The excerpted article was written by Megan McPhaden | City News
The Jason Kenney government in Alberta won’t be renewing a cap on auto insurance imposed by the previous NDP government.
That could mean your rates will be rising soon.
The United Conservative Party has confirmed it will allow a five per cent cap on increases to auto insurance to lapse.
Alberta Finance Press Secretary Charlotte Taillon says the Automobile Insurance Rate Board will be responsible for setting auto insurance rates from now on.
Meanwhile, Celyeste Power with the Insurance Bureau of Canada welcomes the move.
“We’re hoping to see some of the issues addressed within the system, and we’re also looking to just open up the insurance market a little bit more,” she said.
The five per cent rate increase limitation applies to an insurance company’s entire private passenger automobile insurance business, not to individual insurance policies.
Source: EDMONTON (660 NEWS)