EDMONTON (CBC) – Drivers in Alberta will see premiums for basic auto insurance reduced by five per cent starting Nov. 1 after an announcement Wednesday by the province’s Automobile Insurance Rate Board.
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The AIRB sets the annual rates for insurance premiums in Alberta. The chairman of the board, Alf Savage, attributed the rate drop to a Court of Appeal Ruling in June that restored a controversial cap on the payouts for soft-tissue injuries.
The $4,000 cap was first introduced in 2004 and overturned in a court challenge in February 2008. But the cap now $4,504 was implemented immediately following the Court of Appeal ruling on June 12.
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Comments:
I guess Alberta has initiated the precedence in lowering the insurance rates.
Who's next to follow...Toronto?
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