How much is car insurance in Edmonton?

If you own and drive a car in Edmonton, you know auto insurance is a must. With all the talk about rising rates in Alberta, you might be wondering – how much does car insurance actually cost in Edmonton? Here, we explore the average rate city-wide and break it all down, so you can better understand your car insurance quote.

How much is car insurance in Edmonton?

We compared Edmonton car insurance quotes using our online rating tool and found that drivers here pay about $1,893 per year for coverage. This quote is based on a hypothetical user: a 38-year-old male with a clean driving record, looking to insure a Ford F150 (one of Alberta’s most popular vehicles).

Keep in mind that rates can differ greatly based on your own individualized profile, so be sure to compare Alberta car insurance quotes for yourself. For instance, we chose a base model for comparison purposes, but upgrading to a premium vehicle can increase your rate due to higher replacement costs. 

The average cost of car insurance in Edmonton, compared

We also compared quotes across five more popular cities in Alberta, using the same driver’s profile – with the only difference being location. Below is a graph showing a breakdown of all the numbers.

Out of these six Alberta cities, Calgary came in third place for the most expensive auto insurance with Airdrie and Red Deer tied for first ($2,142). Edmonton followed closely at a rate of $1,983 – a slight decrease of 6.8% when compared to Calgary. This makes sense as busier, traffic-dense locations often lead to higher coverage rates. Sherwood Park proved to have the cheapest coverage at an average of $1,770 – a whole 12.9% lower than that of Calgary.

Factors that impact your car insurance quote in Edmonton

In general, the higher your risk profile, the more expensive your car insurance rate will be in Edmonton. And of course, opting for more coverages will also increase your rate as the added protection doesn’t come without a cost. Here are some of the main factors insurance companies look at when determining your quote:

Age – The younger you are, the more expensive your insurance will be. This is because insurance companies see you as high-risk with less driving experience. At the same time, however, elderly drivers may see increased premiums due to obvious reasons.

Gender – While it may not be fair, males tend to see slightly increased premiums compared to females. This is because statistically speaking, men are more likely to get into accidents, and insurance companies need to accommodate for the heightened risk.

Location – Those who live in busier areas will inevitably pay higher premiums due to the increased likelihood of an accident. Plus, crime hotspots will also lead to more expensive coverage due to factors like car theft and insurance fraud.

Vehicle type – The more expensive it costs to repair or replace your vehicle, the more expensive your coverage will be – so don’t expect to pay the same rate for a brand-new Tesla Model Y if you’re replacing your 10-year-old Toyota Corolla. Plus, vehicles on the highly stolen list are also subject to increased insurance costs because of the added risk.

Driving history – Insurance companies also look at your driving record to determine your rate, and infractions such as tickets and accidents will inevitably have a negative impact. So practicing safe driving is one of the best ways to ensure your premium stays low.

Driving activity – On top of that, insurers look at how much you drive too – more driving equates to more risk. If you have an hour commute to the office each day, expect to pay more than another policyholder who only takes their car out on the weekends.

License class – Getting your full license in Edmonton shows insurers you’re more experienced and will, therefore, lower your rate. It’s a good idea to do so as soon as possible, especially if you’re a young driver who’s already facing an unfavourable premium.

Coverage types & amounts – As mentioned, adding more coverages (such as loss of use insurance or accident forgiveness insurance) will lead to a higher rate. Plus, if you extend your coverage limits or select a lower deductible, you can also expect your premium to go up.

How to get the cheapest car insurance in Edmonton

While there are some factors you can’t control, there are still many steps you can take to ensure you’re paying the cheapest price possible for auto insurance in Edmonton. This includes the following:

Reduce your driving – Living in a big city means that public transportation is more accessible, so consider reducing your driving to not only lower your gas bill but also your insurance bill. Again, insurers quote you based on risk level, and less driving surely means you’re less likely to make a claim.

Consider usage-based insurance – Also known as telematics, this can be a great option if you want to make sure you’re being rewarded for either safe driving or less driving. Insurers track your driving behaviour with a device or an app which is then reflected in your car insurance premium – usually with a decrease in price. 

Bundle insurance products – P&C insurance companies offer a variety of product lines, and getting more than one product from your insurer can help boost your savings. For instance, you can bundle your auto insurance with anything from home insurance, condo insurance, and tenant insurance to motorcycle insurance, boat insurance, and more.

Compare car insurance quotes – Last but not least, comparing car insurance quotes is one of the best ways to save on your coverage. This is because insurers all calculate quotes differently, and you won’t know which one offers the best deal until you shop the entire market. With Ratehub.ca, you can compare personalized rates from Edmonton’s top providers in just a few minutes.

The bottom line

We found that drivers in Edmonton pay about $1,893 each year for auto insurance in 2024, but you could be entitled to a cheaper rate. Insurers quote each driver differently based on individualized risk factors – so in order to uncover your cheapest premium, you need to shop the market. As always, we recommend starting your online journey by comparing quotes with us today!

Also read:

• The average cost of Alberta car insurance by age
• How much is home insurance in Edmonton?
• How to get an Alberta motorcycle license