Most Albertans will soon pay less for automobile insurance after a provincial regulator recommended a five per cent decrease in mandatory premiums.
“This reduction is primarily the result of a projected decline in the number of bodily injury claims in the province this coming year,” said Alfred Savage, chairman of the Automobile Insurance Rate Board.
“The decrease will save Alberta drivers an average of $30 per year on their mandatory insurance premiums.”
The decrease affects premiums on mandatory automobile insurance, which are reviewed by the provincial regulator every year. The premium reduction takes effect Nov. 1.
Premiums for optional collision or comprehensive coverage are set by individual insurance companies.
Since the introduction of auto insurance reforms in 2004, premiums for mandatory coverage have decreased by 23 per cent, according to the rate board.
rdaliesio@theherald.canwest.com
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