Alberta Car Insurance Calculator & Companies

  • Alberta

Average Written Premiums for Private Passenger Vehicles in Alberta

 20112012201320142015
Basic Coverage$551$562$579$609$644
Additional Coverage$519$525$534$544$535
Total$1,070$1,087$1,113$1,153$1,179
% Change from Prior Year1.60%2.40%3.60%2.30%

List of Top Auto Insurance Companies in Alberta

RankingTop Auto Insurance Companies in Alberta2015 DIRECT WRITTEN AUTO
1Intact Financial Corporation895,192,000
2Wawanesa Mutual Insurance539,563,000
3Td Insurance, General Insurance529,074,000
4Aviva Canada Inc327,244,000
5Co-Operators General Insurance Co322,503,000
6Desjardins General Insurance Group247,288,000
7RSA Canada Group237,032,000
8Alberta Motor Association220,801,000
9Economical Insurance157,598,000
10Northbridge Financial Corporation104,495,000
11Allstate Insurance Co of Canada95,878,000
12Travelers Canada91,324,000
13Peace Hills GeneralInsurance74,298,000
14RBC General Insurance60,924,000
15SGI Canada Group59,428,000
16Zurich Insurance Company Ltd33,803,000
17Portage La Prairie Mutual19,914,000
18Chubb Insurance Co of Canada12,898,000
19AIG Insurance Co Of Canada12,646,000
20Pembridge Insurance Company11,993,000
21Echelon Insurance10,912,000
22Lloyd's Underwriters9,656,000
23Old Republic Insurance Company7,568,000
24Guarantee Company Of North America3,836,000
25Cumis General Insurance3,562,000

Car Insurance Companies in Alberta & Market Shares

Market ShareInsurance Company Name
21%Intact Financial Group
13%The Wawanesa Mutual Insurance Company
13%TD Insurance
8%Aviva Canada Inc.
8%The Co-operators Group Ltd.
6%Desjardins General Insurance Group
5%Royal & Sun Alliance Insurance Group
5%Alberta Motor Association Insurance Company
4%The Economical Insurance Group
2%Northbridge Financial Corporation
15%Remainder

Estimated Total Claims in Alberta

 20112012201320142015
All Automobile (000s)$2,208,843$2,535,107$2,756,050$2,974,336$3,112,017
Private Passenger (000s)$1,737,452$2,023,238$2,156,805$2,357,662$2,491,948
Private Passenger Loss Ratio70.00%78.00%79.00%80.00%81.00%
% Change from Prior Year11.40%1.30%1.30%1.30%

Are Alberta Auto Insurance Rates Good Compared to Other Provinces?

highest

The answer to this question is really up for debate. Alberta certainly does not have the highest auto insurance rates in the country. That title belongs to Ontario. In fact, Alberta does not have the second-highest rates in the country either. The second place prize goes to British Columbia. Alberta is the province that has the third highest average auto insurance rate in Canada. Although this number might be a lot higher than some of the other provinces, you have to consider the population. Alberta has a much higher population than a lot of Canada. A higher population makes it more dangerous to drive. The more people there is, the higher the chance there will be an accident. The more accidents, the more claims on insurance.

Is There a Way to Get Cheaper Driving Insurance in Alberta?

Although there is not a specific way to get cheap auto insurance in Alberta, there are many ways you can get cheaper auto insurance in general. If you look at a number of different insurance companies before deciding to take on a policy, you will be able to compare quotes and get a cheaper plan. Other things you can do involve making sure that you treat your insurance company correctly. Paying your fees on time, maintaining a clean driving record, and making sure your license and registration are up to date are all extremely important factors.

Is There a Minimum Amount of Auto Insurance Coverage in Alberta?

An insurance company puts minimum coverage amounts in place to make sure that people will be able to pay for their losses after an accident. In Alberta, you are required by law to have at least $200,000 in liability coverage. If you don’t prove that you have this amount of auto insurance coverage on your policy, you will not be able to drive. This is due to the fact that drivers who do not have this coverage are not allowed to register their vehicles.

Is Alberta Under a No-fault Insurance System?

fault

Yes, Alberta is under a no-fault insurance system. Although there may be someone who is at fault in a car accident, it isn’t always easy to decide who should pay for the damages. If you get into an accident at all in Alberta, your insurer will pay for your vehicle’s damages even if you are at fault for an accident.

Are Auto Insurance Rates in Alberta Regulated?

Alberta auto insurance is run by a number of private auto insurance providers. However, the actual rates for insurance are regulated. The provincial government does regulate auto insurance rates in order to make sure that they are fair. Generally speaking, there are two different groups that regulate auto insurance in Alberta. The automobile insurance rate board as well as the office of the Superintendent of insurance.

How are the Insurance Rates Calculated in Alberta?

Insurance is definitely something that is not randomly calculated. There is a lot of effort that goes into making sure that auto insurance rates are fair for Alberta. The usual factors to calculate auto insurance include things like you’re driving record, age and gender. There are also some smaller factors such as how long you have been driving, what vehicle you drive, where you drive and the coverage that you have on your vehicle. In order to calculate the number, these factors are all weighted by insurance companies in order to determine a fair rate for their clients.

Are There Consequences for not Having Insurance and Driving in Alberta?

Much like the rest of Canada, Alberta does have penalties for driving without insurance. In Alberta, if you’re convicted of driving without insurance, you will likely have to pay a fine. The fines will generally range between a few thousand dollars to as much as 10 grand. If you happen to be caught doing this more than one time, you can receive a fine that is as large as 20 grand. Not to mention the fact that if you happen to do this more than once, you can also have your license suspended. In fact, some people actually get sent to jail for as long as 60 days.

At What Age Can You drive in Alberta?

age

Alberta actually allows some of the youngest drivers in Canada to be able to drive. If you are 14 years of age, you can get a learner’s license. To get your learners license, you must pass a vision test and a test on the rules of the road. Once you have held this learner’s license for at least one year and are at least 16 years of age, you can proceed to become a probationary driver. Once you have had your probationary license for at least two years, you can proceed to try for your full license. To be able to become a fully licensed driver, you have to do an advanced road test.

To Conclude:

Getting auto insurance for the first time is not necessarily an easy task. It is extremely important to know what to look for and to make sure that you’re getting a reasonable price. Insurance is an expense that you’re going to have to pay for the majority of your life. For this reason, it is extremely important to make sure that you have the proper coverage to suit your lifestyle. You never know when you’re going to get into an accident, which is why the right insurance company and the right policy are extremely important.

Resources:

http://www.transportation.alberta.ca/Content/docType47/Production/graduateddriverlic.pdf

https://www.firstfoundation.ca/blog/why-you-shouldnt-drive-without-insurance/

http://www.investopedia.com/ask/answers/09/calculating-premium.asp

http://www.airb.alberta.ca/drivers/faq.aspx

http://www.airb.alberta.ca/about/annual-reports/2016/2016.pdf