Insurance companies to the Alberta government: “Take away Albertans’ rights…and let us sell them back for a profit”

resell rights

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Albertans don’t want no-fault auto insurance. It’s no wonder why – no-fault auto insurance won’t save Albertans’ money, rewards bad drivers and punishes good ones, and only serves the interests of insurance companies and their bottom lines over Alberta’s consumers.

Faced with this fact, multinational insurance companies have proposed a “hybrid no-fault” system to the Alberta government. This system, the insurance companies say, would give Albertans “choice” in auto insurance. In reality, it’s just the same as a full no-fault insurance system – the only difference being insurers would be able to sell back all the rights and consumer protections that no-fault takes away for a profit.

Under this proposed system:

  • Albertans lose the right to challenge an insurance company’s decision in court.
  • Albertans see reduced coverage over what they have today. This means if an Albertan is injured in an accident will have to pay more out-of-pocket to support themselves and their recovery.
  • “At-fault” drivers would no longer be held liable for their actions.
  • Albertans could “buy back” these rights and protections for an additional charge.

Under this form of no-fault proposed by insurance companies, the Alberta government would allow our rights to be put up for sale to wealthy executives, shareholders and foreign companies. This is as ridiculous as it is unacceptable. Our rights shouldn’t be for sale to millionaires running billion-dollar companies. Auto insurance companies are profitable in Alberta but at the same time have been hiking rates on Albertans. Doing even more favours for a profitable industry, such as taking away our existing rights and protections and then allowing these insurance companies to sell them back to us at a profit – is the worst form of corporate welfare.

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