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All about car insurance in Red Deer
Matt Hands, VP, Insurance
Red Deer, Alberta’s third most populated city, is growing steadily each year. The river splits the city, but its numerous bridges bring it together again. Highway 11 serves as the primary east-west route, while Highway 2 gently skirts the city’s western edge, connecting Calgary and Edmonton. With an average annual car insurance premium around $1,300, all that driving in Red Deer means you’ll want to keep costs low.
Auto insurance in Alberta is a requirement. It's provided by private car insurance companies and regulated by the Automobile Insurance Rate Board (AIRB). The board ensures rate increases are substantiated – simply put, an insurer can't raise rates without prior approval from the regulatory body. Instead, it's based on their financial records.
The province also operates within a hybrid system which includes components of no-fault insurance and tort-based insurance. No-fault insurance means that you'll recoup funds from your insurer, regardless of fault. However, the hybridity of the system still allows you to sue for damages.
Read on to learn everything there is to know about auto insurance in Red Deer. Plus, when you're ready, be sure to compare personalized car insurance quotes to find your best rate on the market. We can also connect you with a licensed broker who will guide you through the entire process of securing the coverage you need.
The implications of Alberta's rate cap system
As drivers across Alberta continue to face some of the highest premiums, implemented a 3.7% limit on auto insurance rate hikes for certain good drivers, effective January 2024.
While this sounds like a win, it may not be the case. Experts have criticized the rate cap for its negative impact on groups that don't qualify, including newcomers to the province.
Additionally, a recent study revealed that rates could increase by nearly 88% within the decade if the rate cap remains in place and no reforms are implemented to reduce claims costs.
Mandatory Red Deer auto insurance coverages
In Red Deer, you're required to carry three types of car insurance coverages at a minimum. Here, we cover an overview of each one – third-party liability, accident benefits, and direct compensation for property damage.
Third-party liability
Accident benefits
Direct compensation for property damage
Optional Red Deer auto insurance coverages
Aside from the mandatory coverages, you can also add optional coverages to your Red Deer car insurance policy. These options are mainly there to help cover the loss and damage of your personal vehicle.
Collision
Comprehensive
Specified perils
All perils
Emergency roadside assistance
Popular Red Deer auto insurance endorsements
To further customize your car insurance, you can also add Standard Endorsement Forms (SEFs) to your policy. While the selection of endorsements may differ depending on the provider you choose, here are some popular options for Red Deer drivers.
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How much is car insurance in Red Deer?
To find the exact cost of your Red Deer car insurance policy, be sure to compare personalized quotes with us – you won't know which insurer offers the lowest rate until you take a look at all of them. Below are three sample quotes our Red Deer users received from us in June 2024.
- $139/month
38-year-old female
driving a 2017 Dodge/Ram Grand under Economical Insurance
- $157/month
51-year-old female
driving a 2008 Ford F350 under Travelers Insurance
- $177/month
20-year-old female
driving a 2019 Honda Civic under Travelers Insurance
Factors that impact your Red Deer car insurance rate
It pays to shop the market for cheap Red Deer car insurance. This is because different insurers offer different rates based on a list of personalized factors. Here, we cover a few main ones, so you can better understand how insurers come up with your quote.
Age
Younger drivers tend to pay the highest car insurance rates due to statistical risk factors.
Gender
Males tend to pay higher premiums than their female counterparts due to statistical risk factors.
Location
Where you live in Red Deer matters. Busy areas with high crime rates will inevitably come with higher premiums.
Vehicle type
Cars that expensive to repair and replace will cost more to insure – and the same goes with highly-stolen ones.
Vehicle use
Do you drive for business or for pleasure? Pleasure-use cars tend to come with cheaper insurance rates.
Driving history
Your Red Deer driving history is looked at by insurers. A clean record shows low-risk which means low premiums.
Driving behaviour
More time on the road equals more risk – so expect to pay higher premiums if you commute daily.
License class
If you have your full driver's licence in Red Deer, expect to pay cheaper premiums than a novice driver.
Coverages & discounts
More protection will lead to higher rates, but asking for discounts can help combat the cost.
How to get cheap Red Deer car insurance quotes
While insurers are the ones that quote you, there are many steps you can take to make sure you're getting the cheapest Red Deer car insurance on the market. Here, we cover ten different tips to help lower your premium.
- Shop & compare
Research which company provides cheap car insurance in Red Deer. Rates can potentially go up whenever you renew, but lucky for you comparing personalized Red Deer car insurance quotes with us is free.
- Stay loyal
Some Red Deer car insurance companies will give loyalty discounts to drivers who remain active with them for years – but don't let this deter you from shopping the market.
- Bundle insurance products
If you use the same insurance company for both your home and auto insurance needs, your insurer will often thank you with a policy bundle discount.
- Insure multiple vehicles together
If you have multiple drivers and multiple vehicles in your household, putting them all under one policy can help save you money.
- Increase your deductible
Your deductible is the portion you pay when settling a claim before your insurer will pay the rest. If you’re willing to increase it, you'll pay less in premiums.
- Ask about discounts
Ask your insurer about group rates – for professionals, alumni, and more. Oftentimes, Red Deer insurance companies will offer discounts to members of certain organizations.
- Pay premiums annually
Paying monthly premiums adds administrative costs to your insurer. If you’re able to pay in full annually, you'll likely pay a bit less in the long run.
- Keep a clean record
The cheapest rates go to the safest drivers in Red Deer. Car crashes can stay on your record for years, causing your insurance premium to go up substantially.
- Install winter tires
As Red Deer roads can get dangerous in the winter, insurers often offer a cheaper rate to those who install winter tires.
- Drive less
The more you drive, the more risk you're inevitably exposed to. Simply driving less can help save you money on your car insurance premium.
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