How Can I Lower My Car Insurance Premium in Alberta?

July 5, 2021 Car Insurance Alberta, Lower Car Insurance Premium Alberta

With car insurance premiums on the rise, it’s important to know where to find savings. For Alberta residents, there is a multitude of ways you can save on your insurance. At Alpine Insurance, we recommend you ask your broker or insurance agent about these savings possibilities.

Loyalty discount: Many insurers will discount your policy if you’ve been a continuous customer of a single insurance company or broker.
Low mileage discount: If you’re an infrequent driver, ask about a low mileage discount.
Collision Coverage: Removing the collision coverage on your vehicle if it is an older car can save you from an additional expense on coverage you don’t need.
Driver education discount: You may qualify for this discount if you’re newly licensed and have taken an approved training course.
Age discount: Some insurance companies offer discounts as customers pass certain age milestones. Make sure to ask your insurer about what ages, if any, qualify for this discount.
Safety devices: Adding after-market security upgrades like theft deterrent systems to your car can reduce your insurance premiums.
Multiple policies: Consider purchasing multiple policies such as auto, homeowner or tenant’s insurance, and other insurance policies from the same insurance company as a way to save money.
Higher deductible: You could consider raising your insurance deductible in order to cut down your premiums. However, this is only advisable if you know you’ll be able to easily pay the deductible in the event of an accident or claim.
Driving record: Speeding tickets, accidents, and other more serious driving offences will cause a hike in your rates.

How your car insurance premium is determined

Car insurance providers in Alberta base your premium on certain risk factors, including:

The make, model, and year of your car
The cost of your car
Where you live and the risk of theft or vandalism around your area
How much you use your car
Your driving record, including past insurance claims
Your age and gender

To keep your premium low, maintain a good driving record and, if you’re in the market for a new car, consider a vehicle that is cheaper to insure. Generally, the less expensive your car is to repair or replace, the less you pay for insurance.

For more information on car insurance in Alberta, visit the Alberta Government Automobile Insurance page for details on policies, certificates, and application forms.