Alberta Minister of Finance Travis Toews speaks to the media in Calgary, Alta., Tuesday, Sept. 3, 2019. THE CANADIAN PRESS/Jeff McIntosh

Alberta starts up review on car insurance, won’t bring back rate cap

Finance Minister Travis Toews says Albertans are paying some of the highest rates in Canada

Alberta has launched a review of auto insurance in the province to ensure that the industry can remain viable and drivers can get affordable coverage.

Finance Minister Travis Toews says Albertans are paying some of the highest rates in Canada but are having trouble getting critical protections, such as comprehensive and collision coverage.

Auto insurance rates had been capped at five per cent for the last couple of years, but the government did not renew that cap in August and some drivers have since reported getting notices of steep rate hikes in the new year.

Insurers have said that under the cap they were losing money in Alberta, given a rise in payouts due to issues including car theft, injury claims, and high repair costs tied to more expensive technology in vehicles.

Toews says a three-member committee has been asked to find solutions that work for all parties within the existing privately delivered system.

READ MORE: Provincial budget cuts, insurance rate hike hits Wolf Creek Public Schools hard

The committee is to report back in the spring, and Toews says the government will take action as soon as possible after that.

The Canadian Press

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Sylvan Lake and Eckville slowly climbing out of the deep freeze

The Weather Network says warmer, more moderate temperatures are on the way

Mystery thrillers were Sylvan Lake’s popular reads in 2019

Half of the top 10 borrowed titles from Sylvan Lake’s library in 2019 were mystery crime thrillers

School busses once again running in Sylvan Lake

School busses did not run for three days this week due to the extreme cold temperatures

Sylvan Lake RCMP seek assistance in locating missing male

Mark Crier, 17, was last seen in Sylvan Lake on Jan. 13

Advance care planning helps you document your healthcare wishes

It’s important that your loved ones and your healthcare team understand your wishes for healthcare

Canada to bolster screening of central China passengers for virus at 3 airports

Additional measures will include messaging on arrivals screens in Toronto, Montreal and Vancouver

Rebels fight back from 3-1 Raider lead to win 4-3 in shootout

Two goals by Zak Smith key to Rebels comeback

‘Extensive’ work planned at Big Bar landslide ahead of salmon, steelhead migration

Fisheries Minister Bernadette Jordan visited the site of the slide from June

Royal deal clears way for Harry, Meghan part-time Canada move: experts

Keith Roy of the Monarchist League of Canada said the deal is exactly what Harry and Meghan asked for

PHOTOS: Eastern Newfoundland reeling, search underway for missing man after blizzard

More than 70 centimetres of new snow fell overnight, creating whiteout conditions

Prince Harry, Meghan to give up ‘royal highness’ titles

‘Harry, Meghan and Archie will always be much loved members of my family,’ says Queen Elizabeth II

RCMP Major Crimes Unit lays charges in Stettler death

Nicholas Climb Johnson, 32, of Stettler is charged with second degree murder in the death of his father

Metis nations ask Ottawa to negotiate directly with them, not national body

Three provincial Metis nations will work through the national council until after the federal government releases its 2020 budget

Most Read