Grande Prairie has some of the highest insurance rates not only in the province but across the country. Grande Prairie sample rates in a new report were 10 of the highest rates for 25 out of 30 driver profiles examined.
The report conducted by Ernst & Young accounting firm shows that Albertans on average pay some of the highest auto insurance rates, with Grande Prairie, Red Deer, Calgary and Edmonton on average having the highest rates in the province. The report, which was commissioned by the Insurance Corporation of British Colombia, looked at thirty different customer profiles ranging in age from 18 to 65 years old and the different insurance rates that would be offered across nine different provinces. The profiles included a variety of different backgrounds including single drivers, married, employed, retired, with two to 49 years of driving experience. The majority of these profiles had a clean driver’s abstract, meaning they were claim and conviction free, while 12 of the profiles reported either an accident, or either a minor or major conviction.
In the report, the highest rate in Grande Prairie is $6,017. That policy includes four people a 50-year-old male, a 51-year-old female, a 21-year-old male, and an 18-year-old female, with 34, 35, 5 and 2 years of driving experience.
While the report shows that Grande Prairies on average has the highest rates, Red Deer is second, Calgary is third and Edmonton rounds out the top four cities in the province. All the policies for the profiles in this report have a $2 million limit for Third Party Liability, along with Collision and Comprehensive coverage with a $500 deductible. The vehicles have winter tires on them and are parked in a garage.
According to the most recent Superintendent of Insurance Annual Report auto insurance companies in Alberta collected $2.45 billion more than they paid out in claims during 2021. That is equal to $777 for each vehicle registered in the province. Intact Insurance, the largest auto insurance company in the province, made $911 million in premiums in 2021, in comparison to the $467 million paid out in claims.