Insurance regulators order five per cent cut in auto premiums as of Nov. 1

Alberta drivers are getting a break on their insurance. The province’s regulator has ordered rates to be cut by five per cent on basic insurance, effective Nov. 1.

EDMONTON — Alberta drivers are getting a break on their insurance.

The province’s regulator has ordered rates to be cut by five per cent on basic insurance, effective Nov. 1.

The change will reduce the average premium by $30.

Alf Savage, chairman of the Automobile Insurance Rate Board, says the reduction is mainly because the province won a legal battle to reinstate a payout cap for soft-tissue injuries.

The insurance industry had asked the board to raise premiums as much as 6.4 per cent.

The decision effectively reverses last year’s increase of five per cent.

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