You just got your car insurance renewal notice and you’re a little shocked. The price went up and you haven’t even had a ticket! Don’t worry, you are not alone.
The recent increases in insurance rates come after the Alberta government lifted a five percent price cap implemented in 2017, and insurance companies are recouping their losses from the past few years. The Automobile Insurance Rate Board will now be responsible for approving any rate hikes from providers.
Rising premiums are fueled by many reasons including a dramatic rise in personal injury claims and increased costs for complex automotive parts such as touch screen panels and smart windshields. Alberta also leads the country in vehicle theft with 1 out of every 250 cars or trucks stolen in 2018.
But the good thing is that Alberta’s insurance industry is competitive and not all providers will have the same prices. That’s why it’s important to deal with a broker like HDF. We’ll compare the insurance companies to make sure you’re always getting the best possible price on your coverage.
Want to consult with a broker on your car, truck or motorcycle insurance? Contact one of our three locations today in Edmonton (Central and North) or Whitecourt for help analyzing your insurance needs. We’re ready to help you find the perfect coverage for your vehicle.