Alberta’s Auto Insurance Among Highest in Canada: Report

Whereas Alberta could supply good worth in the case of shopping for a home, the identical can’t be mentioned in the case of paying for auto insurance, in response to a report performed by worldwide accounting agency Ernst & Younger.

Commissioned by the Insurance coverage Company of British Columbia (ICBC) and released on Dec. 8, the report discovered that Alberta’s auto insurance charges are among the many highest within the nation when in comparison with different provinces, primarily based on analysis performed between September and October.

The report in contrast the charges in 9 provinces and checked out 30 totally different driver profiles primarily based on a set of standards together with age, gender, marital standing, employment standing, years licensed, car, common each day commute, and annual kilometres pushed.

For instance, an 18-year-old man with a Stage 2 learner’s license and a 2012 Honda would pay a yearly common payment of $5,936 in Alberta, in comparison with $5,199 in Ontario, $5,019 in Newfoundland, $4,861 in Nova Scotia, and $4,297 in New Brunswick. Charges are cheaper in Prince Edward Island ($2,988), B.C. ($2,511), Manitoba ($1,413), and Saskatchewan ($1,129).

Particularly, the ten cities with the best auto insurance coverage charges for this profile group are as follows:

• Alberta – Calgary ($6,140)
• Alberta – Edmonton ($6,471)
• Alberta – Grande Prairie ($5,576)
• Alberta – Pink Deer ($5,557)
• Ontario – Kitchener ($5,774)
• Ontario – Thunder Bay ($5,576)
• Ontario – Toronto ($5,294)
• Nova Scotia – RisePEI ($5,315)
• Nova Scotia – Sydney ($5,517)
• Newfoundland – St John’s ($6,828)

A take a look at the profile of a 30-year-old married man, employed, with 14 years of driving expertise and driving a 2019 Ford F350 SD XLT crew cab, however met with an accident in September 2019, reveals an identical pattern of Alberta providing the best charges.

In Alberta, this driver must fork out $4,791 a yr on common for his auto insurance coverage. In Nova Scotia, Ontario, and Prince Edward Island, he must pay $3,735, $3,568, and $3,096, respectively. Charges could be extra beneficial to him in New Brunswick at $2,633 and B.C. at $2,065, whereas Saskatchewan would give him the most effective fee at $1,417. The report doesn’t embrace the determine for Newfoundland.

A breakdown by the highest 10 cities with the costliest charges for this profile is as follows:

• Alberta – Calgary ($5,042)
• Alberta – Edmonton ($4,480)
• Alberta – Grande Prairie ($4,701)
• Alberta – Pink Deer ($4,939)
• Ontario – Kitchener ($3,423)
• Ontario – Thunder Bay ($4,701)
• Nova Scotia – Antigonish ($3,493)
• Nova Scotia – RisePEI ($3,944)
• Nova Scotia – Sydney ($4,014)
• Nova Scotia – Truro ($3,488)

The report additionally calculated the estimates for the profile of a 35-year-old lady, single, employed, with 19 years of driving expertise and driving a 2018 Volkswagen Tiguan, however charged with a significant conviction final September.

This driver should pay essentially the most in Alberta at a mean annual fee of $2,537, adopted by Nova Scotia at $2,447. She can have a greater fee in Ontario ($1,929), New Brunswick ($1,803), and Newfoundland ($1,761), whereas getting the most effective charges in Prince Edward Island ($1,371), B.C. ($1,269), Manitoba ($1,247), and Saskatchewan ($1,074).

The ten cities with the best auto insurance coverage charges for this profile are considerably much like the opposite two profiles talked about.

• Alberta – Calgary ($2,639)
• Alberta – Edmonton ($2,701)
• Alberta – Grande Prairie ($2,264)
• Alberta – Pink Deer ($2,546)
• Ontario – Thunder Bay ($2,264)
• Nova Scotia – Antigonish ($2,257)
• Nova Scotia – RisePEI ($2,650)
• Nova Scotia – Sydney ($2,624)
• Nova Scotia – Truro ($2,256)
• Newfoundland – St John’s ($2,255)

For all profiles, charges from B.C., Saskatchewan, and Manitoba have been offered instantly by ICBC, Saskatchewan Authorities Insurance coverage, and the Manitoba Public Insurance coverage Company, respectively, to Ernst & Younger this September, the report mentioned.

“Charges for the opposite provinces have been collected from a broad pattern of quotes obtained on-line utilizing September 1, 2022, because the efficient coverage date.”

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Isaac Teo is an Epoch Occasions reporter primarily based in Toronto.