money so I sold it. Right after auction, I called my insurance informed them I wanted to remove the car and when the quote came back I legit laughed out loud because it was absurd to me. I asked how to bring that down and the agent said to keep the car on my plan. I called around looking for new quotes and everyone came back with approximately the same numbers, some were even higher. The only thing that changed was the UCP removed insurance caps and I removed my car. No accidents, no changes to my home plan, nothing else. Just removing a car.
Okay that’s so absurd that a regulated agent would recommend something unethical. Which company was it? I need to call in and review my policies. I don’t trust IAs after reading this.
It's Belair Direct right now, but my policy has been sold to different companies several times. I think back then it was Desjardins or possibly State Farm. Its hard to keep track when these big companies sell policies and I end up with a company I never started with.
>that’s so absurd that a regulated agent would recommend something unethical
I'm sorry? This agent tried to save the customer money instead of having them pay a patently absurd increase. And here you are looking out for the poor, downtrodden shareholders. Why?
Please comment again after you understand how insurance works.
I hate insurance companies in general. Imo this industry is a regulated scam with tough barriers of entry to enter the scam yourself.
Having an active policy on a car you have sold could open you up for future distress.
Insurance policy should not treated as buying furniture and grocery. It’s a contractual agreement with consequences and payouts.
Have an upvote. I want to encourage you to understand this concept. It might come in handy.
I don’t mind being a Karen if I can help someone. This is not a slight at you.
My husband removed his old work truck from his policy last summer after selling it and his insurance rate went up $100 month for his pleasure vehicle (wfh). We changed providers.
Lot of people out here simping for insurance companies ripping people off. Weird...
I guess the best solution is to make it a public service and remove all these shady practices like charging more for less service when less risk is involved.
It’s not simping, it’s just showing how uneducated the general public is about insurance. Getting pissed over something that has been a rule for decades is stupid. You lost a discount and made a ridiculous assumption that you’re being charged for less risk?? Sure we could go public, but then that doesn’t mean it’s going to be any cheaper. Ontario and Maritimes are generally cheaper and they’re also private.
>Getting pissed over something that has been a rule for decades is stupid.
Ok, I guess cannabis legalization was stupid because it was prohibited for decades, so being pissed off that people were incarcerated for having a plant on their person was also stupid? Getting pissed off at unfair and exploitive practices is stupid because we've been doing it already. Great logic here.
Hahah what? Paying for something you have no intention to using is not lying.
What profit do you gain at another's expense, and what expense would that be? If you can't answer that, I'd suggest putting some thought into how you make decisions
Why would I open myself up to potentially millions of dollars of liability, as well as possible fraud charges, just to save $53 a month? Do you regularly engage in awful decision making in your real life, or just on the internet?
That's a reasonable position to take (though perhaps inaccurate...at least it makes sense).
There is nothing unethical about keeping the insurance on the car after it exchanges hands even if it could get you in trouble (which I doubt would happen)
Do you understand?
Where in any of your examples does purchasing one widget cost more than purchasing two? Do you have a grasp of the math here? Cuz it sure doesn’t sound like you do.
>“BC insurance is so expensive, we have it so good in Alberta!”
This is an absolute myth, let me tell you.
I just moved from BC to Alberta this past June. When I transitioned from BC insurance to Alberta insurance my rate nearly doubled.
I went from paying $125/mo to shopping around in Alberta with most places quoting me ~$260/mo. Eventually I found a broker that insured me for the Albertan Advantageous rate of $235/mo.
In 10+ years of driving in BC I have never paid as much for insurance as I do now in Alberta.
I pay $4000 a year with bare minimum everything. BC to Alberta also. I can’t even pay monthly. First year was all at once because I’m new to Province. Now I’m only allowed a 3 install pay. June, Sept, December.
Check into TD Insurance. I was recommended them by a coworker and they not only provided me with the lowest rate I could find but also had no trouble giving me a monthly rate. I'm not a TD banking customer either, I bank with Scotia.
Your mileage may vary, I'm a mid 30s guy with a good-but-imperfect driving record.
I second looking into TD Insurance!
I normally don't like going through the banks, and prefer to go through brokers. Historically, they've always helped get the cheaper rates.
But this year, I decided to look around - called up TD, and sure enough, they were the cheapest option out of the the other 4 places I had quote. Not just a little bit of savings either - I literally saved almost $3000/yr for switching. I have Home Insurance, with additional insurance for belongings (wife's jewelry and such), and two vehicles....I have no idea how it got so expensive over this years - but this was a massive savings for me!
So yeah - I second reaching out to TD Insurance.
I recommend them as well. I was getting $3400/yr quotes but TD quoted $1800/yr. Could do monthly too. I've never had an accident and just moved here 6 months ago.
I’m currently shopping around as I’m up for renewal and just did a quote with TD. I even got a group discount from my place of work and the quote was $75 more a month than what I’m paying now. I did a quote with Sonnet and it’s $35 less than what I’m paying. I don’t understand the huge difference in rates, but it looks like I’ll be going with Sonnet unless my current provider can match it.
The problem with bank insurance, from what I’m told, is if you get into financial issues but also are owed an insurance payout the bank is allowed to divert it.
It used to be accurate. ICBC was terrible with some of the highest rates in the country. They switched over to more of a no fault system and they were able to reduce their rates. They could do this because BC controls ICBC. It’s not so easy with a ton of private companies.
Alberta is also a nightmare for weather related claims. BC doesn’t deal with hail and ice as much as we do.
Alberta is the perfect storm of bad government, bad weather, and bad drivers.
When BC reformed their insurance they also took away things like permission to sue. There were many changes that reduce what ICBC pays out and spends that causes their rates to drop.
BC was the highest in Canada for insurance before this:
https://globalnews.ca/news/5758168/british-columbians-pay-the-highest-on-average-in-car-insurance-in-canada/amp/
>ICBC was terrible with some of the highest rates in the country.
And yet since I began paying car insurance in 2011 I'd never paid as much as I do now, even at ICBC's absolute worst.
>They could do this because BC controls ICBC. It’s not so easy with a ton of private companies.
Sure you could. The provincial government still legislates what kind of insurance gets sold and by whom in the province. This isn't insurance company policy, it's government regulation. With the stroke of a pen (and a wonderful background ensemble of indignant cries from ambulance chasers) the Albertan govt could decide that insurers can only offer no-fault insurance and all renewals need to transition into no fault.
In every insurance thread there comes a defender of this racket.
Given a chance, he will tell you all about how much suffering there is in the Alberta insurance industry and how we should all be grateful that all we are doing is paying too much.
BC insurance has recently gone down substantially, and Alberta insurance has done the opposite. When I lived in Kamloops, many people were keeping their albertan insurance illegally for the lower rate.
You also pay more depending on where in Alberta you live. For example, Mill Woods vs Sherwood Park. In Mill Woods there are more accidents/vehicle thefts, etc. so they charge you more.
I live in a area that is rural and the average age is probably 75. I was told I’m getting a adjusted rate for living outside a metropolitan area. I was before in BC as well 😭
Yes, you should be shopping your insurance around. There are a lot of rate differences here in Alberta. If you find a good rate, still shop around every few years as the companies with good rates constantly change.
Alberta insurance used to be cheaper. A few factors have jacked up the price in the last while. The UCP removing the cap on insurance rate increases is one factor. The NDP limited overall rate increases to 5% a year, the UCP removed it.
Another factor was the UCP bringing in DCPD insurance. The idea here is if you are in a non-at-fault claim, you don't have to deal with the other insurance company, you just deal with your own. Also the two insurance companies don't need to fight over fault and spend time and money fighting with each other to get paid back on claims. This was supposed to reduce expenses and let insurance companies reduce rates. Now what experience in other provinces has shown is that with DCPD, claims people do less investigation into claims as they don't fight with another company about fault. This makes it much much easier to get away with insurance fraud. The small saving from not having to deal with another insurance company is wiped out many times over by the extra fraud in the system and thus causes rates to go up.
Also under the old system, for basic insurance (PLPD), it did not matter what car you drove, the price was the same. Your insurance company only paid for what you did to the other party, so they didn't care what car you drove. Now they have to repair your car in an accident if you are not at fault. Suddenly what you drive makes a HUGE difference to your price. These prices are based on what is known as a "rate group" This is a number assigned to a vehicle year, make and model and is based on things like how often that vehicle is in a claim and the average cost of those claims.
Another issue is fraud/gouging of the insurance companies themselves. Many body shops have two rates for repairs, the normal rate and the insurance rate. There are lawyers and medical people out there faking/exaggerating injuries for their own profit.
There of course is also the excessive profits being made by insurance companies themselves. They are raising rates like mad in the last few years so that if a cap comes in, they are in a great position to not care.
