How auto insurance in Edmonton works
All Edmonton residents are required to have car insurance to be able to legally operate a vehicle. The rules and regulations for Alberta car insurance apply. The industry is regulated by the Auto Insurance Rate Board (AIRB). A hybrid no-fault and tort system is in effect. This means you use your insurer no matter who is at fault for the collision. You also have the right to sue other drivers for damages.
Rates are determined using the grid rating system. Most drivers do not pay grid insurance premiums. New and young drivers are often capped by the grid system. This helps them keep costs down.
Mandatory and optional car insurance coverage in Edmonton?
Car insurance in Edmonton is a combination of mandatory and optional types of coverage. Policies will include the minimum mandatory coverage and can be personalized with various types of optional coverage for more protection.
Mandatory auto insurance
All drivers in Edmonton must have basic car insurance. Drivers are required to have a minimum amount of $200,000 in third-party liability. Without this you will not be able to register your vehicle in the province.
Basic policies also include :
- Personal Liability and Property Damage (PLPD)
- Accident benefits
Optional auto insurance
You can get optional car insurance from any Alberta insurer. Most drivers have more than the minimum requirements - $1 million in third-party liability. Many also have collision or comprehensive.
Additional coverage options include :
- Additional PLPD coverage
- Additional accident benefits
- Collision
- Comprehensive
- Specified perils
You also have optional Standard Endorsement Forms (SEF) which allow you to further personalize your plan. Talk with your insurance company about your options.
How much is car insurance in Edmonton?
Edmonton car insurance costs vary from driver to driver. Rates are determined using many factors, including the grid rating system, where you live, age, driving experience, vehicle type, driving record and even the insurance company you use.
The average cost for auto insurance in Edmonton is about $1,500 per year. This works out to just over $100 per month.
Ways to get the cheapest car insurance in Edmonton
Saving is not as complicated as you think. Here are some ways to find a cheaper car insurance rates in Edmonton :
- Shop around : Shop for quotes online or with our insurance experts. See what insurance companies have to offer.
- Drive safe : Keep your driving record clean.
- Choose your vehicle wisely : Choose a vehicle that is insurance friendly.
- Ask about discounts : There are many discounts you could use to lower your payments.
- Use winter tires : You will qualify for a discounted rate.
- Bundle : Combine home and auto insurance into the same policy for additional savings.
- Driver training : Completing a driver training program will help new drivers lower premiums.
- Check rates before renewal : Comparing rates before you renew allows you to take advantage of cost savings opportunities.