Alberta holds the line on mandatory auto insurance premiums

Alberta’s Automobile Insurance Rate Board (AIRB) has decided to maintain premiums at 2010 levels for mandatory automobile insurance.
The decision not to increase rates was based on input from Albertans, the board’s consumer representative, the board’s actuary and insurers during an open meeting held in June, AIRB said in a press release.
“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, added AIRB chair Alfred Savage. “Since the introduction of auto insurance reforms in 2004, premiums for mandatory auto insurance coverage have decreased by 23%.”
The decision applies only to mandatory coverage, which is required by law and includes third party liability and accident benefits coverage. It does not include optional collision or comprehensive coverage. Those premiums are set by individual insurance companies.