Auto Insurance : Auto Insurance Quotes – Cheap Car Insurance Quotes

Some insurance companies appearing at public hearings of Alberta’s Auto Insurance Rate Board have called for a steep and swift increase in basic auto premiums.

    But some recommended staggered increases to ease the blow while others suggested the board dispense with industry-wide rate setting altogether.
    ING Insurance recommended an industry-wide hike of 37%. “Not all companies will take the full increase, and because companies have different rating plans consumers should be able to find a rate that is more suited to them,” it said.
    Peace Hills called for a 33% increase. With auto representing 50% of its writings, and 99% of those policies issued within Alberta, it said it was particularly vulnerable to the risks posed by the repeal of the soft-tissue injuries cap.
    “We are essentially in a Catch-22,” the company said in its submission.
    “We can’t legally leave the market (nor do we wish to given that Alberta auto represents 50% of our revenue) but we are, with every passing day, putting on our books business that is potentially very unprofitable.