The Automobile Insurance Rate Board (AIRB) is directing the insurers to reduce the premium amounts for basic auto insurance by 5%. This decrease is due to a reflection of Alberta Court decision to uphold the province’s minor injury Regulation, which restores the cap on the amount an individual can claim for minor injuries. This AIRB main purpose is to encourage an efficient and effective automobile insurance market with the rates which are predictable and fair for both motorists and insurers. The adjustment for insurance companies is open and transparent.
The mandatory thing to note is that people set up premiums for auto insurance coverage’s for private passenger vehicles, monitor the premiums for optional coverage & review, get approved premium ratings for new insurers who enter Alberta market. This board is required to announce any industry-wide adjustment which results from annual auto insurance rate review.
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