Car Insurance Edmonton: All you need to know in 2024
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Discover the methodologyNavigating car insurance in Edmonton doesn't have to be complicated. Whether you're a new driver or looking to switch policies, understanding your coverage options and how to secure discounts can lead to significant savings.
In this guide, we'll explore everything you need to know about car insurance in Edmonton, from choosing the right coverage and the monthly costs to tips on lowering your premiums.
We'll also tell you how to find cheap car insurance Edmonton plans. Let's dive in!
Car Insurance Edmonton: Key takeaways
- Rates are regulated by the Alberta Automobile Insurance Rate Board.
- All drivers must have basic insurance, including accident benefits and third-party liability.
- Premiums are affected by your driving record, vehicle type, and urban living conditions.
- Average annual cost of car insurance in Edmonton is approximately $1,427.
- Enhance basic coverage with collision, comprehensive, or all-risk insurance for broader protection.
How does car insurance in Edmonton work?
If you own a car in Edmonton, Alberta, you are required to obtain car insurance from a private insurance company. Unlike some provinces that use a public insurance system, Alberta employs a private system where drivers purchase their insurance from private insurers.
Car insurance rates in Edmonton, as well as throughout Alberta, are regulated by the provincial government through the Alberta Automobile Insurance Rate Board (AIRB). This body sets a maximum rate (known as the "grid rate") that insurers can charge for basic coverage. Your position on this grid depends on your driving history—the better your record, the lower your costs.
Additionally, Alberta has a system known as direct compensation property damage (DCPD). Implemented in 2022, DCPD means that in the event of an accident where you are not at fault, your insurance company will cover the costs of repairing your vehicle. This provision ensures that your claims are handled quickly and by your own insurer, regardless of who caused the accident.
Good to know
Alberta's insurance policies cover the costs of repairs or replacement of your vehicle after an accident, medical expenses, and compensation for injuries or damages incurred. If the accident results in financial losses exceeding your policy's coverage, you have the right to sue for the excess amount.
This setup ensures that every driver in Edmonton has a fundamental level of protection and can seek additional compensation if necessary.
Car insurance varies from province to province, so it's important to get quotes based on location. You can use our free tool below to compare car insurance quotes from Canada's best companies and get some of the best deals in the market.
Compare Canada's best car insurance plans
What does car insurance in Edmonton cover?
In all of Alberta, basic automobile insurance (accident benefits and third-party liability) is required by law. This must cover:
Accident benefits coverage
- If you are injured in an accident regardless of who is at fault
- Medical staff involved in the accident: medical care, rehabilitation and auxiliary care services
- Income replacement
- Funeral expenses
- Surviving spouses and dependents
Third-party liability
- Material damage and bodily injury caused to others by your fault
- Legal fees and damages that derive from the accident
Expert advice
The minimum mandatory amount of third-party liability coverage is $200,000. However, insurance experts recommend coverage of at least $1 million to stay protected.
What are the optional coverages in Edmonton car insurance?
Although the most basic insurance may be appealing to your budget, it might not protect you much when you get into an accident. The best car insurance Edmonton policies include one or all of the following add-ons for the most comprehensive protection.
- Collision: This option protects you if you collide with an object while driving your vehicle. Adding this option to your policy covers any property damage caused by this accident. For example, if you hit a traffic sign or back up into a low wall, you will be covered by collision insurance.
- Comprehensive Car Insurance: This protects you from anything that is not a crash. It covers anything from vandalism, glass breakage, theft, and bad weather. If you park your vehicle on the street and when you come back, someone or something has broken your window, this option will keep you protected.
- Specified Perils: This covers you for risks that you have specified in the insurance contract. For example, you can include coverage for glass breakage but not vandalism, or theft but not fire. If you’re looking for cheap car insurance in Edmonton while still being protected against the largest risks, this option might be worth considering.
- All-risk car insurance: As a combination of all other coverages, this option offers maximum protection. The deductible is the same for all damages. You will thus be protected for all incidents beyond your control, such as vandalism, but also for incidents resulting from a road accident, collision with an object or flipping your vehicle. Naturally, all-risk insurance is the most expensive.
Expert advice
Alberta averages 65 reports of extreme hail per year. The province is known for its destructive summer storms with each causing millions of dollars in damage to vehicles, and Edmonton is no exception. Comprehensive insurance or specified perils insurance will keep you protected from any severe weather.
If you want to compare car insurance coverage, you can do it right here. Use our free comparator below to compare car insurance quotes from Canada's best providers and get tailor-made options based on your unique needs.
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How much is car insurance in Edmonton?
The cost of car insurance in Edmonton is influenced by various personal and vehicle-related factors. On average, residents pay about $1,427 annually, or approximately $118.92 per month, which is similar to car insurance rates in Calgary.
The primary factors your insurance premium is based on are your profile and the vehicle you drive:
- Driver Profile: Insurance companies start by setting a base premium, which is intended to cover potential claims while providing a profit margin. They then assess your specific risk level. This assessment includes your driving experience, training, accident history, and traffic violations. Additionally, where you live plays a significant role. For instance, living in urban areas like Edmonton typically results in higher premiums than in rural areas due to increased risks of accidents, theft, and vandalism.
- Vehicle Details: The type and model of your vehicle significantly affect your insurance costs. Newer vehicles generally cost more to repair, thus leading to higher insurance premiums. Similarly, cars that are frequently targeted for theft may also carry higher insurance costs.
Cars with more safety features often include many sensors to perceive danger and protect you, but more sensors also mean more potential repairs. The cheapest car insurance in Edmonton rate is therefore for an older, simpler model.
