The Alberta government says it is pausing private passenger vehicle insurance rate increases through the end of 2023 after hearing concerns from drivers about affordability.
“We share Albertans’ concerns about the rising cost of living during the current inflation crisis. We will continue to meet with members of the insurance industry to find additional longer-term solutions for automobile insurance,” said Travis Toews, minister of finance.
The province says while no new rate increases will be approved, some drivers may still see their rates go up because of previously approved rate hikes or changes to their driving records, such as at-fault claims or tickets, or changes to insurance profile, like a new vehicle or address.
The province will also require insurers to provide the majority of Albertans with the ability to pay their premiums through payment plans, instead of paying the full amount up front.