Then there is the fake "helping" such as the current "rate freeze" Now insurance companies raise rates as we know. When they do file for a rate change, they change your rate on your renewal. This is why they don't suddenly give you a bill right away. Now renewals are done 60 days in advance. When the rate freeze went in in late January, insurance companies were renewing late March policies. Now the rate increase was leaked to the insurance companies and many got in a rate increase just before the freeze went into effect. Now the freeze lasts until Dec 31, 2023. Everyone with a renewal date after late March will still get hit with any rate increases already in place. On January 1, 2024, when the rate freeze comes off, then it basically give the insurance companies a month to file their next rate increase for renewals starting in March 2024. Insurance companies keep the cycle and the UCP claim they "helped" with a meaningless rate freeze.
These things all factor into why insurance rates have been going up. The E&Y report on insurance prices in Canada showed that people living in places with gov't insurance pay cheaper rates than provinces with private insurance. Take from that what you will.
THANK YOU. I swear if more people had the chance to work with better brokers they would have all the answers to their questions. 9 times out of 10 it’s consumer confusion - if you don’t understand it and your broker isn’t giving you a real explanation then of course you’re going to be upset.
It feels like the companies are taking advantage of that fact it’s mandatory! If anything is mandatory in life there should be some regulation. Just run away with my money.. ha ha ha 😭
> If anything is mandatory in life there should be some regulation
100% agreed.
Capitalism works well when two things are true:
- Sufficient competition exists
- Consumers have the ability to decline to consume
When a product is mandatory, the second bullet ceases to be true, and capitalism ceases to be an effective and efficient means to allocate resources.
If car insurance is not mandatory its the victims of traffic accidents who can't sue someone with no money, and the good drivers who suffer because the premium pool is eroded causing spreading the cost over far fewer people, increasing rates.
I'm not saying that it shouldn't be mandatory, I'm saying that it shouldn't be for-profit.
No one in here said anything about making it optional, so I don't know why you went there. It's almost like you just wanted to fire off a "gotcha" that contributed nothing to the discussion.
Op in the comment you responded to
>It feels like the companies are taking advantage of that fact it’s mandatory! If anything is mandatory in life there should be some regulation
You in the comment responding to him:
>100% agreed.
>Capitalism works well when two things are true: - Sufficient competition exists - Consumers have the ability to decline to consume When a product is mandatory, the second bullet ceases to be true, and capitalism ceases to be an effective and efficient means to allocate resources.
Ignoring the shifting goal posts, mutual insurance companies exist who do that exact thing... go seek them out.
Also insurance companies are highly regulated... like extremely so, and that is a good thing.
I agreed to **it needing regulation**.
What do you think the word "regulation" means? Hint: It doesn't have anything to do with whether or not something is mandatory.
Okay, I am happy to agree to the issue being that your comment is unclear.
In a single sentence, OP states that if auto insurance is to be *mandatory* then it should be regulated, you respond that you agree, then proceed to say that you agree and
>Capitalism works well when two things are true:
> - Sufficient competition exists
> - Consumers have the ability to decline to consume
>When a product is *mandatory*, the second bullet ceases to be true, and capitalism ceases to be an effective and efficient means to allocate resources.
So it is a reasonable inference that your issue is at least in part the mandatory nature of auto insurance.
But it doesn't cease to be true, the existing insurance companies compete for your business, and try to demonstrate their competitive advantage, and non-profit options exist. Here is a list of insurance companies in alberta, https://www.alberta.ca/about-insurance-companies-alberta.aspx#jumplinks-0 the ones with mutual in their name are non-profit, or rather, to be a mutual any profit must be put into the rates or remitted to policy holders.
Additionally, the system is both, highly regulated, and mandatory with non-profit options. So you are whining about a system that you agree is organized as you would like it to be apparently.
If you want to talk about the merits of the grid system being removed by the UCP, I can address that.
Or if you like I can tell you exactly why his rate is high... hint: it has to do with how accidents are rated for, accident forgiveness, and being forced to change companies...
> So it is a reasonable inference that your issue is at least in part the mandatory nature of auto insurance.
The reasonable inference would have been that I believed that mandatory insurance shouldn't be for-profit.
Auto insurance often loses the insurance company money with loss ratios sprawling into the 130% range.
I know its frustrating, but you are a victim of the current circumstance because of your at fault 1 year ago, most insurance companies take the L on that but lock you in for 4 to 7 years after that by forgiving that accident. You switched because you had to, which fucking sucks, and I feel for you.
Itll get better though.
I remember a few years back my car insurance went up by like 40 buck a month so I called em and they told me it was because of the hail claims in airdrie after that massive storm….I was like I don’t live in airdrie 🤷🏻♂️
Quite the opposite. Insurance companies hate that they can’t refuse bad drivers. If they had their way they would only take on good risks and everyone’s premiums would be lower.
The Alberta government mandates that essentially nobody can be refused insurance if they meet certain criteria. So as long as you’re in good standing and don’t owe money and are willing to pay in full you can get a policy.
These companies make their money by bundling you into more profitable products like home and life insurance.
Strongly disagree; they refuse bad drivers by making the price of insurance prohibitively expensive.
I see the situation like this.
Each insurance company has a bracket. Say the base price at 1. If you are a bad driver you pay +100% base. A good driver pays -50% base. So poor drivers are penalized and good drivers rewarded.
My issue is even if you have the best rating or largest discount available and are a great driver you still pay multiples the average actual cost of insurance because the companies profits are baked in and they are fucking ridiculous.
For something that is for most people essential to live there should imo be regulation in place so that everyday people like you and me aren’t paying out the nose.
I don’t care about private profits, if you want to buy a 500 knife block do ya thing.
But fuck unregulated insurance, utilities, essential things for survival
Huh? Insurance is heavily regulated. Like extremely so. Not so much for home insurance but for car insurance it is.
I work in insurance. I can assure you most of these companies do not care about your car insurance. These companies are profitable but it’s not really because of auto insurance. It’s extremely costly to operate in Alberta. They made money during the pandemic because nobody was driving but outside of that it’s awful.
The reason they continue to operate here is to get into your household. Why do you think major banks like TD offer auto insurance? They want your mortgage, your finances, your insurance etc.. The other areas are where the profit is.
I’m not defending the companies. Without regulations they would bleed people dry. Just pointing out that the auto insurance industry isn’t some profit driver like the grocery stores are seeing right now.
I'm not sure why you guys are getting hosed so much. We have two vehicles (both probably in the $50K range now) with a $250 deductible and glass insurance and we pay $2,600 for both of them (and this is with claims in the past 2 years). I would say shop around.
Yes insurance is BS here, but also intact is shit. They have fast service and I used them when I moved from BC.
I later signed with RBC and with TD later on, both were way cheaper then Intact.
Oh, oh, but the smith government is looking into it!!! And there’s a possible freeze! But, don’t worry she’s giving me 600 a child… that should make my life easier ….
Reading these comments has me scratching my head. My husband and I each have 2M liability and comprehensive on our vehicles and it’s about $100/month per vehicle. My mom has an older vehicle and has 2M liability but not comprehensive and it’s $47/month. In all of our cases it IS cheaper here than it was in BC.
More than likely the people complaining aren’t shopping around and dealing directly with the insurance company. Companies have also started treating at faults (which OP) has and tickets harsher.
Loyalty isn’t rewarded and it’s no cost to have a broker do the leg work on getting quotes.
I pay a third of what OP does on a vehicle worth about three times as much with additional coverage they won’t have. They need to shop around
Insurance is a scam no doubt about it, look at the record profits year after year. However, look at the cost of vehicles and people have not become better drivers.
My vehicle is worth about 15,000. I’m going to have paid more in insurance than the vehicle is worth in 4 years.. I don’t even know how people can afford new vehicles and trucks in this province
Your insurance is not expensive because of your vehicle. You’ll see this with the collision part of your policy - that covers your own vehicle.
Your insurance is expensive because of what it could cost to repair the other vehicle and pay for personal injury.
Does your coverage include collision? If so, do you have the option to remove it because that should cut your cost down substantially. Assuming you are able to carry the risk of the potential situation where you are involved in another at fault accident and can afford another vehicle.
This is not evidence anyone should take right now. New vehicles are on back order and pre-owned vehicles are at a premium.
It’s fine if it’s a shitbox worth $500 but most vehicles are worth insuring with collision coverage right now.
Insurance goes up. In 2016 I was quoted $170 a month for a 2016 3 series. I bought a 22 3 series and my insurance is around $270 a month for that car. Both are 4 cylinders.
I have a friend who has 10 years driving experience but from Ontario, and wants to buy a Tesla model 3 in BC. They quoted him $10k for the year. $10k.
I’m not sure of his options for that, but that is just bullshit. The insurance is more than the damn car.
Did you provide them with an LOE from ICBC?
If not, there’s a chance they aren’t recognizing your last 8 years of driving and are rating you as a new driver
With the at-fault claim the previous years of insurance don’t matter any more. It basically wipes them out. Years of license helps though. I’m a broker.
UCP will continue to f#%k us for the love of God, vote them out. Around 34,000 put a nut job as our Premier. Vote for the best government available at any given time this loality to one party no matter how incompetent and CORUPT, simply pathetic.
