The Alberta Automobile Insurance Rate Board is holding premiums to 2010 levels for mandatory automobile insurance as a result of input from consumers, insurers and industry representatives during a June meeting.
Holding rates to 2010 levels strikes a fair balance between Albertans who pay insurance premiums and Albertans who are injured in automobile accidents and have a legitimate need to make a claim.
“Alberta consumers continue to have access to fair and affordable auto insurance,” says Board Chair Alfred Savage. “Since the introduction of auto insurance reforms in 2004, premiums for mandatory auto insurance coverage have decreased by 23 per cent.”
The decision applies only to mandatory coverage required by law and includes third party liability and accident benefits coverage. It does not include optional collision or comprehensive coverage whose premiums are set by individual insurance companies.
The Board’s mandate is to ensure an efficient and effective automobile insurance market with rates that are predictable and fair for both motorists and insurance companies. It reviews auto insurance rates every year, after which any adjustments will take effect on November 1 of the same year.
For more information, visit the board’s website at www.airb.alberta.ca or call 780-427-5428 (toll free at 310 0000).
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Category: Alberta
