1. Increased cost to repair
vehicle technology a skilled technician, which also
increases the repair costs.
Modern cars are built with
many safety features designed to
protect the driver. However, these
features also cost more to repair.
According to Aviva, the cost to
repair a vehicle increased by fi ve
per cent from 2017 to 2018.
Low speed accidents can have
high repair costs and can even
move the car into a write-off
situation. For example, a simple
scratch on a bumper could
damage a sensor that would
need recalibration. From 2014 to
2017, the repair cost of an airbag
sensor in a quarter panel went
up $1,100, and the cost to repair
a front bumper sensor went up
by $950. Technology in these
newer vehicles requires repair by 2. Increasing number of injuries
Insurance companies have seen
a rise in the number of injury
claims in recent years, with bodily
injury costs increasing by 54.2
per cent from 2012 to 2017. This
is partly because fewer injuries
are classifi ed as minor injuries. In
Alberta, there is a $5,202 ceiling
for pain and suff ering awards
for minor injuries. With a large
increase in psychological claims
and concussions, and longer
duration of injuries, fewer injuries
fall within this cap and cost
insurers more to cover.
3. High number of vehicle thefts
Calgary has the highest number
of vehicle thefts in Canada. In
2018, nearly seven thousand
vehicles were stolen or attempted
to be stolen. In Alberta overall,
theft is an increasing cause of
comprehensive claims, with
the frequency of theft claims
increasing by sixty-four per cent
since 2014. Insuring these losses
adds to the increasing costs that
insurers in Alberta are facing.
If you have further questions
about how the rate increase
will impact your car insurance
premiums, contact your
insurance broker. ●
Facts for this article have been
gleaned from several reliable
websites, namely the Alberta
Automobile Insurance Rate
Board, Insurance Business
Canada magazine, Canadian
Underwriter, Alberta Treasury
Board and Finance, Aviva Canada,
and CTV websites.
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