Edmonton definitely lives up to its nickname, “Gateway to the North.” As Canada’s fifth largest city and home to nearly 1 million people, Edmonton is flourishing. Along with the growth of its infrastructure and population, there is a surge of vehicles on Edmonton’s roads. All of these drivers need to move, and there is no shortage of routes to get anywhere; With a network of connecting roads, you can get from Summerside to St. Albert with ease.
Whether you’re taking a road trip across the prairies or commuting through the Calgary Trail, all Edmonton drivers need auto insurance. Rates are changing in Alberta, which is why every driver in Edmonton should take advantage of comparison shopping to get the best rate.
Let’s see what’s going on with auto insurance in Edmonton.
Average car insurance rates in Edmonton and Alberta
Alberta car insurance premiums on average were $122/month in 2017, while Ontario car insurance premiums averaged around $161/month in 2017. Alberta drivers pay around 25% less for the car insurance for Ontario drivers.
It’s interesting to note that, on average, women pay less for Alberta auto insurance premiums than men: $116/month compared to $126/month for men in 2017, but this is pretty standard across Canada. .
Young drivers in Edmonton (under the age of 25) paid about $187/month in 2017 for car insurance in Alberta. Alberta auto insurance premiums decline as drivers age. For example, in 2017, people ages 31 to 35 paid about $152 a month, people ages 46 to 50 paid about $122 a month, and people ages 56 to 60 paid about $100 a month.
Alberta drivers who like luxury vehicles can expect their auto insurance rates to rise. Drivers with cars valued between $40,000 and $80,000 paid about $170/month for their premiums in 2017.
For Albertans who decide to purchase a modest vehicle valued between $10,000 and $20,000, they can expect their Alberta auto insurance premium to be around $123/month. This means that the rates would be similar for older models of luxury brands of compact car brands such as Kia, Mazda, Ford, etc.
Facts you should know about car insurance
- LowestRates.ca (an online rate comparison website for auto insurance, credit card rates, loans and mortgages) released its 2018 Auto Insurance Price Index report. This is Canada’s only price index which uses proprietary data to track the average quarterly cost of car insurance paid by Canadians. The data comes from the hundreds of thousands of rates processed each year by LowestRates.ca. The index report shows that since the fourth quarter of 2016, the price of Alberta car insurance has increased by 5.1% in 2017, which means that the average Alberta driver paid more for car insurance in 2017 than in 2016.
- The police have jurisdiction when it comes to deciding who is criminally liable for a car accident, but when it comes to auto insurance claims, the insurance company calls the shots. It is the insurance company that will investigate the accident and make a decision about who was at fault, which ultimately decides whether or not the insured will have to pay the deductible.
- Statistics from the Insurance Bureau of Canada’s (IBC) Top 10 Most Stolen Cars list in 2014 revealed that cars made between 1999 and 2007 were in the top 10. -theft devices. Additionally, the IBC states that sometimes car owners make it easy for car thieves to get away with murder. About 20 percent of all stolen vehicles had the keys inside.
- Although parking tickets are a pain and an avoidable expense for drivers, insurance companies aren’t concerned with how many a driver has; therefore, they do not affect auto insurance rates. However, if the tickets are not paid, you will not be able to renew your driver’s license or registration; And if your driver’s license is suspended, it will affect your insurance rates.
Auto insurance rates in Edmonton are changing, but the good news is that you can shop around to get the best price. You don’t have to settle for a quote from an insurance agency. At InsurEye, our brokers shop the market for you, so you can get the best policy for your needs and budget.