The Alberta Government is freezing private passenger vehicle rates through to the end of 2023. (File photo: LNN, January 26, 2023)

By Justin Goulet

Province freezing private passenger vehicle insurance rates

Jan 26, 2023 | 10:32 AM

LETHBRIDGE, AB – The Government of Alberta has announced it will be pausing private passenger vehicle insurance rates until the end of 2023.

Officials cited concerns raised by residents on the affordability of auto insurance for personal vehicles as a reason for this latest decision. In addition to pausing rates until the end of 2023, the province said it will continue to develop short and long-term solutions to steady and lower auto insurance rates.

President of the Treasury Board and Minister of Finance, Travis Toews said, “We share Albertans’ concerns about the rising cost of living during the current inflation crisis.”

“We will continue to meet with members of the insurance industry to find additional longer-term solutions for automobile insurance.”

Despite this announcement, some drivers might notice a rate increase in their insurance renewals in 2023. The province explained that this might be due to previously approved rate changes, changes to driving records including at-fault claims and tickets, or changes to insurance profiles like a new address or a different vehicle being insured.

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The provincial government implemented reforms in the fall of 2022, which officials say are anticipated to stabilize rates. However, factors like inflation and supply chain issues for auto parts have impacted the effect of reforms in the short term.

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