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Find an Alberta Insurance Broker & Insurance Tips for Consumers

Covid-19 Information for Consumers

Due to the Covid-19 pandemic many brokers are working remotely for the time being. If you know your broker's email it might be best to contact them there. If you're looking for information on what you should be doing in relation to the virus please consult the links below to see what the Provincial and Federal Governments are recommending.

Federal C19 Information

Provincial C19 Information

Find an Alberta Insurance Broker and Insurance Tips for Consumers

Looking for an Alberta Insurance Broker?

Why are Insurance rates going up?

Insurance is a complex product, but the reason for premium increases is simple: costs are skyrocketing. Capping premiums doesn't stop costs from rising - it just puts off the inevitable. Instead of small annual increases, consumers are now faced with a big increase all at once. 


1. Private Passenger cars are run by sophisticated computer systems to allow the following safety features:

  1. Front end collision avoidance
  2. Phone Pairing
  3. Back up cameras
  4. Lane change warnings
  5. Heated/cooled seats
  6. Radio aerials in windshields
  7. Voice warning systems
  8. Navigation systems

These items cost thousand of dollars to repair, because the central computer system must be re-calibrated in order to complete a proper repair.

Remember when you could just replace a burned out headlight for $10? Well, now you have to take the car in and replace the entire headlight assembly at a cost of between $325 and $1000 not including labour..

2. According to Statistics Canada, Alberta has the highest vehicle theft rate in Alberta. Most of these are through no fault of the owner (except those that leave their vehicles running on cold days to run into 7-11 for a coffee). In 2018, 23,000 vehicles were stolen in Alberta. Only 50% of these get recovered and most are damaged, and have property stolen from within them. Here's what that looks like.


Your vehicle is stolen and not recovered. Let's say your vehicle is fairly new and worth $40,000. You have been paying $1000 for insurance every year for 10 years.


Vehicle value = $40,000

Insurance paid = 10 X $1000 = $10,000


Where does the other $30,000 dollars come from? Simple, from the premiums that other people pay. Your premium dollars are pooled so that your premiums go to pay their losses and their premiums pay for your loss if you have one. Premiums don't sit in your own personal insurance account in the event you have a claim. They are used to cover other losses because, with few exceptions,  no one individual pays enough premium to cover a large loss.


3. Catastrophe claims happen more in Alberta than any other province


With Alberta being the catastrophe capital of Canada, insurers pay for  covered hail, flood and wildfire losses. And, consumers need to remember that before the 2013 flood, there was no insurance coverage for overland water. Because the flood was so devastating, most insurers found a way to pay for claims, even many that weren't covered, because it was the right thing to do. Then, the industry developed a product that covered overland flood, so consumers wouldn't have to be in that position again.


Have you ever thought about what would happen if you suffered a large loss? What if your house burned down? How much is all your stuff worth? Have you paid enough premium to cover your entire loss? Here is an example:


Value of your home and contents = $400,000

Your insurance premium = $1200

You have been paying for 10 years = 10 X $1200 = 12,000


So, you have paid $12,000, but you have lost $400,000. Where does the other $388,000 come from? It's the same as the auto example, but it's a much larger amount. Simplifying this, it takes the premium of 32 other people paying $12000 per year for 10 years, to pay your house claim.


Talk to an IBAA member broker to find out how to manage your insurance costs, keep your record clean and prevent losses. Look for our purple symbol where you buy insurance.


Why Choose an Insurance Broker?

Insurance brokers are licensed professionals who work for you, not for the insurance company. Our role is to learn all about you, your lifestyle, and your belongings in order to customize the best insurance program to meet your needs. You work hard for everything you own, so why not make sure you have the right protection?

When is it time to get an insurance broker?

Your insurance needs are more complex than check boxes on a website. Watch this video to find out why....

What we do for you:

  • Ask you about your lifestyle, your home, your belongings, your family
  • Shop from several insurance companies to match your needs with the right protection
  • Recommend the best insurance solution at the right price
  • Explain how to read your policy, how to understand what is covered/not covered, and answer your questions
  • Help you understand what to expect when you have a claim and what your policy requires you to do
  • Be on your side if things go wrong and explain how to sort things out
  • Review your coverage at least every year to ensure you are still properly protected as your life and belongings change.

When you have a question about insurance, who do you call?

what do you own that needs insurance and how do you insure it

Your Rights as an Insurance Consumer

Code of Consumer Rights and Responsibilities: Insurance Bureau of Canada (what consumers can expect from their brokers and insurers, consumer responsibilities, and tips)

Consumer's Guide to Property and Casualty Insurance Transactions: IBAA (what you should expect when arranging insurance through an insurance broker and the basic principles of fair transactions when purchasing insurance)

Auto, Home, and Business Smarts

Keeping Crime Out of Your Backyard

Be Tire Smart: What to know when the rubber hits the road. (TRAC—Tire and Rubber Association of Canada)

Winter Smart Videos: Suggestions for safety when the snow flies

Choosing the right vehicle repair shop

Consumer information site: Insurance Bureau of Canada

Natural Catastrophe Resources

How to be ready and where to get information when disaster strikes

Insurance Problems?

Do you think you have been treated unfairly on your insurance claim? Contact the General Insurance OmbudService.

Problem with a broker, an adjuster, or an agent? Contact the Alberta Insurance Council.


Problem with an insurance company? Contact the Alberta Superintendent of Insurance.


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