How Much Auto Insurance Do I Need? Calgary’s Bow Valley Explains

How Much Auto Insurance Do I NeedAuto insurance is the most often-held type of coverage in Alberta, and that means there are a lot of different companies offering a lot of different deals. Bow Valley Insurance has been serving Canadians for 33 years from our Calgary location, and our brokers know all the ins-and-outs of auto insurance. Our brokerage employs 52 knowledgeable and experienced insurance experts who have access to packages provided by 15 different insurance companies, and we know exactly which ones provide the coverage you need at the rates you want.

Minimum Auto Insurance Coverage Requirements in Alberta

Each province in Canada has designated minimum insurance requirements for automobile owners as determined through provincial legislation. Alberta’s minimum auto insurance coverage requisites include:

Compulsory minimum third-party liability: Coverage for one accident includes a minimum of $200,000 liability, but if the total cost of the accident exceeds this amount then property damage will be capped at $10,000.

Medical payments: Each auto insurance policy in Alberta includes a minimum of $50,000 a person for medical treatments such as chiropractic services, massage therapy and acupuncture for treatment of injuries due to an accident.

Funeral expense benefits: Funeral expense benefits for those killed in an auto accident are covered for up to $5,000.

Disability income benefits: Minimum coverage in Alberta includes compensation for wages lost due to an accident of 80 per cent of your gross weekly wages up to a maximum of $400 a week for up to two years. 

Death benefits: Death at any time after an accident to the head of a household is covered for $10,000, plus 20 per cent to each dependent survivor. There are several additional coverages included in death benefits such as funds for first survivors, adult interdependent partners and dependant relatives. 

Note that minimum Alberta auto insurance does not include impairment benefits. It does include, however, the right to sue for pain and suffering and the right to sue for economic loss in excess of no-fault benefits.

Additional Coverage to Consider

Increase Your Liability Coverage: Additional coverage for Albertans and Calgarians to consider is an increase in liability coverage. Accidents are getting more and more expensive due to the cost of automobiles these days, and so it makes sense to increase this limit if you have a high-value vehicle or if you spend a lot of time on the road.

Specified perils: This type of coverage pays for losses specifically listed in the specified perils section of your policy. Because of the history of Alberta weather, common specified perils include fire, lightning, windstorm, hail and rising water, as well as theft, attempted theft and more. 

Comprehensive: Comprehensive coverage included perils specified by you plus damage caused to your vehicle by insured incidents such as high winds and vandalism. 

Collision: Just as named, collision insurance is your protection in an accident. 

All Perils: All perils coverage combines the elements of all perils, comprehensive and collision insurance. 

Bow Valley Auto Insurance

Calgary business owners and residents have worked with Bow Valley Insurance brokers for more than three decades to assist them with the important decisions necessary for selecting the best auto insurance policy available. Our experienced auto insurance professionals can shop around to find you the best policy, find available discount and explain how to bundle policies for greater savings. Request a quote today!