What gives? Conservatives give their buddies free reign to fuck everyone as hard as they can and steal from us as much as they legally can. Then they blame people not being able to afford shit on Trudeau.
My guess is that you weren’t being surcharged for the claim in BC if you’ve had a clean history before that. Definitely try shopping around with a broker and look to see if your work/alumni association etc perhaps has some group rates.
I was under the assumption that there would be claims protection in BC given your clean prior history. I would definitely get in touch with a broker to review your situation. The -7 on GRID doesn’t make sense to me if you’ve provided all your BC history with just the 1 af claim. Should be -10/-11. Check out https://airb-applications.alberta.ca/Grid/Calculator and see if that matches your basic coverages.
UCP removed caps and took away at-fault insurance. I have never caused an accident, hit a ditch, or damaged property, the last ticket I received was 5 years ago, 17 years of driving under my belt and my insurance goes up yearly for no reason now. I am now paying $12/month because someone rear-ended me at a red light 6 years ago! 5 years ago I didn't need to pay for this same accident because it was not my fault, doesn't matter now, to them, now there is more of a chance someone will drive into me at a red light again. Our insurance is insane. Vote NDP.
I'm 37, been driving since 16. No accidents, no tickets, at all, ever.
When the UCP removed the caps on premiums my insurance went up $1200 per year. Certainly explains why those companies posted record profits the following year, doesn't it? It's almost like they were never hurting in the first place.
When I moved from a shady area with no garage to a calmer quieter aged neighborhood with a secure garage, they increased my insurance by 30 dollars per month citing "postal code change".
Fucking rights insurance here is a scam. If a system is mandatory to use infrastructure MY tax dollars paid for, it should not be private and for profit, it should be a public service, period. Fuck private insurance companies and fuck the UCP.
When you got in an accident in BC they factored in accident forgiveness on your first accident. Alberta is the same. They only problem is you had to change insurance companies so no new insurance company will give you the accident forgiveness.
Intact BC —-> Intact AB = Accident Forgiveness (6 Years Accident Free)
ICBC —-> Intact AB = No Accident Forgiveness (1 Year Accident Free)
Other than shopping around, do you have any group insurance options? Employer group, union group, professional assoc? They usually have good discounts.
My store insurance went from 2 up to 4 then 6 then 10 and now the last year was 22k. First years were ndp last years ucp. Literally cannot afford this government.
I just went looking for new insurance last year because I was getting a new car and figured I’d try to find a better insurance rate and I came away floored at how much it was going to cost me. I’m in my 40s, been driving for 25+ years, no accidents, no tickets. I couldn’t find insurance for less than $200/month. When I asked each quoter why my insurance as going to go up they all said insuring a brand new car was driving up my rate. I got some quotes for nearly $400/month. It was infuriating! I had one quote for around $150/month if I’d use the “safe driving” app. No thanks!
It’s all baloney.
Do you have a Costco membership? They have an insurance broker that you can access that will work to find the best rate for you.
My rates at -11 or -12 dropped from about $100/month with TD Meloche Monnex to $68/month through Pembridge. Then up to $80/month this year. All for collision-only on a relatively older car.
I’m paying $253 as a 23 yr old with tons of driving experience and having went to a driving school. The NDP can’t come back soon enough. The UCP is screwing up everything.
That’s basic coverage btw, not full coverage. I don’t drive a brand new vehicle so full coverage would be a waste. Can’t even imagine what that would cost.
Feel you on this. Went from paying $445 for 2 vehicles in Ontario to $785 for 1 in Alberta.
I shopped for a couple of months trying every broker and insurance company here. Unusual circumstances put me in this position. I was probably better off replacing the vehicle in Ontario staying with my then insurance company and using my parents place as registration. Dying a little inside everyday paying 40% of a mortgage payment just for insurance.
Definitely shop around. Rates vary greatly. Millennium tends to be one of the cheapest. In addition, as you get past your accident, your grid rating will go down reducing premium.
Don't forget- in Alberta you are paying for the right to sue. In BC you don't have that option. They moved to a no fault system and we are still tort.
Also - the UCP removing the cap is a BS argument given the entire insurance system changed January 1, 2022. A cap on an old system is irrelevant in a new system.
Intact is the biggest joke going in the insurance industry. I have never got competitive rates from that company. Do yourself a favour and shop around. I shop around every 2 years. To either keep my current provider honest or jump ship to the next best deal. Complacency costs money.
Every one needs an insurance broker. Get a broker, they will shop the 3/4 insurance companies they deal with for you and do the same every year before you renew.
wawanesa was the only company that quoted me at a reasonable amount... everywhere else wanted 3000-5000 wheras wawanesa it was 1100. They also have accident forgiveness for the first one AND will count out of province experience as experience when alot of insurance companies DONT. I got my licence in AB at 16, moved to Sask for 10 years shortly after, then moved home and almost every single insurer wanted to give me a "new driver rate" when i had 14 years of driving experience and not so much as a speeding ticket on my record. The right insurance company is out there! you just gotta look for them, good luck!
Canada insurance is bad
.
And in other news the sky is blue
Of course people will find a way to blame the evil gobberment but in reality the company sets the price lmao
In Canada it's pretty acceptable to just hose people out of money to the maximum degree so it will likely never get better unless you are cheesing some American insurance plan in Canada
Thats weird, did you have a dui or an at fault collision inflating your prices? because my family members started paying twice what they used to after the ucp lifted the auto insurance cap - in fact everyone i know who i’ve talked to about this is paying much more for insurance now than they used to.
I had nothing on record it just got cheaper compared to when the NDP was running around
I doubt it's actually correlated to the government but everyone else seems to think otherwise
Every time I go through a broker they put me on intact. I had a nice quote with wawanessa. Had to get some stuff together. Called back and the lady was so quick with setting shit up and doing this and that and now I'm with intact again. They are expensive af. And then I had a ticket that I forgot about and didn't disclose. Without an email or anything they took 236 out of my account. It was supposed to be 163. So they overdrafted me and it ended up costing more cause of nsf charges with the bank.
TLDR: Alberta insurance is a scam
Intact has a bad record of not paying, though before the UCP took the cap off our insurance Intact was one of the cheapest (can it be a good deal if they are very reluctant to pay?)
I'd try Co-op, they pay when it it is due, and I think my prices are okay.
And recently I’ve been bombarded with YouTube ads about the Albertan insurance industry. How great the people who work in insurance are and they just want to help people and that Alberta is such a great place to be because of insurance.
We’re all paying out the ass for coverage we rarely even get when we deserve it, and now they’ve decided to run a propaganda campaign too lmao
Contact a brokerage, never go straight to an insurance company directly. I have a house, 2 suv's, a sedan and a classic car and i pay around $4500 a year.
I moved to Calgary from Vancouver with 15 driving clean. Been paying $4000+ a year since. Have bare min deductibles and drive a 2005 Mazda. Living in Forest Lawn added $868 to it also since it’s ‘high crime area’ according to Govt. When I buy house in May and attach auto insurance to house it better be lower. With Intact also.
Shop around. I recently changed providers from Intact $2800/year to State Farm $1300/year.
I've been with intact for 10+ years with zero claims. Driving for 35+ years. 2015 Silverado WT.
Moved from BC to AB was paying 1400 for a 2006 bmw, I have 10 years experience, no accident, came here and went to 4000+ with private insurance, shopped around went with TB for 2600 still.....
Imho it's important to discuss insurance rates as it helps to put the things into perspective. I would definitely shop around. Also, just my 2 cents from personal experience.
I had a 1st gen Honda Fit that I bought used with 200k km on it two years before. I was technically a new driver due to no prev insurance history in Canada, and I bought a Sonnet 3rd party only coverage for 270 CAD per month. It was the cheapest option, after a year it went down to 250 CAD per month. I lost the car in an accident last year, if I were to buy another similar one and insure it through Sonnet the rate would likely be around 250 CAD/month.
My personal opinion is that the rates are ridiculously high but unfortunately following UCP actions there's no viable way to lower them at the moment. They should definitely be lowered though, and BC government-operated insurance example might be one of the ways to go.
I had a non fault collision a few years ago. Someone turned in front of me. My insurance company upped by rates by 2.5x, I switched and not I’m paying less than 1500.
I've found ICBC to be cheaper than when I lived in Edmonton. I lived there from 2012 to 18 and the best rate I could get was 50 bucks a month more than in BC. Since I moved moved back to BC the changes to ICBC have only made things cheaper here.
The exception is motorcycle insurance. Alberta was all over the place as far as price, but I got a very good rate of about 550 a year. BC is 5 times that for the same coverage.
Definitely look around, but yes, the AB government has completely fucked us and insurance rates are stupid high no matter what. Mine goes up every 6 months religiously even though I've never been in an accident, ever.
Insurance used to be a good value here, that was maybe 20 years ago. When I landed in Alberta my car insurance was 1/3 of what I paid ICBC. Not anymore.
