CALGARY --
A new report released by LowestRates.ca on Tuesday shows Alberta saw a drop of 3.6 percent in automobile insurance premiums for the first quarter of 2021.
However they still remain nearly 15 percent higher, year over year.
“Now it's reached an equilibrium, or close to reaching an equilibrium where insurance companies want to compete for Alberta drivers business,” said Justin Thouin, co-founder of LowestRates.ca.
Thouin says the removal of a five per cent premium cap on insurance rates from the UCP started the increase of rates nearly two years ago.
The cap was brought in by the previous NDP government.