When buying Alberta auto insurance, it’s essential that you make your choice of providers from a position of knowledge. Understanding the various factors that affect premiums and the types of available coverage will help you make an informed and affordable decision that protects your interests.
With that in mind, here are nine key questions to ask your Lane’s Insurance Alberta auto insurance broker when choosing your coverage.
What type of Alberta auto insurance is mandatory?
In Alberta, basic mandatory coverage provides for third party liability and accident benefits. Third party liability covers the policy holder in the event that his or her actions result in property damage or injury to another person. All drivers in Alberta are required to carry at least $200,000 in protection.
Accident benefits cover drivers and vehicle occupants who suffer injuries as the result of a car crash. These benefits include income replacement, medical and rehabilitation costs, and funeral expenses in the event of death.
Which optional types of Alberta auto insurance should I consider?
You may want to add:
- Collision coverage, which covers the cost of repairs to the policy holder’s car after an accident
- Comprehensive coverage, which covers situations other than accidents, such as weather damage, vandalism, fire and theft
- Named perils coverage, which covers the vehicle owner from specific situations identified in the policy; it is a more limited type of comprehensive coverage
- Endorsements, which are attached to general policies and increase or decrease coverage in specific situations, such as glass protection, protection in case of an accident with an uninsured driver, and legal liability for damage to a vehicle not owned by the policy holder
What are the minimum deductible amounts that will affect my premiums?
Deductibles almost always reduce the cost of Alberta auto insurance premiums. The minimum deductible amount is $100, which is not commonly sold. The most common deductible amount is $500.
Does this policy cover rented vehicles?
This is a very useful form of coverage that is not always automatically included. Learn more about it by visiting our previously published article on the topic.
Am I covered if I borrow a car?
Usually, the person lending the vehicle will be covered if something happens while another driver borrows their car. However, you should always understand the lender’s coverage limits before driving another person’s vehicle.
Am I eligible for any Alberta auto insurance discounts?
You’d be surprised to learn just how many people qualify for Alberta auto insurance discounts and don’t even know it. Are you one of them?
Generally speaking, you may qualify for a discount if you’re a loyal customer to a particular insurance provider, if you’ve added aftermarket safety features to your vehicle, or if you have a clean driving record over an extended period of time. However, such discounts aren’t always offered automatically, so be sure to ask about them.
How is my driving record affecting my Alberta auto insurance rate?
While minor offences like parking tickets don’t usually come into play when a driver is purchasing a new auto insurance policy, accidents, traffic violations and more serious incidents can affect the cost of your policy. While fault is usually taken into account, drivers with more accidents and traffic tickets on their records are generally deemed to pose a higher risk, and as such, their policies usually cost more.
Do you offer first accident forgiveness?
In this regard, policies vary from provider to provider; some insurance companies offer first accident forgiveness, while others don’t. However, it’s important to understand that even if your insurance provider offers forgiveness for a first accident, you may not qualify for it if:
- You have had a previous at-fault accident
- You have had previous license suspensions
- You have been convicted of dangerous driving or impaired driving
- You have accrued too many demerit points on your license
- You have too many traffic tickets and violations on your record
What are the benefits of choosing Lane’s Insurance for my coverage?
Lane’s Insurance is a leading Alberta-based brokerage. Our extensive knowledge of the province’s insurance industry allows us to deliver advice and guidance you can count on, and because we work for you and not for the insurance companies, we are able to secure the most competitive auto insurance rates on the market. In many cases, we can get insurance companies to bid on your business — and that benefits you.
We also offer:
- Industry-leading claims support
- An extensive library of digital resources
- Outstanding customer service