Name: Lakeview Insurance
Address: Calgary, AB
Telephone: 403-287-2521

The world of car insurance in Calgary has many moving pieces and components. Luckily, your friendly insurance brokers are here to make sense of the insurance landscape, and this also applies to new drivers. However, there are a few things to establish off the hop.

Considerations for Car Insurance in Calgary

Typically, new drivers have an extra burden when it comes to getting insurance. There are several reasons for this, such as their risk category. We will touch on the risk category more later, but at this point, you can simply consider it as the likelihood of a driver to experience a collision.

Additionally, there is a legal requirement for all drivers to have basic coverage insurance. In Alberta, basic coverage includes both third-party liability and accident benefits insurance. Third-party liability refers to the coverage you receive if someone, or something, other than you causes damage to your vehicle. In a similar vein, accident benefits cover your recovery or your family in the event of serious personal injury.

Sale agent deal to agreement successful car loan contract with customer and sign agreement contract Insurance car concept.

Now that we have established the insurance requirements, and why it might be a higher rate for new drivers, we can dive into the costs. Ultimately, there will be many factors to consider for your car insurance in Calgary, which can considerably fluctuate the cost. However, both your risk category and the AIRB will play pivotal roles in determining this price.

Factors Affecting Calgary Car Insurance Rates

Auto Insurance Grid Rate

The Automobile Insurance Rate Board (AIRB) has developed a sliding scale that establishes the maximum premiums for insurance companies offering basic coverage. This is called the Auto Insurance Grid Rate, and it essentially enforces the lower cost choice of two options. The first option is the driver’s premium through the Auto Insurance Grid Rate calculator, and the second is the insurance company’s current rating program.

This is a beneficial way to keep car insurance in Calgary under a reasonable standard and is often quite effective. The AIRB reports only 6% of drivers use the Grid Rate, which means that new drivers can usually expect to pay less than the $2,531 per year mandated by the program.

Risk Category

The risk category will adversely affect new drivers for a few reasons. Naturally, new drivers are at the highest risk for collisions and driving infractions. Additionally, fresh male drivers are at even higher risk than females because they tend to engage in risky behaviours. Therefore, an 8-year term applies to all new drivers that see their insurance rates increase to compensate for the possibility of danger.

New Driver’s Best Calgary Car Insurance

At Lakeview Insurance Brokers Ltd., we pride ourselves on offering all our clients straightforward, effective and comprehensive insurance plans. Further, we work with you to determine the optimal insurance level for your needs and combine deals from insurance providers around the province. Give us a call to learn more today!

Lakeview Insurance Brokers Ltd. has been a highly dedicated member of the Independent Brokers Association of Albert and has been family-run since 1979. Our brokers take the time to ensure you get the best policy that suits your needs. Contact us today to get started at 403-287-2521 or send an email to [email protected]

Finding cheap car insurance in Calgary can be a difficult search, but with the right information and a winning attitude, the process is much simpler to complete. Here you will find some of the most relevant tips for getting a deal on your car insurance, so let’s get started.

Ways to Find Cheap Car Insurance

Bundle Your Policies

If you are like many Albertans, chances are you have additional vehicles or items that require insurance. Consider your home, boat, off-road vehicles, and more to fall into this category. Simply by bundling each of their insurance packages together under the same company, you can reduce your rates. Insurance companies will be glad to reduce the overall rates for the benefit of a larger bundle overall.

Decrease Coverage

Indeed, decreasing your coverage is one of the most effective ways to lower our car insurance in Calgary. However, this can also have harmful effects on your payments and insurance in the event of an accident, so make sure you are comfortable with the added risk before pursuing this option. Further, it is essential to note that basic coverage is a legal requirement for driving in this province, so don’t get rid of it!

Consider Your Options

In a similar fashion to cell phone coverage providers, one of the best ways to decrease your payments is through shopping around. With over 40 different insurance companies operating in Alberta, there are many options for your consideration and finding the right one should be a part of your process every time you renew your insurance.

Good Driving Habits

Easily the most effective option on this list, honing your driving habits to follow all relevant laws, will always result in a reduction in your car insurance. The more tickets and problems indicated on your record, the more likely you are to face an uphill battle during insurance negotiations.

Change Your Vehicle

Insuring new vehicles will often have a higher associated cost, as they are valued higher than older vehicles. Consider choosing an older vehicle for your daily needs if you want to save some money on your car insurance. Similarly, select car brands known for the availability of their parts and service for an even more significant discount.

When it comes to car insurance, you need to understand how much you should be paying for it. There are reasonable prices and bad prices, but the truth is no insurance company will charge the same amount because a variety of factors come into play. On average, statistics show that Albertans pay $114 for car insurance in a year.

Cost Factors of Auto Insurance

There are a few factors that your Calgary insurance company consider into the cost of your insurance. First, they will look at the frequency of vehicle collisions in your area. In doing this, they can assess the risk you present in filing for compensation. They will also look at the density of deer in your area, and the frequency of collisions with wildlife as this also plays a role in the rates from your Calgary insurance company. In addition, your insurance brokers in Calgary will look at how many car accidents you have been involved in and assess the risk from there.

The Role of Age, Gender and Marital Status in Car Insurance

There is a link between age and experience. Often, drivers with less experience cause more accidents than experienced drivers. For that reason, your Calgary insurance company will raise the premiums on younger drivers.

Gender also plays a role because males have a higher likelihood of accidents than females, which causes the car insurance Calgary company to raise the rates for men.

Interestingly enough, marriage also plays a role in insurance rates as married drivers have a lower likelihood of getting into accidents.

The price is determined as a result of insurance brokers looking at the data to identify the riskiest drivers to insure. The higher the risk, the more you will pay. When looking at auto insurance, you should shop around to look at the different prices and get a better idea of what your rates will be.

Lakeview Insurance Brokers Ltd. has been a highly dedicated member of the Independent Brokers Association of Albert and has been family-run since 1979. Our brokers take the time to ensure you get the best policy that suits your needs. Contact us today to get started at 403-287-2521 or send an email to [email protected].