Alberta's Care-First auto insurance could cost drivers more: IBC
Auto insurance premiums could increase for Albertans under the province's new Care-First system, says the Insurance Bureau of Canada (IBC).
The company says it's reviewed a report from consulting firm MNP that found the maintaining the ability of drivers to sue other drivers in an accident would add $136 in annual premiums.
IBC says it wants the Alberta government to resist pressure to keep this ability in the new system.
'Litigation in Alberta's auto insurance system creates significant costs for Alberta drivers. Removing this, to improve affordability and care, is the main reason the government decided to transition to its Care-First model,' said Aaron Sutherland, IBC's Pacific and Western vice-president in a news release.
'The provincial government designs and mandates the auto insurance products that insurers must sell. No other province with a care-based system permits the ability to sue as envisioned in Alberta because of the significant costs it adds for drivers, while doing nothing to improve care for those injured in collisions.'
IBC says legal costs are increasing by 9.7 per cent and benefit costs are increasing by 11.9 per cent – much faster than the government's 7.5 per cent auto insurance cap can handle.
With higher repair costs, inflation and tariffs, the inclusion of tort access in the Care-First model could risk its failure, IBC says.
'The Alberta government is trying to deliver significant savings under the new system, but current auto insurance rates are under tremendous pressure,' said Sutherland.
'The insurance industry supports the government's goal of making auto insurance more affordable for Alberta drivers. But to do that, a significant course correction is needed.'
The final look of Alberta's Care-First model hasn't been announced. The system is expected to come into effect in approximately 18 months.
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With successful integration of the Musselwhite Mine acquisition, advancing permitting at South Railroad, and continued exploration success at Zone 22, Orla has positioned itself for sustained production growth across three key jurisdictions. cs@ (250) 999-4849 DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. is owned by Media Corp. ('BAY'). BAY has been paid a fee for Lake Victoria Gold Ltd. advertising and digital media from a shareholder of the Company (333,333 unrestricted shares). There may be 3rd parties who may have shares of Lake Victoria Gold Ltd., and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of 'BAY' reserve the right to buy and sell, and will buy and sell shares of Lake Victoria Gold Ltd. at any time without any further notice commencing immediately and ongoing. 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