What Is Up With Car Insurance Rates in Edmonton?

Edmonton lives up to its nickname “Gateway To the North”. Edmonton is thriving, being the fifth-largest city in Canada. It also houses almost 1,000,000 people. Edmonton is experiencing a boom in vehicle traffic due to its infrastructure growth and increasing population. These drivers all need to move, and there are plenty of routes to take them. With a network connecting roads, it’s easy to travel from Summerside to St. Albert.

All Edmonton drivers require car insurance, regardless of whether they are driving across the prairies or making daily commutes via Calgary Trail. Alberta rates are constantly changing. Edmonton drivers should use price comparison shopping to find the best rate.

Let’s take a look at auto insurance in Edmonton.

Alberta and Edmonton are home to the average car insurance rates

In 2017, Alberta’s auto insurance premiums were on average $122/month. Ontario’s auto insurance premiums averaged $161/month in 2017. Albertan drivers pay 25 percent less for their car insurance than Ontario drivers.

It is interesting to see that women pay $116/month for Alberta auto insurance premiums compared to men. However, this is fairly common across Canada.

In 2017, Alberta car insurance was paid $187 per month to young drivers in Edmonton. As drivers age, the premiums for Alberta auto insurance drop. In 2017, for example, the average monthly cost of auto insurance in Alberta was $152/month for people aged 31 to 35, $122/month for those aged 46-50, and $100/month for those aged 56-60.

Albertans who have a passion for luxury cars can expect to see their car insurance rates rise. In 2017, premiums for drivers with vehicles between $40,000 and $80,000 were around $170 per month.

Albertans who choose to purchase a small vehicle between $10,000 and $20,000 can expect to pay about $123/month for their auto insurance premium. Rates would be the same for older luxury brands of compact cars such as Ford, Mazda, and Kia.

Auto Insurance Facts

  1. LowestRates.ca, an online rate comparison website that offers auto insurance, loans, and mortgages, has launched the 2018 Auto Insurance Price Index Report. This price index is the only one in Canada that uses proprietary data to calculate the average monthly cost of car insurance for Canadians. LowestRates.ca processes hundreds of thousands of car insurance quotes every year. According to the index report, the price of Alberta auto insurance has increased by 5.1 percent in 2017. This means that Alberta drivers paid more in 2017 for their car insurance than they did in 2016.
  2. The police have the authority to decide who is criminally liable for a motor vehicle collision. However, when it comes time to settle auto insurance claims, it is the insurance company that makes the final decision. The insurance company will investigate the accident and determine who was responsible. This decision will ultimately affect whether the insured will be required to pay the deductible.
  3. According to statistics from the Insurance Bureau of Canada (IBC), the top 10 most stolen cars in 2014 was made of cars manufactured between 1999 and 2007. Experts believe that thieves are targeting older cars because they have fewer anti-theft devices. The IBC also states that car owners sometimes make it easy for car thieves get away with their cars. Around 20% of all vehicles stolen had their keys left behind.
  4. Parking tickets can be a hassle and an expense that drivers should avoid, but insurance companies don’t care about how many drivers have them. Therefore, they don’t impact car insurance rates. You won’t have the ability to renew or register your driver’s licence or registration if you don’t pay them. Also, your insurance rates will be affected if your driver’s permit is suspended.