For the first time since 2008, mandatory car insurance rates are going up in Alberta.
The Automobile Insurance Rate Board has decided to allow companies to hike premiums by up to five percent.
Companies can implement the raise over the next three years.
It only applies to the mandatory part of coverage, and can start on November 1.
The board says it’s allowing a rise because of more injuries and property damage collisions, with less revenue coming to companies from investment.
Published July 27, 2012
