Insurance comparison platform HelloSafe has published the latest edition of its Canada auto insurance barometer, revealing which provinces are paying the most for coverage.
Citing data from Ernst & Young’s “Canadian Private Passenger Vehicle Insurance Rate Comparisons” study which was released in October 2022, HelloSafe’s 2023 car insurance barometer found that Alberta was the Canadian province with the priciest annual auto insurance premiums, at $3,151. For comparison the second and third highest provinces – Nova Scotia and Ontario – had medians of $2,491 and $2,299 for annual auto insurance premiums, respectively.
Meanwhile, Saskatchewan had the lowest median for annual auto insurance premiums among the provinces, at $1,249. Manitoba was not far behind, with a median annual auto insurance premium of $1,373.
A ranking of the provinces based on their median annual auto insurance premiums, from highest to lowest, is as follows:
In terms of specific Canadian cities, Calgary, Edmonton, and Halifax were identified by HelloSafe as having the most expensive auto insurance premiums in Canada, each paying annual medium premiums of $3,182, $3,150, and $2,490, respectively. On the other hand, the cities with the lowest annual median premiums were Vancouver ($1,841), Winnipeg ($1,381), and Saskatoon ($1,249); it was noted that these cities are in provinces where there is a public auto insurance system in place.
HelloSafe also looked at which driver profiles pay the most and the least for auto insurance. The insurance comparison website found that a female driver living in The Pas, MB who is 51 years old, employed, and has been licensed for 35 years can pay the lowest possible annual insurance premium of $383.
Read next: How to get cheap car insurance in Canada
But on the other side of the spectrum, a male driver living in St. John’s, NL who is 18 years old, a student, and a Stage 2 learner driver can pay the highest possible annual insurance premium of $6,828. HelloSafe also pointed out that Stage 2 learner drivers are likely to pay 4.8 times more than drivers licensed for 35 years or more.
Alberta’s place at the top of the list of provinces with the most expensive annual auto insurance premiums comes as the region mulls a rate freeze through the introduction of Bill 206. However, the Insurance Brokers Association of Alberta (IBAA) has raised concerns that the measure is only a temporary fix for an issue that needs a lasting solution.
