The Alberta government says they're planning on reducing high insurance premiums for Albertans.
This includes a cap tied to inflation for those with good driving records.
Premier of Alberta, Danielle Smith, says she knows Albertans are struggling with their insurance rates.
"I’m pleased that we can work to bring forward these new measures to help, with inflation and the affordability crisis making life more expensive for Albertans, we will continue working to ensure that the measures we take are not only affordable but also sustainable in the long run.”
For reference, inflation was 3.7 per cent in September.
The government of Alberta will be taking further action by ensuring that insurers offer payment plan options so Albertans would not have to pay the full amount for their coverage upfront.
New changes will also grant Alberta’s Automobile Insurance Rate Board the authority to direct auto insurers to return premiums to Albertans in years when insurance industry profits are significantly higher.
Any rate increases in 2024 will be carefully monitored to ensure they are reasonable and justifiable.
In a press release, it says that Albertans should continue to shop around to find the best insurance coverage for them.
This is proposed to start on January 1, 2024.
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