Car Accident Insurance Increase By 5% In Alberta
Mandatory car insurance just went up by 5% in the province of Alberta this past November. As drivers go back to their insurance brokers in 2014, they will discover a 5% increase on their car coverage required by law, including coverage for third-party liability and car accident benefits.
Alberta’s Automobile Insurance Rate Board approved the 5% increase during their annual public rate review of mandatory automobile insurance in late November 2013. Car insurance companies have been given the option to bring in the rate increase as a whole, starting November 1st, 2013, or they can spread the rate increase over the next 3 years.
Fewer Car Accidents But Larger Insurance Claims In Alberta
The board has argued that the five percent increase was neccessary. While overall claims numbers went down in 2012, the average cost for bodily injury claims actually rose, significantly.
“A five per cent increase, which works out to on average $30 per year, reflects current insurance trends while still keeping premiums at a reasonable level.” said board chairman, Alfred Savage.
The board also expressed the point that it has reduced premiums by 13% since 2004, and will closely monitor the effects of this year’s increase.
Need A Car Accident Lawyer In Calgary?
Our car accident lawyers in Calgary understand that, during the cold Alberta winter, car accidents and insurance claims are not uncommon. During such accidents, victims can suffer from severe and subtle injuries. Regardless of the immediate bodily injuries sustained at a car crash, you need to be aware of the long-term and lasting effects such a motor vehicle accident can have on your body in the years to come. Back pain, neck pain, TMJ related injuries, headaches, and muscle or tissue strains can have a dire impact on your quality of life and ability to earn a living, years down the road.
Contact our personal injury lawyers in Calgary and let our team assess your accident and injuries, and work on your behalf to reach a settlement with the insurance companies that will leave you with fair compensation for the pain you suffer now, and any pain you may have to manage in the future. Our personal injury law office in Calgary operates on a contingency basis with personal injury claims, so you don’t pay legal fees until we deliver a fair compensation settlement. Call us today.
Posted on January 13th, 2014