Car insurance Edmonton quote
Here is an Edmonton car insurance quote for a 40-year-old man without any claim history, driving a 2018 Ford F-150 base model, one of the most common vehicles in the city, using RBC car insurance in Edmonton:
| Car Insurance edmonton Alberta premiums | Basic coverage $1,000,000 limit | Collision, Theft, and Windshield coverage | Loss of Use ($1,000) | All Perils |
|---|---|---|---|---|
| $96.34/month ($1,156.08/year) | ||||
| $220.92/month ($2,651.04/year) | ||||
| $223.84/month ($2,686.08/year) | ||||
| $348.42/month ($4,181.04/year) |
Car insurance premiums are personalized so you must get quotes based on your budget and needs. Use our free tool below to get the best and cheapest car insurance quotes.
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What is the best car insurance in Edmonton?
The "best" car insurance in Edmonton depends on your specific needs, preferences, and budget. However, here are some well-regarded insurance companies based on customer reviews and service offerings.
Aviva car insurance in Edmonton
- 15% discount if your vehicle has an Automatic Emergency Brake system
- 20% off on multiple-vehicle insurance
- $0 drop after 5 years of accident-free driving
- 15% discount if you avoid driving convictions for 3 years
RBC car insurance in Edmonton
- Multi-car insurance discount
- Anti-theft system discount
- RBC car and home insurance bundle
- Discounts for electric or hybrid vehicles
- Retiree-friendly rates
- Winter tires discount
TD car insurance in Edmonton
- Discount for 2 or more vehicles with TD Insurance
- Student Discount
- TD car and home insurance bundle
- Discounts for electric or hybrid vehicles
- Retiree-friendly rates
- Winter tires discount
Desjardins Car Insurance Edmonton
- Free car insurance Edmonton quotes online
- Bundle car and home to save up to 15%
- Multi-Vehicle discount
- Personalized premium based on your driving habits and behaviours*
AMA car insurance in Edmonton
- AMA MyRide app discount
- Loyalty discount after 4 years
- AMA member discount
- Special claims-free rate
- Free accident forgiveness for home and car insurance bundle
My Choice: Edmonton car insurance in 2-minute
My Choice is our favourite comparison tool for comparing Alberta car insurance quotes. It takes the guesswork out of buying insurance by offering information transparency and personally tailored insurance quotes.
Getting quotes is quick and easy with a 2-minute form.
Our team got instant quotes from six insurers ranging from $76.92 to $184.33 for a 38-year-old man with a 2018 Toyota Yaris. Additional brokers followed up by email. On-page options let buyers quickly change deductibles and recalculate rates. While less customizable than some competing comparison tools, we appreciate the ease of use and getting multiple quotes in one place.
How to get cheap car insurance Edmonton plans?
Here are the most effective ways to find the cheapest car insurance in Edmonton.
- Shop and compare companies and policies to get the best deal!
- Think about insurance before buying a car: Insurance costs differ from car to car. The car's make and model will impact the premium. Before you buy a vehicle, look up which cars are the cheapest to insure.
- Bundle your policies: You could easily get a discount if you buy car and home insurance from the same insurer.
- Have a good driving record: The better you drive, the less you pay!
- Install a telematic device: This instrument will register your driving behaviour and your car insurance premium will be adapted to your kind of driving. If you’re a safe driver, and you want to save money on your car insurance, this option will get you the best auto insurance in Edmonton.
- Choose the right coverages: For example, if you drive a really old car, maybe you don’t need the best add-ons like comprehensive coverage.
- Pay annually: This will avoid paying the rate fees to pay monthly. If it fits your budget, it’s worth it because you pay less overall.
- Consider security: Most insurers reward you with low insurance rates if you install safety features on your car!
- Increase your deductible: Most insurance policies include deductibles you must pay before the insurance coverage kicks in. If you choose a low deductible, your car insurance premium will be higher. So choose a high deductible if you want to lower your car insurance premium! But make sure you can afford a higher deductible. Depending on your budget, a higher monthly premium may be worthwhile.
FAQs on Edmonton car insurance
How to get cheap car insurance in Edmonton for new drivers?
New drivers in Edmonton can find cheaper car insurance by comparing quotes from multiple insurers, opting for higher deductibles, and taking advantage of discounts for completing driver's education courses.
It's also beneficial to drive a car that is cheaper to insure and consider usage-based insurance programs that monitor driving behaviour. Maintaining a clean driving record over time will also help reduce rates significantly. If you're a student, maintaining a good driving record can lower premiums over time.
Do rental moving trucks need extra insurance in Edmonton?
Typically, personal car insurance policies do not extend coverage to rental vehicles, especially those over a certain weight or designated specifically for moving purposes. While standard car rentals often come with some level of insurance included, moving trucks and vans usually require additional coverage.
Before renting a moving truck in Edmonton, it's advisable to review your auto insurance policy to determine if it provides any coverage for rental trucks.
If your policy does not cover these vehicles, or if the coverage is insufficient, you should consider opting for additional rental insurance. This extra insurance can be negotiated as part of your rental agreement, ensuring you are protected against potential damages or liabilities during the move.
Why is car insurance so expensive in Edmonton?
Car insurance is expensive in Edmonton due to high traffic volumes, frequent vehicle thefts and vandalism, harsh winter weather conditions that increase accident risks, and rising repair costs. The regulatory environment in Alberta also plays a role, setting high standards for liability and coverage.
Hi,
I will like to know the best and most competitive cost for my car insurance.
Hi Zora,
You can use our car insurance comparison tool to find the best plan for you.
Have a nice day,
The HelloSafe team
If you are retired and you car is 8 years old what car insurance coverage you must obtain.
Hi Bill,
You can check our car insurance comparator to find the best contract for you.
Have a nice day,
The HelloSafe team