As Albertans, Cochranites enjoy the dubious honour of having to pay the 3rd highest auto insurance rates in Canada. There is concern that in 2020 the rates will continue to increase unless some sort of action is taken.  In 2017, the NDP government implemented a 5% cap on insurance rates. The UCP government removed the cap this fall saying that it did nothing improve auto insurance rates. It is the belief of the current government that the entire auto insurance system needs reforming.  

On December 18, 2019 an expert advisory committee was appointed to explore options to reform of Alberta’s automobile insurance system. This committee will engage with consumers, industry stakeholders, legal and medical experts to gather information and make recommendations.

MLA for Cochrane/Airdrie, Peter Guthrie says there is a public misconception that the 5% cap was a "hard" cap, "It was 5% that was put on the insurance companies, so they still had the ability to go beyond 5%. So you would have some clients that had a reduction in rates, some that would have stayed the same but in fact, over 1/2 of the insured vehicles on the road experienced more than a 5% increase. Many experienced a 10 to 15% increase in insurance rates."

Finance Minister Travis Toews says, “We ultimately need to deal with the challenges that are leading to increased premiums … and present a reformed insurance system in this province that can serve Albertans well.”

Cochranites simply know that action to lower and stabilize rates needs to be quick.