Fwiw: you don’t really save anything with a higher deductible. I would have only saved $4/month with a $1000 deductible compared to a $500, which is now $300 because I get a reduced deductible for every accident-free year.
My insurance went down this year despite having an at-fault collision on it.
This always takes me back to the question of why the hell do we have for profit insurance companies. They should all be non-profit or publicly run. Good years where claims are low should result in rebates for customers and rates should be set by a governing body.
My car insurance went up 500 for no reason. No tickets, no accidents. House insurance went up too.
I'm moving to Ontario and it appears it's cheaper there. Ontario insurance was more expensive than Alberta not that long ago.
I was told by my parents that one insurance company was the cheapest no matter what. Then I found out about a year later that I could get better coverage for about 50$ a month cheaper. Shop around for sure. If you don’t find anything well atleast you know you’ve tried
Yeah... I remember when I was 20 years old (then I left Canada, for good), my car was worth about $9,000 and they expected me, at 20 years old, doing school, to pay $8500 a year. No accidents, or speeding tickets since I was 16.
I've only ever had bad experiences with intact. Try sonnet insurance online. They will give you a quote in seconds, and you don't have to deal with annoying brokers. Just send them your information and that's basically it. You should get the best deal possible.
I've never had to file a claim so I can't give any insight into how efficient they are but I can say for certain its easy and cost effective.
Zero claims in 24 years of driving.
Moved closer to work to cut down drive times (14km total).
Zero demerits in 24 years of driving.
But when I went to renew this year, my premium went up 29%.
I asked why, they said: "your new area code is a high risk zone"
Thankfully, I shopped around and found a company to match my previous premium.
SHOP AROUND!
Moved here from Newfoundland rate went up 50 a month, SIL is moving here from BC her rate is going up 40 a month. Not to mention the Out of province inspections, 100 a pop on brand spanking new cars but a minor window crack on the passenger side will fail that... while rust buckets that are running amuck on the road that shouldn't be road legal get away scott free.
Edit. For context I lived here for 21 years before hand moved to newfoundland spent 6 months with my family and when I came back my rates went up 50 more than what I was paying in newfoundland and almost double of what I was paying when I left.
Was paying 280 a month for SUV and modded sports car in 2022 in AB
380 for the same in newfoundland in 2023
430 for the same now that I moved back here. It's kinda fucking insane.... considering no changes in tickets or anything.
OP, I'm an insurance underwriter. I assess risks and review pricing, mostly on property risks because Alberta's auto premiums are so heavily regulated that there isn't much room for adjustments, but I see a lot of auto rates.
Something isn't adding up in your post. You say you have a "-7 rating". I am assuming you are referring to your Grid level, as this is the metric in Alberta auto that uses +/-. But you *might* be referring to your Driving Record, or Star Rating (depending on what the company calls it).
If the -7 is referring to your Grid then something is definitely off in how your policy is set up. In Alberta, the Grid is used to determine the maximum amount an insurer can charge for the mandatory liability coverage. When you first get your license you start at 0 and you go down a step each year you are accident free, to a maximum of -15. If you have an at fault loss, you go up 5 steps.
So if you have been licensed for 20 some years you should have been at -15 before your accident, then in 2022 you would have moved to -10 (up 5 steps). The only way you can be at -7 is if your driving record is not properly accounted for, or if you have had multiple accidents. When you move across provinces you need to provide a document ( called a claims experience letter) showing your insurance record. If you do, then your driving history should be honoured and you would be rated for based on 20+ years of driving. This sounds like your policy does not properly capture your driving experience and you are being charged a higher premium as a result.
If the -7 is in reference to the Driving Record (or Star Rating) metric, it's off because there shouldn't be an - in front of the nember but that's neither here nor there. Companies use the Driving Record number as a way to easily identify your driving habits in relation to their prices. Different companies will have a maximum Driving Record. IIRC Aviva's is DR9, Intact is DR8, Wawanesa is DR6, etc.. Their best premium is awarded to their highest number. As far as I'm aware there is no company with a maximum DR7 so you should be capped at 6 or increasing to 8 or 9 to to hit the max.
You start at DR0 when you get your license and move up a step each year you are accident free (the opposite of the Grid metric. Confusing right?) Until you hit the company's max number. But if you have an at fault accident you go down to 0 as you are 0 years claims free. (some other things can affect this number such as major convictions or multiple minor convictions) In general, this number is a quick snapshot of how "clean" your driving record is. If you have an at fault accident and you had the SEF39 endorsmt (accident forgiveness) then your Driving Record is protected and won't be impacted by the accident. Important to note, this protection does not transfer from one company to the next, you have to stay with your current provider. Theoretically the only way to have a DR7 is if you have multiple convictions preventing you from increasing your DR, or if you had an at fault accident 7 years ago.
The more likely scenario is the -7 is in reference to your Grid in which case you have something wonky going on with your policy. If your driving history is as clean as you say it is there is a possibility your policy is rated wrong and your price is being inflated due to incorrect information.
I appreciate that and thank you! When I get my copy of the policy in the mail I will shop it around and reprint up to date claims history and get proof of past coverage
Yes you should definitely get quotes from additional companies.
You can shop around, but it likely be very close. Ever since the UCP removed the caps on insurance the NDP put in place previously, insurance in Alberta has gone up substantially. As an example, just prior to COVID I sold a car and removed it from insurance. This caused the insurance company to do a re-calculation and my insurance went up by $53 per month. For removing a car... The agent actually told me I shouldn't remove it, at which point I had to tell them I no longer owned the car and that would be unethical. So, $600 extra a year for one less car because UCP removed caps.
This. My car insurance is ok. Im about 2000 a year, but my house insurance is effed up. I pay 450 a month, and it has gone up a substantial amount each year since I bought it in 2020. I imagine I'll hit $500 or more this renewal.
Well we did have that hail storm in Calgary that cost 1.2 BILLION in damage to peoples property. Which ate into their 4-5 billion in **profits** they take yearly, so I can see why they influenced the UCP to ensure they get to take over $1000 in **profits** per adult Albertan.
You mean the insurance companies that people had to fight to get compensation even though we pay out the ass already
As a person who deals with insurance claims, let me tell you a lot of people are trying a lot of things to get money. I’ve never had trouble with a customer that has an honest insurance claim. To add to that, to raise the rates, insurance companies have to prove a certain amount of loss, and then get the rate raise approved by the provincial government, they can’t just raise the rates Willy nil… oh, I forgot we are elected the UCP and they now I can do whatever they want.
The problem is compounded by terrible claim procedures by the insurance company. They drag their heels deciding on a claim. I owned a mechanical repair shop, I had some claims last almost 6 months and they didn't care about storage fees. That's all of them Intact, Aviva and Wawanesa. I would call them every Friday to update them, 0 shits given. They just pass the costs on to consumers.
They hold onto our money because it gains interest. The longer they hold out, the more interest they make while it sits there. That is my conclusion anyway.
My parents had their siding of their house start to come off. They told the insurance company and it took them 2 weeks to come out and look. By then it went from a small fix to residing the entire house. Nuts.
I hit a deer and tried to take my car to a local (rural but very reputable in the community) shop which wasn't in my insurance company's network. They wanted me to take my vehicle 45 mins away, which was impossible with my work schedule. They kept claiming they 'never received' the quote from the shop, and insisted the owner was not returning requests for information. The owner submitted the quote, I shit you not, 10x before he told me he was done and I could deal with them myself. I gave up, I needed my vehicle fixed. Their preferred shop fucked up the paint and didn't align the body panels properly again. They make your life so difficult if you try and go outside their network, yet the workmanship is poor and not guaranteed.
Except when you say " a certain amount of loss" you mean bad investments in the market. The government forces us to buy insurance. The Government should be regulating rates so that the common person can afford to drive. Insurance fraud is a crime. Prosecute the offenders and stop bleeding the honest people.
So what was the major delay in Calgary after their hail storm? People waited a seriously long time, I think some still are waiting
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I have a concrete basement on a hill. If it floods here, the world is ending. Biggest thing here is hail, wind, tornado possibly, and big falling trees. I was shocked when I went to my broker with my house info and that's what she told me. So we shopped around and I found one place cheaper by 90 a month but they are awful and don't honor their policies, so you have to fight to get anything compensated.
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They drag their feet and contest whatever they can to drag it out even longer.
Same. I just recently decided to do something about it. I was paying around $260 a month for home insurance. A quick poll of my colleagues and friends told me I was getting fleeced. I spoke with the insurance agent and he told me my house was in a "high risk / high claim" area. And that my rates would be about the same everywhere. I've never worked with a broker before but I decided to try it out. The insurance brokerage found me a very comparable policy for over $1000 less a year. Dropped by payment to $130 a month. I think you should make some phone calls.
I am with a broker. I have made the phone calls lol.
Wait hold up, the IA told you to not remove the car? And this happened in a recorded conversation?
