Westworld Alberta

June 2012

Westworld Alberta

Issue link: http://westworldmagazine.ama.ab.ca/i/68789

Contents of this Issue

Navigation

Page 46 of 71

analyzethis ing Rates? premiums by Daneda Russ ask your insurance agent for rate quotes before you go car shopping. Safety features such as anti-lock brakes could also save you money if those features have been shown to reduce claims on your particular vehicle. On the record Every at-fault liability claim you incur will raise you fi ve notches on the province's auto insurance-premium grid, which could trans- late to a fi ve per cent premium increase or more. Repeated traffi c safety violations such as speeding tickets – or even a single impaired- driving charge – can jack your rates up even further. If your driving history isn't perfect, don't despair. Every year of claim-free driv- ing may drop your rate by fi ve per cent. Mandatory coverage If you own a motor vehicle in Alberta, you're legally required to have third-party liability and accident benefi ts. Third-party liability covers the other guy when you're at fault for a collision. Coverage of $200,000 is the bare minimum, but Hillman recommends $2 million. "It doesn't raise your premium that much – it might only be an extra $7 a month in some cases – but it gives you a big increase in protection," he says. Accident benefits cover non-vehicle-related costs resulting from a collision (regardless of fault), such as medical care, rehabilitation and funeral costs. The Alberta Insurance Rate Board sets the premiums for these mandatory forms of coverage (see airb.alberta.ca/gridrate/ airbgridinfo.aspx.). Optional coverage Collision and comprehensive insurance are optional, and you can adjust your policy to suit your needs. Collision reimburses you (right away) for damages to your vehicle in a collision or rollover, regardless of who's at fault. Comprehensive covers vehicle dam- age from causes other than collisions and rollovers – such as hail, fire and theft. While it can make sense to drop or reduce collision on older vehicles, remember: even if you're not at fault in a crash, you won't receive immediate coverage for repairs without collision insurance. Add-ons and deletions Increasing your policy's deductible (the amount you agree to pay upfront toward a claim) can decrease your monthly premiums. You can also look into policy add-ons that specify coverage only for certain kinds of damage (say, limited payouts for windshield damage). If you need to insure a second vehi- cle, or your home, you might qualify for a multi-policy discount. Shop around. Also review your policy when something changes, says Hillman. "Adding a driver, changing vehicles, moving – that's when you should review the whole policy." AMA MEMBERS SAVE MORE Compare your rate online. Visit AMA Insurance online for a quick-and-easy auto insurance quote. AMAInsurance.ca S WESTWORLD >> JUNE 2012 47

Articles in this issue

Links on this page

Archives of this issue

view archives of Westworld Alberta - June 2012