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All about car insurance in Fort McMurray
Fort McMurray, once booming with nearly 70,000 residents in 2016, is waiting for the next census to update its population after the wildfires gained national attention. Known for its rich oil and gas economy, the influx of people brought significant traffic – with Highway 63 running through town and carrying numerous heavyweight trucks. This makes road conditions and truckers' blind spots something to be mindful of when driving.
Auto insurance in Alberta is a requirement. It's provided by private car insurance companies and regulated by the Automobile Insurance Rate Board (AIRB). The board ensures rate increases are substantiated – simply put, an insurer can't raise rates without prior approval from the regulatory body. Instead, it's based on their financial records.
The province also operates within a hybrid system which includes components of no-fault insurance and tort-based insurance. No-fault insurance means that you'll recoup funds from your insurer, regardless of fault. However, the hybridity of the system still allows you to sue for damages.
Read on to learn everything there is to know about auto insurance in Fort McMurray. Plus, when you're ready, be sure to compare personalized car insurance quotes to find your best rate on the market. We can also connect you with a licensed broker who will guide you through the entire process of securing the coverage you need.
Did you know?
As drivers across Alberta continue to pay some of the highest premiums, the government announced a limit of 5% on auto insurance rate hikes for certain good drivers, effective January 2024. Do you qualify as a good driver? Find out by reading our blog linked below.
Mandatory Fort McMurray auto insurance coverages
In Fort McMurray, you're required to carry three types of car insurance coverages at a minimum. Here, we cover an overview of each one – third-party liability, accident benefits, and direct compensation for property damage.
Third-party liability
Accident benefits
Direct compensation for property damage
Optional Fort McMurray auto insurance coverages
Aside from the mandatory coverages, you can also add optional coverages to your Fort McMurray car insurance policy. These options are mainly there to help cover the loss and damage of your personal vehicle.
Collision
Comprehensive
Specified perils
All perils
Emergency roadside assistance
Popular Fort McMurray auto insurance endorsements
To further customize your car insurance, you can also add Standard Endorsement Forms (SEFs) to your policy. While the selection of endorsements may differ depending on the provider you choose, here are some popular options for Fort McMurray drivers.
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How much is car insurance in Fort McMurray?
To find the exact cost of your Fort McMurray car insurance policy, be sure to compare personalized quotes with us – you won't know which insurer offers the lowest rate until you take a look at all of them. Below are three sample quotes our Fort McMurray users received from us in June 2024.
- $111/month
36-year-old female
driving a 2010 Dodge/Ram Journey under Economical Insurance
- $139/month
45-year-old female
driving a 2021 Nissan Qashqai under Economical Insurance
- $147/month
60-year-old male
driving a 2014 Chevrolet Equinox under Travelers Insurance
Factors that impact your Fort McMurray car insurance rate
It pays to shop the market for cheap Fort McMurray car insurance. This is because different insurers offer different rates based on a list of personalized factors. Here, we cover a few main ones, so you can better understand how insurers come up with your quote.
Age
Younger drivers tend to pay the highest car insurance rates due to statistical risk factors.
Gender
Males tend to pay higher premiums than their female counterparts due to statistical risk factors.
Location
Where you live in Fort McMurray matters. Busy areas with high crime rates will inevitably come with higher premiums.
Vehicle type
Cars that expensive to repair and replace will cost more to insure – and the same goes with highly-stolen ones.
Vehicle use
Do you drive for business or for pleasure? Pleasure-use cars tend to come with cheaper insurance rates.
Driving history
Your Fort McMurray driving history is looked at by insurers. A clean record shows low-risk which means low premiums.
Driving behaviour
More time on the road equals more risk – so expect to pay higher premiums if you commute daily.
License class
If you have your full driver's licence in Fort McMurray, expect to pay cheaper premiums than a novice driver.
Coverages & discounts
More protection will lead to higher rates, but asking for discounts can help combat the cost.
How to get cheap Fort McMurray car insurance quotes
While insurers are the ones that quote you, there are many steps you can take to make sure you're getting the cheapest Fort McMurray car insurance on the market. Here, we cover ten different tips to help lower your premium.
- Shop & compare
Research which company provides cheap car insurance in Fort McMurray. Rates can potentially go up whenever you renew, but lucky for you comparing personalized Fort McMurray car insurance quotes with us is free.
- Stay loyal
Some Fort McMurray car insurance companies will give loyalty discounts to drivers who remain active with them for years – but don't let this deter you from shopping the market.
- Bundle insurance products
If you use the same insurance company for both your home and auto insurance needs, your insurer will often thank you with a policy bundle discount.
- Insure multiple vehicles together
If you have multiple drivers and multiple vehicles in your household, putting them all under one policy can help save you money.
- Increase your deductible
Your deductible is the portion you pay when settling a claim before your insurer will pay the rest. If you’re willing to increase it, you'll pay less in premiums.
- Ask about discounts
Ask your insurer about group rates – for professionals, alumni, and more. Oftentimes, Fort McMurray insurance companies will offer discounts to members of certain organizations.
- Pay premiums annually
Paying monthly premiums adds administrative costs to your insurer. If you’re able to pay in full annually, you'll likely pay a bit less in the long run.
- Keep a clean record
The cheapest rates go to the safest drivers in Fort McMurray. Car crashes can stay on your record for years, causing your insurance premium to go up substantially.
- Install winter tires
As Fort McMurray roads can get dangerous in the winter, insurers often offer a cheaper rate to those who install winter tires.
- Drive less
The more you drive, the more risk you're inevitably exposed to. Simply driving less can help save you money on your car insurance premium.
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Frequently asked questions about Fort McMurray car insurance
How much is car insurance in Fort McMurray?
The average cost of car insurance in Fort McMurray is roughly $1,200 per year, or about $100 per month, but rates continue to rise yearly. Could you be paying less? Let's find out by comparing car insurance quotes today.
Who are the best car insurance brokers in Fort McMurray?
First, be sure to find a broker licensed by the Insurance Brokers Association of Alberta. You can start your search there. You can also ask family and friends for their advice and referrals. At the end of the day, it's a personal choice and you want someone who can give you a great rate with excellent customer service. If you get Fort McMurray car insurance quotes with us, we'll connect you with our preferred brokerages in Alberta to help you navigate through your policy and ensure you get the coverage you want.
What are the best Fort McMurray car insurance companies?
When we think of the best car insurance companies, we often think of big players like TD, CAA (AMA), or Intact.
However, the best car insurance company for you is the one that will give you the best rate and a hassle-free claims experience. You can read reviews, but insurance reviews are typically jaded by a lack of understanding of coverage, so you have to read through the lines. Be sure to read both positive and negative reviews to get a clearer picture.
Here's a starting point for your search:
By entering your postal code and answering a few questions, we'll let you know which insurance company provides the best rate based on your unique driving profile. From there, we'll connect you with an insurance broker who can put the final touches on your policy and answer any questions you may have.
Your insurance broker can also give you an opinion about the company's customer service and claims experience that you can trust.