You might consider yourself privileged in New Brunswick, enjoying some of the lowest car insurance premiums in Canada. However, did you know that more than 65 private insurers operate in this province? Why not compare their quotes and opt for the cheapest policies to save your bucks?
As a car owner, you might be wondering, āhow much is car insurance in New Brunswick?ā.
To give you a short answer, car owners in this province shell out an average premium of $867 a year. It pays to explore the best car insurance quotes from New Brunswick brokers. Reputed brokers can compare quotes from multiple insurers in a few minutes. Based on your risk profile and coverage requirements, they recommend customized quotes to the owners.
How affordable is car insurance in New Brunswick compared to other provinces?
Car insurance premiums in New Brunswick havenāt increased much in the last decade. Thankfully, car owners in this province enjoy the privilege of paying low premiums.
In provinces like British Columbia, Ontario, or Alberta, drivers shell out high premiums. In these three provinces, the average car insurance premiums are $1,832, $1,505, and $1,316. Even Newfoundland and Labrador, Manitoba, Northwest Territories, and Nunavut have higher car insurance premiums than New Brunswick.
Only a handful of provinces bestow the privilege of lower premiums than those in New Brunswick to car owners. For instance, in Yukon, drivers need to pay an annual car insurance premium of $812. The rates in Prince Edward Island and Quebec are $816 and $717, respectively.
This implies that the average cost of car insurance in New Brunswick is lower than in most Canadian provinces. Working with reputed insurance brokers, you can further reduce your premiums.
How does auto insurance work in New Brunswick?
In New Brunswick, getting your car insurance is mandatory, just like in most other provinces in Canada. The Financial and Consumer Services Commission regulates the insurance industry in this province. A no-fault system is in place in the insurance industry in New Brunswick.
According to the provincial laws in New Brunswick, drivers need to have four mandatory coverages. These include:
- Third-party liability insurance coverage that protects your finances if you accidentally injure someone or happen to cause property damage
- Accident benefits that compensate you financially to treat the injuries resulting from a car crash or accident
- DCPD that compensates the costs to repair your car if you are not at fault in an accident
- An uninsured motorist insurance policy that covers injuries sustained by you or other passengers when your car is involved in an accident with an uninsured driver
Enhancing your coverage through optional policies
Now that you know the mandatory policies you should pay for, here are some additional policies that can enhance your coverage.
Comprehensive insurance: This is the most expensive policy, considering that it offers maximum protection to your car against vandalism, theft, adverse weather conditions, and other perils.
Collision insurance: This policy compensates the cost of replacing damaged parts of your car or repairing it after a collision
Specified perils insurance: You can get your car insured against a specific threat like a flood, vandalism, or lightning through this policy. This risk may be different based on your demographics.
All perils insurance: All perils insurance policies include comprehensive coverage, collision, and theft coverage. Virtually, you can secure your car from every known peril if you opt for this coverage.
Who regulates insurance rate changes in New Brunswick?
New Brunswick Insurance Board (NBIB) is the body authorized to approve the changes that private insurance companies bring about in premiums. So, even though thereās no government insurance mechanism operating in New Brunswick, private insurance companies cannot increase premiums at will. The insurance rates remain competitive, reasonable, and fair, thanks to this authority. Moreover, the presence of several dozen car insurers in the market keeps the rates competitive. This is the reason why itās logical to narrow your options down while covering your car.
The car insurance industry in New Brunswick has witnessed reforms. Thanks to the First Chance Discount, new drivers can receive a credit for three years of experience in driving while increasing the same to six if they complete a driving education program successfully. As a result, insurers significantly reduce the premiums on car insurance.
How much can your insurance premium increase due to poor driving habits?
So far, we have answered the question, āhow much is car insurance in New Brunswick?ā, considering the profile of an ideal driver. However, what if your driving record is not too clean? Just like in any other province in Canada, insurers in New Brunswick would increase your premiums.
- Under serious offences like driving under the influence, drivers in New Brunswick can experience around a 62% increment in premiums.
- A speeding ticket will tarnish your driving record, besides increasing your premium by 14%.
- If you continue getting speeding tickets, be ready to pay even higher premiums.
Working with reputed insurance brokers, you can adopt tactical measures to reduce your premiums.
How to keep car insurance premiums manageable
Thereās no denying that you would be happy with the existing insurance rates in New Brunswick. However, this excitement shouldnāt deprive you of the possible reductions in premiums that you can benefit from. Letās explore some of the viable means to further curtail your premiums.
- Donāt switch insurers too frequently after your broker recommends one
- Try to keep your driving record in the best of health
- Bundle your car and home insurance policies to benefit from discounts
- Look out for new driver discounts, student discounts, or seasonal deals
- Rather than paying monthly insurance premiums, switch to the annual schedule
How much is car insurance in New Brunswick? ā Endnote
The secret to curtailing your annual car insurance premium in New Brunswick is to work with a reputed broker.
After all, these professionals have been in the industry and know the pulse better than car owners. Channeling their experience and resources, they can find the best deals, discounts, and rebates for you.
Besides, you might be looking for personalized quotes from multiple insurers. Rather than wasting your time researching the official websites of individual insurers, it pays to get instant quotes from brokers.