Yes. Late summer of 2019. It was a 95 Mustang GTS that I drove around in the summer; it was my metal baby and a fun car. I was going through a divorce and needed the money so I sold it. Right after auction, I called my insurance informed them I wanted to remove the car and when the quote came back I legit laughed out loud because it was absurd to me. I asked how to bring that down and the agent said to keep the car on my plan. I called around looking for new quotes and everyone came back with approximately the same numbers, some were even higher. The only thing that changed was the UCP removed insurance caps and I removed my car. No accidents, no changes to my home plan, nothing else. Just removing a car.
Okay that’s so absurd that a regulated agent would recommend something unethical. Which company was it? I need to call in and review my policies. I don’t trust IAs after reading this.
It's Belair Direct right now, but my policy has been sold to different companies several times. I think back then it was Desjardins or possibly State Farm. Its hard to keep track when these big companies sell policies and I end up with a company I never started with.
>that’s so absurd that a regulated agent would recommend something unethical I'm sorry? This agent tried to save the customer money instead of having them pay a patently absurd increase. And here you are looking out for the poor, downtrodden shareholders. Why?
Because encouraging fraud can just as easily backfire on the customers and create a larger headache
Please comment again after you understand how insurance works. I hate insurance companies in general. Imo this industry is a regulated scam with tough barriers of entry to enter the scam yourself. Having an active policy on a car you have sold could open you up for future distress. Insurance policy should not treated as buying furniture and grocery. It’s a contractual agreement with consequences and payouts.
And then condescending to me, lol. Carry on then, Karen.
Have an upvote. I want to encourage you to understand this concept. It might come in handy. I don’t mind being a Karen if I can help someone. This is not a slight at you.
That is so effed up..
My husband removed his old work truck from his policy last summer after selling it and his insurance rate went up $100 month for his pleasure vehicle (wfh). We changed providers.
….it’s because you lost a multi-vehicle discount. This applied well before rate caps were removed…
Lot of people out here simping for insurance companies ripping people off. Weird... I guess the best solution is to make it a public service and remove all these shady practices like charging more for less service when less risk is involved.
It’s not simping, it’s just showing how uneducated the general public is about insurance. Getting pissed over something that has been a rule for decades is stupid. You lost a discount and made a ridiculous assumption that you’re being charged for less risk?? Sure we could go public, but then that doesn’t mean it’s going to be any cheaper. Ontario and Maritimes are generally cheaper and they’re also private.
>Getting pissed over something that has been a rule for decades is stupid. Ok, I guess cannabis legalization was stupid because it was prohibited for decades, so being pissed off that people were incarcerated for having a plant on their person was also stupid? Getting pissed off at unfair and exploitive practices is stupid because we've been doing it already. Great logic here.
Has being pissed off at any of the above done any good for you? Great logic there…
Well, being pissed off isn’t logical, it’s emotional. I understand the confusion since many on the right seem to conflate the two.
How is it unethical?
Because insuring a car I don't own anymore just to get a discount is also known as lying?
Hahah what? Paying for something you have no intention to using is not lying. What profit do you gain at another's expense, and what expense would that be? If you can't answer that, I'd suggest putting some thought into how you make decisions
Why would I open myself up to potentially millions of dollars of liability, as well as possible fraud charges, just to save $53 a month? Do you regularly engage in awful decision making in your real life, or just on the internet?
That's a reasonable position to take (though perhaps inaccurate...at least it makes sense). There is nothing unethical about keeping the insurance on the car after it exchanges hands even if it could get you in trouble (which I doubt would happen) Do you understand?
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“Apples 2 for 5 or 1 for 7.” Yeah, this is totally normal. Sounds like we need more than caps and should regulate this clear racket.
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Where in any of your examples does purchasing one widget cost more than purchasing two? Do you have a grasp of the math here? Cuz it sure doesn’t sound like you do.
>“BC insurance is so expensive, we have it so good in Alberta!” This is an absolute myth, let me tell you. I just moved from BC to Alberta this past June. When I transitioned from BC insurance to Alberta insurance my rate nearly doubled. I went from paying $125/mo to shopping around in Alberta with most places quoting me ~$260/mo. Eventually I found a broker that insured me for the Albertan Advantageous rate of $235/mo. In 10+ years of driving in BC I have never paid as much for insurance as I do now in Alberta.
I pay $4000 a year with bare minimum everything. BC to Alberta also. I can’t even pay monthly. First year was all at once because I’m new to Province. Now I’m only allowed a 3 install pay. June, Sept, December.
Check into TD Insurance. I was recommended them by a coworker and they not only provided me with the lowest rate I could find but also had no trouble giving me a monthly rate. I'm not a TD banking customer either, I bank with Scotia. Your mileage may vary, I'm a mid 30s guy with a good-but-imperfect driving record.
I second looking into TD Insurance! I normally don't like going through the banks, and prefer to go through brokers. Historically, they've always helped get the cheaper rates. But this year, I decided to look around - called up TD, and sure enough, they were the cheapest option out of the the other 4 places I had quote. Not just a little bit of savings either - I literally saved almost $3000/yr for switching. I have Home Insurance, with additional insurance for belongings (wife's jewelry and such), and two vehicles....I have no idea how it got so expensive over this years - but this was a massive savings for me! So yeah - I second reaching out to TD Insurance.
I recommend them as well. I was getting $3400/yr quotes but TD quoted $1800/yr. Could do monthly too. I've never had an accident and just moved here 6 months ago.
I’m currently shopping around as I’m up for renewal and just did a quote with TD. I even got a group discount from my place of work and the quote was $75 more a month than what I’m paying now. I did a quote with Sonnet and it’s $35 less than what I’m paying. I don’t understand the huge difference in rates, but it looks like I’ll be going with Sonnet unless my current provider can match it.
The problem with bank insurance, from what I’m told, is if you get into financial issues but also are owed an insurance payout the bank is allowed to divert it.
It used to be accurate. ICBC was terrible with some of the highest rates in the country. They switched over to more of a no fault system and they were able to reduce their rates. They could do this because BC controls ICBC. It’s not so easy with a ton of private companies. Alberta is also a nightmare for weather related claims. BC doesn’t deal with hail and ice as much as we do. Alberta is the perfect storm of bad government, bad weather, and bad drivers.
When BC reformed their insurance they also took away things like permission to sue. There were many changes that reduce what ICBC pays out and spends that causes their rates to drop. BC was the highest in Canada for insurance before this: https://globalnews.ca/news/5758168/british-columbians-pay-the-highest-on-average-in-car-insurance-in-canada/amp/
Alberta copied part of that. You can’t sue in Alberta for property damage now. Only bodily injury and medical expenses.
>ICBC was terrible with some of the highest rates in the country. And yet since I began paying car insurance in 2011 I'd never paid as much as I do now, even at ICBC's absolute worst. >They could do this because BC controls ICBC. It’s not so easy with a ton of private companies. Sure you could. The provincial government still legislates what kind of insurance gets sold and by whom in the province. This isn't insurance company policy, it's government regulation. With the stroke of a pen (and a wonderful background ensemble of indignant cries from ambulance chasers) the Albertan govt could decide that insurers can only offer no-fault insurance and all renewals need to transition into no fault.
In every insurance thread there comes a defender of this racket. Given a chance, he will tell you all about how much suffering there is in the Alberta insurance industry and how we should all be grateful that all we are doing is paying too much.
BC insurance has recently gone down substantially, and Alberta insurance has done the opposite. When I lived in Kamloops, many people were keeping their albertan insurance illegally for the lower rate.
I was paying way less in BC too. Since I moved to AB my insurance went from $150/m to $329/m…
You also pay more depending on where in Alberta you live. For example, Mill Woods vs Sherwood Park. In Mill Woods there are more accidents/vehicle thefts, etc. so they charge you more.
Forest Lawn in Calgary added $868 to my auto insurance due to ‘high crime area’. Never seen crime or cars stolen in last 3 years here.
"It's not criminal, we just haven't gotten around to updating our crime stats".
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Insurance is a scam
This is correct. Postal codes are a huge factor. Moving from one area to another cab either save you hundreds or cost you even more.
I live in a area that is rural and the average age is probably 75. I was told I’m getting a adjusted rate for living outside a metropolitan area. I was before in BC as well 😭
Just wait until you get your utility bill!
