“Mandatory auto insurance premiums decreasing five per cent”

Mandatory auto insurance premiums decreasing five per cent

Posted: 21 Sep 2010 11:22 AM PDT

Posted By Mike Constable

Posted 4 hours ago

George VanderBurg MLA

ALBERTA—Every year the Automobile Insurance Rate Board (AIRB) reviews mandatory, also called basic, automobile insurance rates. As a result of this year's review, the AIRB is directing Alberta insurers to reduce mandatory automobile insurance premiums by five per cent as of November 1 of this year.

This decrease is, in part, a result of the projected decline in the number of bodily injury claims in the province. To the individual driver, it means they can expect to save an additional $30 per year on their basic insurance premiums.

As the name implies, mandatory coverage is required by law. It includes third party liability and accident benefits coverage. Its premiums are set by the AIRB, which the Alberta government established six years ago as part of a broader automobile insurance reform initiative. Since that time, premiums for mandatory auto insurance have decreased 23 per cent.

The AIRB also monitors optional, or additional, insurance, which includes collision and comprehensive coverage. Individual insurance companies are responsible for adjusting these premiums, which can vary from company to company.

Overall, through the AIRB's work and the reforms Alberta introduced in 2004 the province's insurance system continues to strike a fair balance between Albertans who pay insurance premiums and Albertans who are injured in automobile accidents and have a legitimate need to make a claim.

For more information about this premium decrease, visit the board's website at HYPERLINK "http://www.airb.gov.ab.ca/" www.airb.gov.ab.ca or call 780-427-5428 (toll free at 310‑0000).

For more information on this news story and other matters, please visit my website at vanderburg.mypcmla.ca.

If you would like to discuss this, or any other provincial matter, please contact me at (780) 415-9473. For toll-free dialing from anywhere in the province, just dial 310-0000 and then my office number. Keep in touch.

George VanderBurg, MLA

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Tuesday, September 21, 2010