Why You Need Auto Insurance In Wetaskiwin
Wetaskiwin drivers need auto insurance to manage risk while driving on central Alberta roads. As no public transit is available in Wetaskiwin, many residents drive to destinations in Wetaskiwin County. Residents can also travel 70 kilometres north to the capital city of Edmonton or 250 kilometres south to Calgary on Highway 2A. Learn about provincial coverage requirements and options for auto insurance in Wetaskiwin to discuss with a HUB International insurance broker.
Auto Insurance Requirements in Alberta
Drivers in Alberta must have auto insurance that provides accident benefits and covers third-party liability. The provincial Automobile Insurance Rate Board regulates the cost of basic coverage with a grid rating program. Insurance companies calculate policy costs based on grid rates and internal rating systems and quote the lowest rate. Over 90% of Alberta drivers do not pay grid rates. AIRB regulations only apply to basic auto insurance in Wetaskiwin. Find out more about required and optional coverage for Alberta motorists.
- Third-party liability: Section A of Alberta insurance policies covers injuries and damage that insured drivers cause to other people or their property. Policies must have at least $200,000 of public liability and property damage coverage.
- Accident benefits coverage: Section B covers injuries to a driver and other people who are involved in an accident. Basic insurance policies also include this coverage.
- Physical damage coverage: Section C is optional under Alberta law. Policies with collision, comprehensive or specified perils coverage go above and beyond basic auto insurance requirements.
Options for Auto Insurance in Wetaskiwin
Residents of Wetaskiwin who drive have several options for more comprehensive auto insurance coverage. These options raise policy rates but can pay off in the event of an accident or another covered peril. Ask a HUB broker about any of the following types of coverage to compare the premiums for these policies with the baseline cost of Alberta's Standard Owner’s Automobile Policy, which is also known as the SPF #1.
- Collision coverage: Auto policies that include collision coverage can reduce the financial burden of damage to your vehicle. If you get in an accident that involves another vehicle or rollover, this coverage can make repairing or replacing your vehicle more affordable.
- Comprehensive coverage: Policies that offer comprehensive coverage protect against a range of perils beyond collisions. This type of coverage can extend to hail damage, which is a common risk in Wetaskiwin, as well as theft or vandalism.
- All-perils coverage: The most extensive coverage is available in the form of all-perils policies. These policies meet or exceed provincial requirements for basic auto coverage and include collision and comprehensive coverage
- Specified perils: Coverage for named perils is also an option for Alberta drivers. These policies specify particular perils, such as fire, explosions, lightning or earthquakes, and provide coverage in the event that a vehicle is damaged due to these hazards.
The lowest auto insurance rates are available for SPF #1 policies, but a policy that only has the minimum mandated limits could end up exposing policyholders to financial liability in court or when repairing a vehicle. Drivers should consider the upfront cost of policies as well as the possibility that a higher level of coverage could manage larger expenses down the road.