Car insurance in Edmonton

How insurance companies determine Edmonton car insurance rates

Every single auto insurance policy in Edmonton will have a different cost. This is because many factors influence each driver's insurance rate. Plus, not all car insurance companies weigh their factors the same, meaning two people with the same age, car, and driving record will still be presented with different insurance rates in Alberta.

Here are a few of the most common factors car insurance companies consider when determining rates in Edmonton:

Your age and gender

Drivers who are younger tend to have much higher premium rates. This is because they fall into a demographic with less driving experience and statistically more accidents. But, as you age and gain more experience on the road, your auto insurance rate will most likely go down.

Also, car insurance companies take your gender into consideration. This is because it has been statistically proven that male drivers are more likely to engage in risky driving behaviours and be involved in car accidents than female drivers.

Your driving record

Did you know that having a good driving record can actually save you money? This is because insurance providers will see you as a low-risk customer. On the other hand, having a bad driving record with multiple driving infractions can make your premiums go up significantly. According to the Edmonton Police Service's Annual Report, they laid more than 20,000 speeding charges and 2,060 impaired driving charges in 2024.

Where you live

The area in which you live can affect the price of your premium. For example, areas with higher collision and vehicle theft rates tend to face higher premiums. Between January and September 2024, Edmonton averaged over 75 collisions a day.

Edmonton’s premium rates tend to be more expensive compared to other cities in Alberta, so your premium will most likely cost more here than in other areas of the province.

Marital status

You might not think your marital status has anything to do with your driving, but insurance companies see it differently. Data shows a difference between married and non-married drivers, so insurers factor that in when calculating your rates. Plus, if you and your spouse live together, you might qualify for a multi-vehicle or multi-policy discount, which could help you save on your insurance.

The make and model of your vehicle

Some types of cars just cost more to insure than others. This is because some cars are more prone to theft, and some have more expensive and/or less common parts, making them more expensive to repair or replace if they are damaged or stolen. For example, according to the Équité Association, the most stolen vehicles in Alberta in 2023 included the Chevrolet/GMC Silverado/Sierra 2500 series and 1500 series, and the Dodge Ram 1500 series.

The level of coverage you choose

The amount of coverage you choose for your car also directly affects your premium. Basically, the more coverage you add on, like collision or comprehensive coverage, the higher your rates will be. And with over 20,000 collisions in Edmonton in 2024, and a 79% increase in auto theft claims over the past four years, adding those two optional coverages to your policy is now almost essential.

Your insurance history

If you’ve made a lot of car insurance claims in the past, your insurer might see you as a higher risk, which could lead to higher rates. However, if you have a clean claims history, you might qualify for lower auto insurance premiums.

Are you looking for cheaper car insurance in Edmonton? A BrokerLink insurance advisor can help! Here at BrokerLink, we go through our clients' individual information to make sure that they receive all of the possible savings offered for their circumstances. We’ll then compare quotes from top insurers in Edmonton to find a car insurance premium that fits your budget.