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

Inflation currently defines our economic climate in Alberta. Prices aren’t what they once were years ago. Consequently, you can expect car insurance in Calgary has changed since then. With this guide, you can help navigate car insurance in 2022 Alberta. See how here.

How Car Insurance Works in Alberta

Car insurance in Alberta is divided between basic and additional coverage. Basic coverage is mandatory by law and entails accident benefits and third-party liability. An established maximum amount makes this basic coverage affordable and accessible. Meanwhile, additional insurance coverage is more for collision cases and is not required by law.

It allows you to find personalized car insurance in Calgary for policies with more options for protection. However, not all insurance companies in Calgary have the same coverage and rates. But, it’s worth noting that the Automobile Insurance Rate Board (AIRB) regulates automobile insurance rates in Alberta. So, you can expect to find the car insurance that suits your needs and finances since prices vary.

What Affects Car Insurance in Calgary

As you might know, your driving history impacts how much you would have to pay for the premium on your car insurance. These can include:

Collisions
Frequent claims of serious injuries
Fraudulent claims
Distracted or impaired driving
Theft

These are just a few examples. However, you need to factor in where you live, which affects your premium rate. For instance, the premium rates for car insurance in Calgary will be higher than in rural places. The reason is that a bigger city has a bigger risk of theft, accidents, and even weather-related events. In turn, rates would be higher. Even if that’s the case, it doesn’t mean you can’t find insurance companies in Calgary that offer affordable rates.

How to Save on Car Insurance in Calgary

It’s not impossible to try and save on car insurance in Calgary during this time. Here are a few things you should consider to help you save!

Follow the Road Rules

This suggestion is an obvious one – but it’s worth the reminder. The safer you are on the road, lessens the chances of car accidents. It’s worth being a defensive driver for your and others’ safety while also helping to lower your insurance.

Be Cautious of Claims

You can’t help if you need to file a claim. That’s part of the process of insurance coverage. However, be cautious of filing too many claims. Doing so increases your insurance. So, only submit a claim if the damage is severe enough.

No Missing Payments

You don’t want to miss car insurance payments for your best interest. When you do, you will have to pay more to make up for it. If you can’t avoid a missed payment, then contact your insurer ASAP to help negotiate options on what to do.

Raise Deductible

Paying might initially seem counterintuitive to saving money on car insurance. However, raising your deductible helps to lower your rates. In turn, it will help save you money in the long term.

Proactive on Protection

Avoid having to go through insurance by finding ways to protect your vehicle. In Calgary, winter is notorious for collisions. So, ensure you’re equipped with the right tires. Also, regarding theft, consider installing security devices for your car.

Combine Insurances

You can find insurance companies in Calgary that can bundle your car and home insurance. In this way, you’re saving on costs through dual coverages. It’s a win-win scenario!

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].

A common sight living in a metropolis like Calgary are busy cars, going here and there to connect to communities across the city. With that being said, more cars ultimately mean a higher demand for car insurance. In which case, it’s imperative to seek out affordable car insurance rates that can provide you with the best coverage.

However, some factors can affect your car’s insurance rate. By keeping in mind what can affect your car’s insurance rate, you can effectively strategize ways to lower your rates and avoid unnecessary issues down the line.

Type of Vehicle

Did you know the type of vehicle you choose can dictate car insurance rates? The reason is to determine what vehicles are susceptible to more claims and their cost. The Canadian Loss Experience Automobile Rating (CLEAR) is a system that insurers use to help determine rates by factoring in claims data, your car’s model, and its year.

This system can see the likelihood that your car is a target for theft based on where you live. As a result, the cost of repairs will be higher after it’s been in a collision.

In addition, any cars with higher quality safety equipment can contribute positively to lowering your car insurance rates. By opting for a safer car, you’re not only helping yourself but your wallet as well.

In which case, it’s wise to think twice about what car you might want to purchase in the future.

Driving History

The literal driving force behind what can affect your car insurance rate is your driving history. The more issues found within your driving history, the more you will likely have to pay for car insurance.

Beyond collisions and claims, other factors can impede your car insurance rate in drastic ways.

Here are just a few of what can impact your rate:

High speeding ticket
Careless driving
Distracted driving from either texting or talking on the phone.
Not following traffic laws such as: stopping during a red light, not obeying school crosswalks and stop signs, as well as not wearing a seatbelt.
Not remaining on the scene of a traffic collision.

Driving Experience

One key factor insurers look out for is how long a driver has been on the road. If you’re a new driver, there is a high likelihood that your insurance rate will be higher.

Why is that?

An inexperienced driver can easily get into accidents from an insurer’s standpoint. Therefore, heightening the possibility to file for claims. If you’re a new driver, the best you can do is to avoid all accidents and claims for a couple of years, and then you will be in the clear for less expensive insurance rates.

While car insurance in Calgary may be a necessity, it doesn’t mean you should be breaking the bank every month in an effort to keep your vehicle street-legal.

Fortunately, there are several ways to save money on your car insurance, allowing you to put your savings into more exciting expenditures. Let’s explore some of your money-saving options below!

6 Ways To Save Money on Car Insurance

Shop Around

Surprisingly enough, prices often differ between companies. Therefore, it’s only practical to explore your options and get quotes from a handful of places.

If you’re not sure of which companies to start with, consider asking your friends and family for recommendations. While quotes are based on a range of factors, such as age, driving record, and type of vehicle, those close to you will be able to offer up information on what they pay on car insurance. This allows you to establish a baseline for what you can expect your payments to look like before you even speak with a broker.

As a note, the cheapest option may not necessarily be the best one. Ensure your car insurance in Calgary has adequate coverage, allowing you to feel secure whenever you hit the road.

Bundle Your Insurance

Insurance companies often offer discounts when you choose to purchase two or more types of insurance from them. Therefore, if you already have home insurance, consider reaching out to your insurance company to explore car insurance savings.

Take A Driving Course

Some insurance companies offer discounts on car insurance if you have taken a driver’s education or defensive driving course. This is because you have taken steps to prove that you have added competency behind the wheel, thus decreasing any likelihood of risk.

Have A Clean Record

The cost of your car insurance in Calgary often correlates with your driving record. More accidents and violations? Expect your insurance to go up. But if you steer clear of any trouble, your car insurance company will often reward your spotless record by decreasing your car insurance after a few years.

Bundle Vehicles

If you have several drivers and several vehicles in your household, consider insuring them all together. Many insurance companies will offer bulk rates, thus making it more cost-effective to insure three cars together than separately.

Review Your Coverage

Many types of coverage are more important than you may think, so speak to your broker before altering your auto insurance plan. However, older cars may not be worth collision or comprehensive coverage, as the value of the car may not hold up against what you’re actually paying.

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!

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].