Here are the straight goods, fresh off the shelf.

We know the Alberta government is bringing in a new auto insurance scheme in the new year.

But what does it look like?

Under the new system, drivers with basic insurance coverage are expected to save an average of $366 per vehicle.

As I’ve been told, drivers will get their savings and the Alberta government is also putting in a cap on how much insurance companies can hike premiums after the savings.

So they can’t just give you the savings and then take them away with dramatic hikes in premiums.

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AFTER THE SAVINGS there is a cap on premium increases.

Under what is called the adjusted rate cap, insurance companies cannot increase premiums by more than 5 per cent a year across their overall customer base.

Drivers will see any auto insurance premium increase capped at 10 per cent when they renew.

The 5 per cent cap on insurers controls overall premiums in the system.

The 10 per cent cap for individual drivers shields them from large spikes in premiums.

Now there are a few exceptions where these caps may not apply.

A recent at-fault accident, a major driving conviction, changes in insurance coverage, buying a more costly vehicle, trading in your........

© Calgary Herald