Take more out of our pockets?

Insurance rates in Alberta are making the news in June 2010 again. The Alberta Insurance Rate Board (AIRB) is concerned about increases that are coming.

The problem is that the AIRB only has some control on the Public Liability and Property Damage (PLPD) portion of the insurance rates. This is the minimum amount you need to drive your vehicle. This coverage gives you a "pink card" but nothing else.

The AIRB has suggested that they could play a more active role in regulating rates for the physical damage portion of your insurance policy. This is known as All Perils, Collision and Upset, Comprehensive and Specified Perils. This is where the rates have consistently gone up. If you are seeing an increase in insurance premium, check out the Section C coverage portion. Compare it to last year.

This is not just happening in Alberta, this change is occurring just about across the board. Talk to your broker or agent about better rates with another company. You may want to check online companies. Can you afford to pay more for your insurance? Take control of your insurance, do not let rates control you.