CALGARY A new report released by LowestRates.ca on Tuesday shows Alberta saw a drop of 3.6 percent in automobile insurance premiums for the first quarter of 2021. However they still remain nearly 15 percent higher, year over year. “Now it s reached an equilibrium, or close to reaching an equilibrium where insurance companies want to compete for Alberta drivers business,” said Justin Thouin, co-founder of LowestRates.ca. Thouin says the removal of a five per cent premium cap on insurance rates from the UCP started the increase of rates nearly two years ago. The cap was brought in by the previous NDP government.