Taking a Stand on Insurance Affordability

Barry Morishita

May 12, 2022

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It is no secret that the cost of auto insurance has spiked over recent years since the UCP Government removed the five percent cap on base premiums. Not only has insurance become increasingly less affordable, but many Albertans are also struggling to attain insurance due to its availability. While Alberta’s government is allowing Albertans to be gouged by large increases in their vehicle insurance, our neighbour Saskatchewan is providing residents with their second yearly rebate in insurance fees.

The NDP have claimed that a needed freeze on premiums is the solution, but we have seen the long-term challenges of freezes in other sectors such as post-secondary funding. Universities are now facing significant tuition increases from freezes that expired in years past, and a freeze on auto insurance premiums lacks long-term fiscal sense. The NDP is only proposing a band-aid solution to a problem that deserves well thought-out solutions.

The Alberta Party intends to address our province’s insurance issues by undertaking a comprehensive review of the insurance system, identifying areas to increase efficiency and reduce the costs to Albertans. This review will look at models from neighbouring provinces in a cross-jurisdictional analysis to learn from the systems that provide affordability in vehicle insurance for all types of vehicles. 

From introducing a taxpayer-owned model like Saskatchewan, to allowing for greater market competition that can help lower prices, there are options that neither the UCP nor NDP want to consider. The Alberta Party is ready to tackle these major challenges to make life more affordable for Albertans.

We will get to the root of the problems with our province’s insurance system and learn from other provinces. Band-aid solutions will not cut it, Albertans deserve better, we will deliver.

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