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