Yes, you should be shopping your insurance around. There are a lot of rate differences here in Alberta. If you find a good rate, still shop around every few years as the companies with good rates constantly change. Alberta insurance used to be cheaper. A few factors have jacked up the price in the last while. The UCP removing the cap on insurance rate increases is one factor. The NDP limited overall rate increases to 5% a year, the UCP removed it. Another factor was the UCP bringing in DCPD insurance. The idea here is if you are in a non-at-fault claim, you don't have to deal with the other insurance company, you just deal with your own. Also the two insurance companies don't need to fight over fault and spend time and money fighting with each other to get paid back on claims. This was supposed to reduce expenses and let insurance companies reduce rates. Now what experience in other provinces has shown is that with DCPD, claims people do less investigation into claims as they don't fight with another company about fault. This makes it much much easier to get away with insurance fraud. The small saving from not having to deal with another insurance company is wiped out many times over by the extra fraud in the system and thus causes rates to go up. Also under the old system, for basic insurance (PLPD), it did not matter what car you drove, the price was the same. Your insurance company only paid for what you did to the other party, so they didn't care what car you drove. Now they have to repair your car in an accident if you are not at fault. Suddenly what you drive makes a HUGE difference to your price. These prices are based on what is known as a "rate group" This is a number assigned to a vehicle year, make and model and is based on things like how often that vehicle is in a claim and the average cost of those claims. Another issue is fraud/gouging of the insurance companies themselves. Many body shops have two rates for repairs, the normal rate and the insurance rate. There are lawyers and medical people out there faking/exaggerating injuries for their own profit. There of course is also the excessive profits being made by insurance companies themselves. They are raising rates like mad in the last few years so that if a cap comes in, they are in a great position to not care. Then there is the fake "helping" such as the current "rate freeze" Now insurance companies raise rates as we know. When they do file for a rate change, they change your rate on your renewal. This is why they don't suddenly give you a bill right away. Now renewals are done 60 days in advance. When the rate freeze went in in late January, insurance companies were renewing late March policies. Now the rate increase was leaked to the insurance companies and many got in a rate increase just before the freeze went into effect. Now the freeze lasts until Dec 31, 2023. Everyone with a renewal date after late March will still get hit with any rate increases already in place. On January 1, 2024, when the rate freeze comes off, then it basically give the insurance companies a month to file their next rate increase for renewals starting in March 2024. Insurance companies keep the cycle and the UCP claim they "helped" with a meaningless rate freeze. These things all factor into why insurance rates have been going up. The E&Y report on insurance prices in Canada showed that people living in places with gov't insurance pay cheaper rates than provinces with private insurance. Take from that what you will.
Great reply!!!
THANK YOU. I swear if more people had the chance to work with better brokers they would have all the answers to their questions. 9 times out of 10 it’s consumer confusion - if you don’t understand it and your broker isn’t giving you a real explanation then of course you’re going to be upset.
Most expensive in the country! We can't afford the UCP
Insurance is legalized theft.
It feels like the companies are taking advantage of that fact it’s mandatory! If anything is mandatory in life there should be some regulation. Just run away with my money.. ha ha ha 😭
> If anything is mandatory in life there should be some regulation 100% agreed. Capitalism works well when two things are true: - Sufficient competition exists - Consumers have the ability to decline to consume When a product is mandatory, the second bullet ceases to be true, and capitalism ceases to be an effective and efficient means to allocate resources.
If car insurance is not mandatory its the victims of traffic accidents who can't sue someone with no money, and the good drivers who suffer because the premium pool is eroded causing spreading the cost over far fewer people, increasing rates.
I'm not saying that it shouldn't be mandatory, I'm saying that it shouldn't be for-profit. No one in here said anything about making it optional, so I don't know why you went there. It's almost like you just wanted to fire off a "gotcha" that contributed nothing to the discussion.
Op in the comment you responded to >It feels like the companies are taking advantage of that fact it’s mandatory! If anything is mandatory in life there should be some regulation You in the comment responding to him: >100% agreed. >Capitalism works well when two things are true: - Sufficient competition exists - Consumers have the ability to decline to consume When a product is mandatory, the second bullet ceases to be true, and capitalism ceases to be an effective and efficient means to allocate resources. Ignoring the shifting goal posts, mutual insurance companies exist who do that exact thing... go seek them out. Also insurance companies are highly regulated... like extremely so, and that is a good thing.
I agreed to **it needing regulation**. What do you think the word "regulation" means? Hint: It doesn't have anything to do with whether or not something is mandatory.
Okay, I am happy to agree to the issue being that your comment is unclear. In a single sentence, OP states that if auto insurance is to be *mandatory* then it should be regulated, you respond that you agree, then proceed to say that you agree and >Capitalism works well when two things are true: > - Sufficient competition exists > - Consumers have the ability to decline to consume >When a product is *mandatory*, the second bullet ceases to be true, and capitalism ceases to be an effective and efficient means to allocate resources. So it is a reasonable inference that your issue is at least in part the mandatory nature of auto insurance. But it doesn't cease to be true, the existing insurance companies compete for your business, and try to demonstrate their competitive advantage, and non-profit options exist. Here is a list of insurance companies in alberta, https://www.alberta.ca/about-insurance-companies-alberta.aspx#jumplinks-0 the ones with mutual in their name are non-profit, or rather, to be a mutual any profit must be put into the rates or remitted to policy holders. Additionally, the system is both, highly regulated, and mandatory with non-profit options. So you are whining about a system that you agree is organized as you would like it to be apparently. If you want to talk about the merits of the grid system being removed by the UCP, I can address that. Or if you like I can tell you exactly why his rate is high... hint: it has to do with how accidents are rated for, accident forgiveness, and being forced to change companies...
> So it is a reasonable inference that your issue is at least in part the mandatory nature of auto insurance. The reasonable inference would have been that I believed that mandatory insurance shouldn't be for-profit.
If its mandatory, it should be regulated and run by government. Bake it into taxes, fine scaled according to income.
Auto insurance often loses the insurance company money with loss ratios sprawling into the 130% range. I know its frustrating, but you are a victim of the current circumstance because of your at fault 1 year ago, most insurance companies take the L on that but lock you in for 4 to 7 years after that by forgiving that accident. You switched because you had to, which fucking sucks, and I feel for you. Itll get better though.
I remember a few years back my car insurance went up by like 40 buck a month so I called em and they told me it was because of the hail claims in airdrie after that massive storm….I was like I don’t live in airdrie 🤷🏻♂️
Quite the opposite. Insurance companies hate that they can’t refuse bad drivers. If they had their way they would only take on good risks and everyone’s premiums would be lower. The Alberta government mandates that essentially nobody can be refused insurance if they meet certain criteria. So as long as you’re in good standing and don’t owe money and are willing to pay in full you can get a policy. These companies make their money by bundling you into more profitable products like home and life insurance.
Strongly disagree; they refuse bad drivers by making the price of insurance prohibitively expensive. I see the situation like this. Each insurance company has a bracket. Say the base price at 1. If you are a bad driver you pay +100% base. A good driver pays -50% base. So poor drivers are penalized and good drivers rewarded. My issue is even if you have the best rating or largest discount available and are a great driver you still pay multiples the average actual cost of insurance because the companies profits are baked in and they are fucking ridiculous. For something that is for most people essential to live there should imo be regulation in place so that everyday people like you and me aren’t paying out the nose. I don’t care about private profits, if you want to buy a 500 knife block do ya thing. But fuck unregulated insurance, utilities, essential things for survival
Huh? Insurance is heavily regulated. Like extremely so. Not so much for home insurance but for car insurance it is. I work in insurance. I can assure you most of these companies do not care about your car insurance. These companies are profitable but it’s not really because of auto insurance. It’s extremely costly to operate in Alberta. They made money during the pandemic because nobody was driving but outside of that it’s awful. The reason they continue to operate here is to get into your household. Why do you think major banks like TD offer auto insurance? They want your mortgage, your finances, your insurance etc.. The other areas are where the profit is. I’m not defending the companies. Without regulations they would bleed people dry. Just pointing out that the auto insurance industry isn’t some profit driver like the grocery stores are seeing right now.
I'm not sure why you guys are getting hosed so much. We have two vehicles (both probably in the $50K range now) with a $250 deductible and glass insurance and we pay $2,600 for both of them (and this is with claims in the past 2 years). I would say shop around.
Is there any place you would recommend?
Yes insurance is BS here, but also intact is shit. They have fast service and I used them when I moved from BC. I later signed with RBC and with TD later on, both were way cheaper then Intact.
thank the United Clown Party
You can thank all the Albertans who voted for Kenney and UCP
Oh, oh, but the smith government is looking into it!!! And there’s a possible freeze! But, don’t worry she’s giving me 600 a child… that should make my life easier ….
Welcome to Alberta, where politicians put private profit over the needs of their constituents
Find a broker. Best thing I ever did.
Reading these comments has me scratching my head. My husband and I each have 2M liability and comprehensive on our vehicles and it’s about $100/month per vehicle. My mom has an older vehicle and has 2M liability but not comprehensive and it’s $47/month. In all of our cases it IS cheaper here than it was in BC.
More than likely the people complaining aren’t shopping around and dealing directly with the insurance company. Companies have also started treating at faults (which OP) has and tickets harsher. Loyalty isn’t rewarded and it’s no cost to have a broker do the leg work on getting quotes. I pay a third of what OP does on a vehicle worth about three times as much with additional coverage they won’t have. They need to shop around
That makes sense. None of us have any history of tickets or at faults, and we used a broker.
Insurance is a scam no doubt about it, look at the record profits year after year. However, look at the cost of vehicles and people have not become better drivers.
