Car owners in Edmonton generally dread high auto insurance rates. High population and traffic volume, increasing instances of theft, and distracted driving continue to reflect negatively on your premiums. At $2,124, the average annual auto insurance premium in Edmonton is among the highest in Canada. Naturally, you would be looking for possible ways to curtail this premium without compromising your coverage.
While Edmonton residents do have to shell out high premiums, there are ways to get the cheapest quotes. For instance, you can visit this website to consult the insurance brokers at Surex and compare quotes to buy the cheapest car insurance in Edmonton. We have also recommended some effective means to slash premiums in this article.
Mandatory coverage that drivers in Edmonton need
The AIBC (Automobile Insurance Rate Board) and the Alberta Treasury Board and Finance govern the insurance industry in this province. Unless you get the following coverages, you won’t be able to get your vehicle registered in Alberta.
Third-party liability
Like all other provinces, car owners should have third-party liability insurance coverage in Edmonton. In case you cause an accident and a third party sustains injury or property damage, this policy will compensate for the losses. This policy will also boost your financial resilience to deal with lawsuits.
DCPD (Direct Compensation for Property Damage)
Even when you aren’t at fault, an accident can damage your vehicle. The DCPD coverage ensures that your vehicle will be repaired or replaced following an accident. Under this norm, you need not deal with the driver at fault. There’s no deductible under this provision, and claiming a DCPD won’t increase your premium.
Accident benefits
In Alberta, drivers should have mandatory accident benefits under their insurance policy. This provision would cover rehabilitation and medical expenses, and funeral costs. Also, it would provide some death benefits and income replacement costs following a death or injury after an accident.
Optional insurance cover for drivers in Edmonton
For car owners, it’s logical to cover their cars beyond the scope of the mandatory insurance to remain financially sound in case of an incident. So, you can choose from the following benefits that would account for an additional premium.
Collision: Your car may collide with objects, other vehicles, or structures on the road, causing damage. This coverage would help you repair your car following a collision leading to this damage.
Comprehensive coverage: Have you considered perils other than collision? What about securing your car against vandalism, hail, fire, or theft? Comprehensive coverage comes with a deductible and helps cover your car against these dangers.
Getting the cheapest car insurance in Edmonton
We recommend the following guidelines to help you get the cheapest car insurance in Edmonton.
Insure only what you need
A fully-loaded car insurance policy may not be your requirement all the time. Evaluate your demographics, driving habits, age of the car, and its condition while evaluating your needs. For instance, if your car is too old, you may omit the collision coverage. So, if you ask the brokers, ‘What is the cheapest car insurance in Edmonton?’, they will recommend a customized package.
Compare rates
Shopping around happens to be a strategic way to compare quotes by examining their rates. Public insurance providers are the sole options in some provinces like Saskatchewan, Manitoba, and British Columbia. However, if you live in Alberta or Ontario, several insurers offer competitive rates to car owners. Consulting a reputed broker can help you obtain multiple quotes and decide. This will help you maximize your coverage within your budget.
Maintain a clean record
Irresponsible driving habits can tarnish your record with demerit points and traffic tickets. Insurers consider such negative record holders to be high-risk customers. Naturally, demerit points and tickets would adversely impact your premiums. So, try to keep your record clean by adopting responsible driving habits. Undergoing a defensive driving course will also help you lower your premiums. Private car insurers in Canada offer discounts to clean record holders, which you should capitalize on.
Consider safety rating
The choice of your car goes a long way in determining your premium. Knowing that insurance rates are high in Edmonton, why not purchase a car with a high safety rating? Vehicles with good crash test ratings demand low coverage, thereby fetching lower premiums.
Also, consider non-sporty vehicles that are less likely to attract carjackers. Instead, invest in smart security and safety devices in your car. Maintaining a low-risk profile is the best way to curtail high premium costs.
Pay a high deductible
To curb high premiums, be ready to pay a high upfront cost in the event of accidents. When you shell out a higher amount from your pocket in the case of an accident, the monthly or annual premiums come down. The insurers would know that they would have to compensate for your losses only after you manage a certain amount.
Consistent insurance and maintenance record
Insurers prefer car owners who are responsible enough to follow up on the routine maintenance of their vehicles. This keeps their cars in proper functional condition. Besides, you should try to avoid your insurance policy getting lapsed. A gap in this record can reflect negatively in terms of higher premiums. A consistent record of your insurance and maintenance helps you get the cheapest car insurance in Edmonton Alberta.
Pay your premium annually
Paying your car insurance premium all at once will help you bag discounts. Rather than paying the premium monthly or bimonthly, settle the deal at once. This ensures that you would pay less for the privileges since the insurer would pass on some rebates.
Endnote
Comparing hundreds of quotes for car insurance in Edmonton turns out to be a Herculean task. Being a layman, you won’t know the right corner to examine. This justifies the relevance of reaching out to a reputed insurance brokerage.
Most car owners in Edmonton prefer seeking professional advice while comparing multiple quotes. Experienced minds and industry knowledge of insurance brokers will guide you to be on the affordable end.
