The UCP is introducing new vehicle insurance regulations it says will give Alberta drivers faced with skyrocketing rates a break..But NDP leader Rachel Notley said the entire provincial system should be nationalized like in BC..“Alberta’s government is proposing changes that will contain costs and stabilize premiums in the auto insurance system, while increasing medical benefits to support Albertans injured in collisions. Other changes include cutting red tape and bringing efficiencies to the system to give Alberta drivers more options and flexibility,” the government said in a Thursday release..Finance Minsiter Travis Toews said: ““Both drivers and insurers have been paying the consequences of the previous government’s ill-thought-out rate cap that left many Alberta drivers without reasonable insurance options. These actions will start to ease cost pressures and stabilize premiums for Alberta drivers.”.The UCP said the new measures will increase insurance affordability by controlling cost pressures, including putting more minor injuries under the compensation cap for pain and suffering damages, and using a floating rate for interest accumulated on pain and suffering damages..They said there will be an increase in medical benefits to support Albertans injured in traffic accidents with access to more health professionals and inflation-adjusted benefits to deal with the after-effects of collisions..They claim Bill 41 will create more consumer choice by enabling insurance companies to offer more insurance options such as pay-per-kilometre..Bill 41 will also modernize and improve Alberta’s insurance system by cutting red tape in the auto insurance system and allowing direct compensation for property damage to allow not-at-fault drivers to work directly with their own insurers for vehicle repairs after collisions, the UCP said..Alberta currently pays the third-highest insurance rates behind only BC and Quebec..“Albertans should expect to see a break from steep increases to their premiums, or any potential savings in the coming months,” the government release said..Celyeste Power, Vice-President, Western Region, Insurance Bureau of Canada said: “We believe that auto insurance is all about balance and we are hopeful that these changes strike that right balance so that auto insurance is affordable and accident victims get the care they need. We think Bill 41 is a step in the right direction as it focuses on affordability and ensuring accident victims get the care they need to recover from car accidents.”. Defying crackdown, hundreds march against lockdowns in Calgary .Meanwhile, Notley said the best thing the government can do is nationalize the auto insurance industry – much like the ICBC system in B.C. where residents pay the highest rates in the country..ICBC also loses about $1 billion a year despite having a monopoly..“When the insurance companies say (they) can’t possibly afford to provide insurance, ‘We’re going to leave the province,’ well, that sounds like it’s opening up a market for somebody else to provide something that would be less expensive and ensure that profits remain inside the province,” said Notley to the Globe and Mail..Dave Naylor is the News Editor of the Western Standard.dnaylor@westernstandardonline.com.TWITTER: Twitter.com/nobby7694
The UCP is introducing new vehicle insurance regulations it says will give Alberta drivers faced with skyrocketing rates a break..But NDP leader Rachel Notley said the entire provincial system should be nationalized like in BC..“Alberta’s government is proposing changes that will contain costs and stabilize premiums in the auto insurance system, while increasing medical benefits to support Albertans injured in collisions. Other changes include cutting red tape and bringing efficiencies to the system to give Alberta drivers more options and flexibility,” the government said in a Thursday release..Finance Minsiter Travis Toews said: ““Both drivers and insurers have been paying the consequences of the previous government’s ill-thought-out rate cap that left many Alberta drivers without reasonable insurance options. These actions will start to ease cost pressures and stabilize premiums for Alberta drivers.”.The UCP said the new measures will increase insurance affordability by controlling cost pressures, including putting more minor injuries under the compensation cap for pain and suffering damages, and using a floating rate for interest accumulated on pain and suffering damages..They said there will be an increase in medical benefits to support Albertans injured in traffic accidents with access to more health professionals and inflation-adjusted benefits to deal with the after-effects of collisions..They claim Bill 41 will create more consumer choice by enabling insurance companies to offer more insurance options such as pay-per-kilometre..Bill 41 will also modernize and improve Alberta’s insurance system by cutting red tape in the auto insurance system and allowing direct compensation for property damage to allow not-at-fault drivers to work directly with their own insurers for vehicle repairs after collisions, the UCP said..Alberta currently pays the third-highest insurance rates behind only BC and Quebec..“Albertans should expect to see a break from steep increases to their premiums, or any potential savings in the coming months,” the government release said..Celyeste Power, Vice-President, Western Region, Insurance Bureau of Canada said: “We believe that auto insurance is all about balance and we are hopeful that these changes strike that right balance so that auto insurance is affordable and accident victims get the care they need. We think Bill 41 is a step in the right direction as it focuses on affordability and ensuring accident victims get the care they need to recover from car accidents.”. Defying crackdown, hundreds march against lockdowns in Calgary .Meanwhile, Notley said the best thing the government can do is nationalize the auto insurance industry – much like the ICBC system in B.C. where residents pay the highest rates in the country..ICBC also loses about $1 billion a year despite having a monopoly..“When the insurance companies say (they) can’t possibly afford to provide insurance, ‘We’re going to leave the province,’ well, that sounds like it’s opening up a market for somebody else to provide something that would be less expensive and ensure that profits remain inside the province,” said Notley to the Globe and Mail..Dave Naylor is the News Editor of the Western Standard.dnaylor@westernstandardonline.com.TWITTER: Twitter.com/nobby7694