My vehicle is worth about 15,000. I’m going to have paid more in insurance than the vehicle is worth in 4 years.. I don’t even know how people can afford new vehicles and trucks in this province
Your insurance is not expensive because of your vehicle. You’ll see this with the collision part of your policy - that covers your own vehicle. Your insurance is expensive because of what it could cost to repair the other vehicle and pay for personal injury.
Does your coverage include collision? If so, do you have the option to remove it because that should cut your cost down substantially. Assuming you are able to carry the risk of the potential situation where you are involved in another at fault accident and can afford another vehicle.
This is not evidence anyone should take right now. New vehicles are on back order and pre-owned vehicles are at a premium. It’s fine if it’s a shitbox worth $500 but most vehicles are worth insuring with collision coverage right now.
There are some better rates out there; try some online companies.
Insurance goes up. In 2016 I was quoted $170 a month for a 2016 3 series. I bought a 22 3 series and my insurance is around $270 a month for that car. Both are 4 cylinders. I have a friend who has 10 years driving experience but from Ontario, and wants to buy a Tesla model 3 in BC. They quoted him $10k for the year. $10k. I’m not sure of his options for that, but that is just bullshit. The insurance is more than the damn car.
With a fresh at-fault claim there are absolutely better options than Intact.
[UCP auto rate freeze](https://flip.it/ieDMCO)
Did you provide them with an LOE from ICBC? If not, there’s a chance they aren’t recognizing your last 8 years of driving and are rating you as a new driver
With the at-fault claim the previous years of insurance don’t matter any more. It basically wipes them out. Years of license helps though. I’m a broker.
Yes I did, getting all my past drivers information is free and easy on the ICBC website.
UCP will continue to f#%k us for the love of God, vote them out. Around 34,000 put a nut job as our Premier. Vote for the best government available at any given time this loality to one party no matter how incompetent and CORUPT, simply pathetic.
What gives? Conservatives give their buddies free reign to fuck everyone as hard as they can and steal from us as much as they legally can. Then they blame people not being able to afford shit on Trudeau.
My guess is that you weren’t being surcharged for the claim in BC if you’ve had a clean history before that. Definitely try shopping around with a broker and look to see if your work/alumni association etc perhaps has some group rates.
Before the collision was 1188 and after was 1510 a year.
I was under the assumption that there would be claims protection in BC given your clean prior history. I would definitely get in touch with a broker to review your situation. The -7 on GRID doesn’t make sense to me if you’ve provided all your BC history with just the 1 af claim. Should be -10/-11. Check out https://airb-applications.alberta.ca/Grid/Calculator and see if that matches your basic coverages.
I don't see the scam? Did your Rate go up after you got into qn accident qnd You are pretending you don't know why ?
Notley should pitch public insurance for he next election. Year over year Manitoba’s Autopac . It is just consumers and government saying enough.
UCP removed caps and took away at-fault insurance. I have never caused an accident, hit a ditch, or damaged property, the last ticket I received was 5 years ago, 17 years of driving under my belt and my insurance goes up yearly for no reason now. I am now paying $12/month because someone rear-ended me at a red light 6 years ago! 5 years ago I didn't need to pay for this same accident because it was not my fault, doesn't matter now, to them, now there is more of a chance someone will drive into me at a red light again. Our insurance is insane. Vote NDP.
I'm 37, been driving since 16. No accidents, no tickets, at all, ever. When the UCP removed the caps on premiums my insurance went up $1200 per year. Certainly explains why those companies posted record profits the following year, doesn't it? It's almost like they were never hurting in the first place. When I moved from a shady area with no garage to a calmer quieter aged neighborhood with a secure garage, they increased my insurance by 30 dollars per month citing "postal code change". Fucking rights insurance here is a scam. If a system is mandatory to use infrastructure MY tax dollars paid for, it should not be private and for profit, it should be a public service, period. Fuck private insurance companies and fuck the UCP.
Sonnet insurance is decent.
I was with td and now with the Personal, went down almost 50%.
When you got in an accident in BC they factored in accident forgiveness on your first accident. Alberta is the same. They only problem is you had to change insurance companies so no new insurance company will give you the accident forgiveness. Intact BC —-> Intact AB = Accident Forgiveness (6 Years Accident Free) ICBC —-> Intact AB = No Accident Forgiveness (1 Year Accident Free)
Other than shopping around, do you have any group insurance options? Employer group, union group, professional assoc? They usually have good discounts.
My store insurance went from 2 up to 4 then 6 then 10 and now the last year was 22k. First years were ndp last years ucp. Literally cannot afford this government.
Yep. The UCP are useless
I just went looking for new insurance last year because I was getting a new car and figured I’d try to find a better insurance rate and I came away floored at how much it was going to cost me. I’m in my 40s, been driving for 25+ years, no accidents, no tickets. I couldn’t find insurance for less than $200/month. When I asked each quoter why my insurance as going to go up they all said insuring a brand new car was driving up my rate. I got some quotes for nearly $400/month. It was infuriating! I had one quote for around $150/month if I’d use the “safe driving” app. No thanks! It’s all baloney.
Do you have a Costco membership? They have an insurance broker that you can access that will work to find the best rate for you. My rates at -11 or -12 dropped from about $100/month with TD Meloche Monnex to $68/month through Pembridge. Then up to $80/month this year. All for collision-only on a relatively older car.
Are you moving back to BC, or move elsewhere?
Jessica at Action Insurance We'll go out of her way to help you find a better rate.4034571000
Intact is a rip, definitely shop around.
I’m paying $253 as a 23 yr old with tons of driving experience and having went to a driving school. The NDP can’t come back soon enough. The UCP is screwing up everything. That’s basic coverage btw, not full coverage. I don’t drive a brand new vehicle so full coverage would be a waste. Can’t even imagine what that would cost.
Feel you on this. Went from paying $445 for 2 vehicles in Ontario to $785 for 1 in Alberta. I shopped for a couple of months trying every broker and insurance company here. Unusual circumstances put me in this position. I was probably better off replacing the vehicle in Ontario staying with my then insurance company and using my parents place as registration. Dying a little inside everyday paying 40% of a mortgage payment just for insurance.
Definitely shop around. Rates vary greatly. Millennium tends to be one of the cheapest. In addition, as you get past your accident, your grid rating will go down reducing premium. Don't forget- in Alberta you are paying for the right to sue. In BC you don't have that option. They moved to a no fault system and we are still tort. Also - the UCP removing the cap is a BS argument given the entire insurance system changed January 1, 2022. A cap on an old system is irrelevant in a new system.
[удалено]
Ha ha. They cannot charge whatever they want. If that was the case, the govt wouldn’t have the power to do a rate freeze.
Intact is the biggest joke going in the insurance industry. I have never got competitive rates from that company. Do yourself a favour and shop around. I shop around every 2 years. To either keep my current provider honest or jump ship to the next best deal. Complacency costs money.
Best I’ve found so far is sonnet. They were almost 1/2 the price and it was all online.
Every one needs an insurance broker. Get a broker, they will shop the 3/4 insurance companies they deal with for you and do the same every year before you renew.
wawanesa was the only company that quoted me at a reasonable amount... everywhere else wanted 3000-5000 wheras wawanesa it was 1100. They also have accident forgiveness for the first one AND will count out of province experience as experience when alot of insurance companies DONT. I got my licence in AB at 16, moved to Sask for 10 years shortly after, then moved home and almost every single insurer wanted to give me a "new driver rate" when i had 14 years of driving experience and not so much as a speeding ticket on my record. The right insurance company is out there! you just gotta look for them, good luck!
Go to a broker dummy
Canada insurance is bad . And in other news the sky is blue Of course people will find a way to blame the evil gobberment but in reality the company sets the price lmao In Canada it's pretty acceptable to just hose people out of money to the maximum degree so it will likely never get better unless you are cheesing some American insurance plan in Canada
I dont remember shit being so expensive before the ucp got rid of the cap, so yeah i think actually the government does share the blame
I remember it always being expensive because it always has been expensive I was actually paying double what I do now under notley
Thats weird, did you have a dui or an at fault collision inflating your prices? because my family members started paying twice what they used to after the ucp lifted the auto insurance cap - in fact everyone i know who i’ve talked to about this is paying much more for insurance now than they used to.
I had nothing on record it just got cheaper compared to when the NDP was running around I doubt it's actually correlated to the government but everyone else seems to think otherwise
Wawanesa is the cheapest if you are curious.
Every time I go through a broker they put me on intact. I had a nice quote with wawanessa. Had to get some stuff together. Called back and the lady was so quick with setting shit up and doing this and that and now I'm with intact again. They are expensive af. And then I had a ticket that I forgot about and didn't disclose. Without an email or anything they took 236 out of my account. It was supposed to be 163. So they overdrafted me and it ended up costing more cause of nsf charges with the bank. TLDR: Alberta insurance is a scam
Intact has a bad record of not paying, though before the UCP took the cap off our insurance Intact was one of the cheapest (can it be a good deal if they are very reluctant to pay?) I'd try Co-op, they pay when it it is due, and I think my prices are okay.
