Good news for Alberta drivers: a new study has found that the province’s automobile insurance rates have decreased for the fourth consecutive quarter. According to Kanetix’s quarterly review, rates for the final quarter of 2012 were 8.1 percent lower in Alberta, when compared to rates for the same period in 2011. Ontario saw a smaller 3.3 percent decrease in rates, while Quebec’s rates actually went up by 6.8 percent, meaning Albertans are definitely seeing the greatest drop of the three provinces surveyed.
Steps to Save You Money
While many factors have helped contribute to the falling rates, there are some that you, as a savvy consumer, can take advantage of. You can see if your insurer offers discounts for winter tires, roadside assistance, or even make use of any available group purchasing discounts. If your insurance company charges you administrative fees to process each month’s payment, see if you can pay the entire year up-front to cut down on those costs. While it may mean a bigger chunk out of your wallet at the beginning of the year, it can save you money in the long run, as those monthly fees can add up.
If you can afford it, opting for a higher deductible can help bring down your insurance rates: just be sure you can handle the higher price should you end up getting into an accident. If you’re curious about what factors go into calculating your premium, the Alberta Automobile Insurance Rate Board has an informative list. While many conditions are beyond a customer’s control, like age and gender, there are some steps you can take that may help bring down your rate, such as installing an anti-theft device in your vehicle, and making sure any new drivers on your insurance complete a training course.
Shopping Around for the Best Rates
One of the most effective things you can do is to comparison shop for the best insurance rates in Alberta. This is where an insurance broker can be especially beneficial; because they don’t work for any one insurance company, they can handle the comparison-shopping for you, ensuring you're getting the best deal.
With insurance rates trending downwards in Alberta, now is an ideal time to make sure you’re getting the best value for your dollar. Consumers can get trapped with higher rates simply because it seems easier to renew than to start looking for a better deal. But with tools like online comparison calculators and the helpful brokers at First Foundation, shopping around is easier than ever.
Contact First Foundation today to find out how you can take advantage of Alberta's lower auto insurance rates.