How auto insurance rates are calculated in Cochrane, Alberta
Multiple factors affect the cost of auto insurance in Cochrane. A driver’s age, location, marital status, annual mileage, and driving record, along with the type of vehicle they drive can all impact auto insurance rates. While the following list isn’t all-encompassing, it gives Cochrane drivers an idea of the factors insurance companies consider when calculating premiums.
- Local laws
- Marital status
- Make, model, and year of vehicle
- Annual mileage
- Claims history
- Driving record
- Car ownership duration
How to save money on Cochrane car insurance
Car insurance should be affordable for all. That’s why we make it our business to find car insurance policies for a wide variety of budgets. When you work with BrokerLink, your dedicated insurance advisor will compare quotes and unlock discounts on your behalf. Plus, as experts in all things car insurance, we know the best tips to save money on Cochrane auto insurance. From bundling insurance policies together to attending driving school, check out the following list of tips to get cheap car insurance in Cochrane.
- Purchase multiple car insurance policies from the same provider (savings of up to 20%)
- Buy multiple insurance policies (home insurance, business insurance, leisure vehicle insurance, etc.) from the same provider (savings of up to 15%)
- Purchase a hybrid or electric vehicle (savings of up to 5%)
- Increase your deductible
- Enrol in driving school (for young drivers)
- Pay auto insurance annually rather than monthly
- Install winter tires on your vehicle
Partner with an insurance broker
One fine way to save money on your Cochrane auto insurance policy is by consulting with a trusted insurance broker. Since 1991, BrokerLink has been helping Canadians find affordable car insurance policies. We understand everyone has a different budget, which is why we work to find you the best policy at the cheapest price. Our insurance advisors can make you aware of discounts you didn’t even know you were eligible for. When you work with a broker, you’ll have someone by your side every step of the way, ensuring you find a policy that suits you and your family. At the end of the day, one of the most effective methods of saving money on Cochrane car insurance is by contacting BrokerLink.
Is auto insurance mandatory in Cochrane?
Yes, car insurance is mandatory not only in Cochrane but everywhere in Alberta. Auto insurance is provincially regulated, and the provincial government of Alberta has made it compulsory. Therefore, to register your vehicle in the province, you’ll need to show proof of a valid car insurance policy. A valid car insurance policy meets the minimum requirements set by the province. For example, in Alberta, all drivers must carry a minimum of $200,000 in third liability coverage at all times. Policies must also include accident benefits coverage, uninsured automobile coverage, and direct compensation coverage. If you aren’t sure what the mandatory coverage requirements are in Alberta, contact BrokerLink today.
Can I drive without insurance in Cochrane, Alberta?
No, you cannot drive without car insurance in Cochrane or anywhere else in Alberta as driving uninsured is against the law. If caught driving without valid car insurance, you could face serious consequences, ranging from hefty fines to jail time.
For a first offense in Alberta, an uninsured motorist can be fined between $2,875 and $10,000. Failure to pay this fine can result in jail time ranging from 45 days to 6 months.
For a second offense, the minimum fine for driving without insurance is $5,000, and the maximum fine is $20,000. Again, failure to pay the fine can result in jail time lasting anywhere between 60 days and 6 months.
As you can see, driving without insurance is incredibly risky in Alberta. If you are currently driving without insurance or if your existing policy is about to expire, do yourself a favour and contact BrokerLink to find a comprehensive policy at a competitive rate.
Optional car insurance coverage for Cochrane drivers
Car insurance is mandatory in Alberta, but not all types of coverage are required. As mentioned above, there are four types of mandatory coverage Cochrane drivers must carry with them: uninsured automobile coverage, accident benefits coverage, direct compensation coverage, and $200,000 in third party liability coverage. Beyond these mandatory coverages, Cochrane drivers can choose to purchase additional coverage with their policies. Three of the most common optional coverage types are listed below.
When you add collision coverage to your policy, you will be protected against the cost of property damage that results from an accident, such as vehicle repairs.
Comprehensive coverage provides Cochrane drivers with peace of mind, protecting the policyholder in the event that their vehicle is a victim of theft, vandalism, water damage, fire, and more.
Accident forgiveness coverage
When you add accident forgiveness to your policy, your rates won’t be impacted after your first at-fault accident, based on your policy terms. This type of optional car insurance coverage can be beneficial for new or high risk drivers.
For the right protection at a great price, turn to your local BrokerLink broker in Cochrane. For a free quote, just call.
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For the right protection at a great price, turn to your local BrokerLink broker in Cochrane.
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