Frustrated with insurance prices?

Do you feel good about your auto insurance premiums? When you got your renewal did you see your rates go down?

The provincial Automobile Insurance Rate Board (AIRB) is holding public meetings in Calgary on June 15 at the Telus Convention Centre. The agenda is presentations by a consumer representative, insurance companies and the AIRB actuary. The board is meeting to discuss insurance rates in Alberta.

Part of what is being considered is the Alberta Court of Appeal's decision to reinstate the $4,500 cap on soft tissue injuries. There has been a strong movement by the insurance companies to retain this cap to help prevent premiums from soaring.

The board only determines rates for the Public Liability and Property Damage (PLPD). This is your basic insurance to make your vehicle legal to drive. Most drivers in Alberta have more than basic insurance. If you are an experienced driver who is over 25 years-old then the PLPD (Section A) coverage is the cheapest part of your insurance. A 5% reduction in price might save you $20/year.

Where are the rate increases coming from that you see on your policy? It is the Collision and Upset, Comprehensive and Specified Perils coverage under Section C. The rates for individual vehicles are determined by the VICC. Your vehicle is considered for such things as price, likelihood of theft, cost and availability of replacement parts and how modular is the construction. These rate groups have been steadily going up. The insurance companies have been increasing the premiums in these areas.

So this is why an older truck will cost more then a newer version. Certain models of the Yukon Denali are almost $700 year for fire and theft-type coverage alone. What are you paying for your insurance? Are you happy with your premiums?

Perhaps you might like to share your views with the AIRB? Here is their contact information: Email: ac.ba.vog|bria#ac.ba.vog|bria

frustratedman.jpg