insuranceAlberta Insurance Premium Hikes
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Alberta Insurance Premium Hikes

Alberta Insurance Premium Hikes

Albertans speak out against the rise in premium rates in the midst of the Covid-19 pandemic. Despite some never claiming insurance policies, they believe these premium rate increases are unfair for those who aren’t even making claims.

Many Albertans are upset, especially amid the pandemic. This rise in premium rates is the government’s attempt to correct rate gaps. Nonetheless, it is possible to save money on premium rates. Click here for money-saving tips!

 

Some believe that climate change and global warming, rather than insurance providers, cause the rise in premium rates. Albertans have faced natural disasters after natural disasters, from floods to wildfires. Due to this, many have obtained additional insurance policies to cover these events, which increases premium rates for everybody.

 

Kassandra Kitz, senior press secretary for the Treasury Board & Finance ministry, said that the rate cap on auto insurance that the former NDP government introduced was counterproductive. The current UCP government later removed this previous five percent rate cap. As a result, insurance providers were requesting clients to pay for the entire year’s premium upfront, and some did not even offer comprehensive coverage. However, Alberta and the Insurance Bureau of Canada are working together to stabilize premium rates. 

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