![]() Bell Media reviews every comment submitted, and reserves the right to approve comments and edit for brevity and clarity. The AIRB is required to review auto insurance rates every year. Insurance companies have the option to implement all or part of the 5 percent increase over the next 3 years. The change will come into effect on November 1, at which point the AIRB will monitor to determine whether further changes – either an increase or a decrease – will be required. ![]() Those insurance rates haven’t seen an increase since 2008, and the board had decreased the cost by 18 percent since 2004.įor the average Albertan, an increase of 5 percent would reflect a $30 difference. Those premiums are set by individual insurance companies. The province said it does not include optional collision or comprehensive coverage. The increase would only be for the mandatory portion of insurance – which accounts for about half of the average automobile insurance bill and includes third party liability and accident benefits coverage. “Certainly, the cost of repairs and damages have gone up.” “Property injuries have gone up considerably, they’ve gone down for many years but they have gone up this year,” AIRB Chair Alfred Savage said. ![]() Officials said insurance companies had asked for a 12 to 13 per cent increase. The decision to increase rates comes after the Automobile Insurance Rate Board (AIRB) held its annual public rate review. Car insurance rates in Alberta will be increasing by up to 5 percent this fall. ![]()
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