Things improve on the vehicle insurance front, financially speaking, at around ages 23 to 25. And rates tend to fall even more when people hit age 50 because insurers expect them to drive more carefully due to experience and aversion to risk.
Data from Ratehub.ca shows that in Alberta, insurance premiums decrease starting at age 60 and rise slightly starting at age 70. If you’re a retiree and/or mature driver, ask your insurer about discounts.
Park indoors, if possible
Where you park your car can impact insurance rates, too. The more protected your vehicle is, the better. Your best bet? A garage. The worst bet? Street parking, which leaves your car or truck more vulnerable to getting hit or stolen.
Your gender’s impact on car insurance
Your gender will impact the cost of your vehicle insurance premiums. And, spoiler alert: men often get charged more for auto insurance. That’s because, statistically speaking, men are riskier drivers. They’re usually the ones at the wheel when there’s a casualty collision. The Alberta government notes in its most recent data that in 2021 males’ collision rate per 1,000 licensed drivers was 6.2, while for females, it was 4.4. There is no reporting of significant data for gender X.
There are three gender options Alberta drivers can choose from for their licence: male, female and gender X. Not all insurers list gender X as an option; those that do use a combination of the male and female rates or just the female rate when setting premiums, according to the Canadian Institute of Actuaries.
How to lower car insurance in Edmonton
The Alberta government’s new type of no-fault insurance system, coming into effect on Jan. 1, 2027, is supposed to lower insurance costs. But it’s unclear what impact these reduced costs for insurers will have on drivers’ premiums. Until then, here are some ways you can lower your auto insurance rate, courtesy of the AIRB.
Get several auto insurance quotes
Comparison shopping is your friend. When choosing auto insurance, it could potentially save you thousands of dollars over the years. Start checking out your options well before your insurance renewal date each year.
Save money by bundling your insurance policies
Albertan insurers offer 5% to 10% off to customers who buy multiple types of insurance, such as home and auto, from the same company.
