More than $1.5 million in fines were imposed against 16 car insurance providers in Alberta by the provincial insurance watchdog recently for overburdening drivers in their plans.
The role of the Alberta Insurance Supervisor is to protect customers and increase public confidence in insurance. It checks and takes appropriate regulatory action when there is non-compliance with the provincial Insurance Act. His workplace issued a total of 29 penalties for “charging private travelers car insurance costs above the agreed price.”
It is not known how much or how much Alberta drivers were overcharged. The Canadian Bureau of Insurance (IBC) and some of the sanctioned insurance providers said any misbilled drivers had been reimbursed. The CBC first reported the information.
Alberta Car Insurance Reform Review Results
On the other hand, the provincial federal government introduced an auto insurance evaluation earlier this year to find ways to get insurance more affordable. The initiative consisted of appointing an advisory board to study the matter. One of the options being evaluated is the opportunity to expand the insurance regimen without the province’s fault.
The advisory committee review consisted of a February examination of Albertans. He has since completed his work and sent notes to the Head of the Alberta State Treasury and Priest of Finance, Travis Toews. Although the results of the committee’s work will be announced, it is not known when the federal government will do so.
Also important, the provincial regulatory authority – the Car Insurance Rates Council (AIRB) – released its annual survey, “Customer’s Viewpoint on Car Insurance 2020” in June. It found only 23% of survey participants agreed with the statement that ‘car insurance costs are reasonable and reasonable’, which is a notable decrease from 60% of Alberta drivers who agreed to defend the statement in 2017.
A poll different from Albertans views on the cost of auto insurance in June by a provincial coalition called Reasonable Alberta Injury Regulations found that Albertans were 3 times more likely to choose the wrong insurance system (61% support) than a no-fault system (20% support).
The IBC also submitted a proposition to the Alberta federal government earlier this year that stated 93% of Albertans thought the auto insurance system should improve, and 92% of drivers wanted more options to help manage their cost pricing.
Customers in Alberta pay among the highest average premium prices in Canada. Driver at B.C. paying one of the most – about $1,832 – was complied by Ontario at about $1,505. Alberta is 3rd on the list with an average premium of $1,316.
What You Can Do to Lower Your Car Insurance Premium
While Alberta drivers await the results of the provincial insurance reform review, here are a few options that can help reduce your premiums:
- Self Defensive. Aim to have the concept of safe driving as your goal every time you support the wheel. Maintain a tidy driving record by refraining from accelerating, driving vigorously or when damaged, and refraining from fiddling with digital devices while driving to avoid being billed for deviant driving.
- Integrate Your Plans. Suppose you have home insurance or condo insurance as well as a car plan. Due to the situation, many insurance providers will give you a small discount for “packaging” or combining your plan with the same insurance provider.
- Increase your Deductible. If you can afford it, consider increasing the deductible on your coverage. Usually, the larger the insurance deduction, the lower the premium and vice versa. Talk to your broker to determine if this makes monetary sense for you.
- Enroll in the Use-Based Insurance Program (UBI). Some insurance providers offer UBI programs that monitor how you have, how much and how often. If you regularly demonstrate safe driving practices, you can create a discounted rate for your fare. In addition, you can get 5% to 10% discount for enrolling in the UBI program.
- Shop your Fare. Whether your plan is for revival or otherwise, explore your options to find adequate coverage that meets your budget by comparing free plans and costs from various insurance providers.