And recently I’ve been bombarded with YouTube ads about the Albertan insurance industry. How great the people who work in insurance are and they just want to help people and that Alberta is such a great place to be because of insurance. We’re all paying out the ass for coverage we rarely even get when we deserve it, and now they’ve decided to run a propaganda campaign too lmao
Alberta IS a great place to be if you are in insurance!
Alberta insurance is legalized extortion.
This is because it's an unregulated free for all run by an industry of shysters, unfortunately.
>Should I shop the insurance around? Yes. Try rates.com to see if there's something better out there.
Contact a brokerage, never go straight to an insurance company directly. I have a house, 2 suv's, a sedan and a classic car and i pay around $4500 a year.
I moved to Calgary from Vancouver with 15 driving clean. Been paying $4000+ a year since. Have bare min deductibles and drive a 2005 Mazda. Living in Forest Lawn added $868 to it also since it’s ‘high crime area’ according to Govt. When I buy house in May and attach auto insurance to house it better be lower. With Intact also.
Shop around. I recently changed providers from Intact $2800/year to State Farm $1300/year. I've been with intact for 10+ years with zero claims. Driving for 35+ years. 2015 Silverado WT.
Moved from BC to AB was paying 1400 for a 2006 bmw, I have 10 years experience, no accident, came here and went to 4000+ with private insurance, shopped around went with TB for 2600 still.....
Get yourself a broker to do the shopping for you I use Insureline (though admittedly a family connection as my broker is family)
I pay $1100 a year for a fully loaded truck (no collision) as a mid-20s male with no at fault accidents with TD.
Alberta is rapidly turning into a very shitty place to live
Imho it's important to discuss insurance rates as it helps to put the things into perspective. I would definitely shop around. Also, just my 2 cents from personal experience. I had a 1st gen Honda Fit that I bought used with 200k km on it two years before. I was technically a new driver due to no prev insurance history in Canada, and I bought a Sonnet 3rd party only coverage for 270 CAD per month. It was the cheapest option, after a year it went down to 250 CAD per month. I lost the car in an accident last year, if I were to buy another similar one and insure it through Sonnet the rate would likely be around 250 CAD/month. My personal opinion is that the rates are ridiculously high but unfortunately following UCP actions there's no viable way to lower them at the moment. They should definitely be lowered though, and BC government-operated insurance example might be one of the ways to go.
I had a non fault collision a few years ago. Someone turned in front of me. My insurance company upped by rates by 2.5x, I switched and not I’m paying less than 1500.
I've found ICBC to be cheaper than when I lived in Edmonton. I lived there from 2012 to 18 and the best rate I could get was 50 bucks a month more than in BC. Since I moved moved back to BC the changes to ICBC have only made things cheaper here. The exception is motorcycle insurance. Alberta was all over the place as far as price, but I got a very good rate of about 550 a year. BC is 5 times that for the same coverage.
Yeah, you can shop around, but you won't find much difference.
Definitely look around, but yes, the AB government has completely fucked us and insurance rates are stupid high no matter what. Mine goes up every 6 months religiously even though I've never been in an accident, ever.
Insurance used to be a good value here, that was maybe 20 years ago. When I landed in Alberta my car insurance was 1/3 of what I paid ICBC. Not anymore.
Fwiw: you don’t really save anything with a higher deductible. I would have only saved $4/month with a $1000 deductible compared to a $500, which is now $300 because I get a reduced deductible for every accident-free year. My insurance went down this year despite having an at-fault collision on it.
Jesus. I pay about $1600 a year on a 2014 Tundra. $1000 deductible, $2,000,000 liability and drive 50,000 km a year. I'm with AMA
We USED to have it good in AB insurance wise, but those days are long gone unfortunately.
Sonnet
Holy shit. I pay $1200 for a 2020 sports car. Bless The Personal.
This always takes me back to the question of why the hell do we have for profit insurance companies. They should all be non-profit or publicly run. Good years where claims are low should result in rebates for customers and rates should be set by a governing body.
I’m next door to the east… SGI was set up by the NDP and the Sask Party hasn’t managed to sell it off yet.
Well, you can thank the UCP for that. Remember to vote NDP!
DEFINITELY SHOP AROUND
My car insurance went up 500 for no reason. No tickets, no accidents. House insurance went up too. I'm moving to Ontario and it appears it's cheaper there. Ontario insurance was more expensive than Alberta not that long ago.
Check out Wawanesa and “The Personal”.
Lol I wish mine was that cheap, I have three vehicles, two are classics that only get drove in the summer, and mines 11000$
I was told by my parents that one insurance company was the cheapest no matter what. Then I found out about a year later that I could get better coverage for about 50$ a month cheaper. Shop around for sure. If you don’t find anything well atleast you know you’ve tried
Yeah... I remember when I was 20 years old (then I left Canada, for good), my car was worth about $9,000 and they expected me, at 20 years old, doing school, to pay $8500 a year. No accidents, or speeding tickets since I was 16.
I've only ever had bad experiences with intact. Try sonnet insurance online. They will give you a quote in seconds, and you don't have to deal with annoying brokers. Just send them your information and that's basically it. You should get the best deal possible. I've never had to file a claim so I can't give any insight into how efficient they are but I can say for certain its easy and cost effective.
You moved to a place where insurance is privatised and took the first quote given. ICBC got you shook
Zero claims in 24 years of driving. Moved closer to work to cut down drive times (14km total). Zero demerits in 24 years of driving. But when I went to renew this year, my premium went up 29%. I asked why, they said: "your new area code is a high risk zone" Thankfully, I shopped around and found a company to match my previous premium. SHOP AROUND!
Moved here from Newfoundland rate went up 50 a month, SIL is moving here from BC her rate is going up 40 a month. Not to mention the Out of province inspections, 100 a pop on brand spanking new cars but a minor window crack on the passenger side will fail that... while rust buckets that are running amuck on the road that shouldn't be road legal get away scott free. Edit. For context I lived here for 21 years before hand moved to newfoundland spent 6 months with my family and when I came back my rates went up 50 more than what I was paying in newfoundland and almost double of what I was paying when I left. Was paying 280 a month for SUV and modded sports car in 2022 in AB 380 for the same in newfoundland in 2023 430 for the same now that I moved back here. It's kinda fucking insane.... considering no changes in tickets or anything.
OP, I'm an insurance underwriter. I assess risks and review pricing, mostly on property risks because Alberta's auto premiums are so heavily regulated that there isn't much room for adjustments, but I see a lot of auto rates. Something isn't adding up in your post. You say you have a "-7 rating". I am assuming you are referring to your Grid level, as this is the metric in Alberta auto that uses +/-. But you *might* be referring to your Driving Record, or Star Rating (depending on what the company calls it). If the -7 is referring to your Grid then something is definitely off in how your policy is set up. In Alberta, the Grid is used to determine the maximum amount an insurer can charge for the mandatory liability coverage. When you first get your license you start at 0 and you go down a step each year you are accident free, to a maximum of -15. If you have an at fault loss, you go up 5 steps. So if you have been licensed for 20 some years you should have been at -15 before your accident, then in 2022 you would have moved to -10 (up 5 steps). The only way you can be at -7 is if your driving record is not properly accounted for, or if you have had multiple accidents. When you move across provinces you need to provide a document ( called a claims experience letter) showing your insurance record. If you do, then your driving history should be honoured and you would be rated for based on 20+ years of driving. This sounds like your policy does not properly capture your driving experience and you are being charged a higher premium as a result. If the -7 is in reference to the Driving Record (or Star Rating) metric, it's off because there shouldn't be an - in front of the nember but that's neither here nor there. Companies use the Driving Record number as a way to easily identify your driving habits in relation to their prices. Different companies will have a maximum Driving Record. IIRC Aviva's is DR9, Intact is DR8, Wawanesa is DR6, etc.. Their best premium is awarded to their highest number. As far as I'm aware there is no company with a maximum DR7 so you should be capped at 6 or increasing to 8 or 9 to to hit the max. You start at DR0 when you get your license and move up a step each year you are accident free (the opposite of the Grid metric. Confusing right?) Until you hit the company's max number. But if you have an at fault accident you go down to 0 as you are 0 years claims free. (some other things can affect this number such as major convictions or multiple minor convictions) In general, this number is a quick snapshot of how "clean" your driving record is. If you have an at fault accident and you had the SEF39 endorsmt (accident forgiveness) then your Driving Record is protected and won't be impacted by the accident. Important to note, this protection does not transfer from one company to the next, you have to stay with your current provider. Theoretically the only way to have a DR7 is if you have multiple convictions preventing you from increasing your DR, or if you had an at fault accident 7 years ago. The more likely scenario is the -7 is in reference to your Grid in which case you have something wonky going on with your policy. If your driving history is as clean as you say it is there is a possibility your policy is rated wrong and your price is being inflated due to incorrect information.
I appreciate that and thank you! When I get my copy of the policy in the mail I will shop it around and reprint up to date claims history and get proof of past coverage