Car Insurance in Fredericton

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Car insurance in Fredericton

Car insurance is required in Fredericton to legally drive a vehicle. While you can't change the law, you can control how much you spend on your auto insurance. Shopping around is the best way to make sure you're getting the lowest insurance rate you can. 

The Financial and Consumer Services Commission (FCNB) oversees auto insurance licensing and regulation in New Brunswick, ensuring that insurers and insurance intermediaries are legal and compliant. The New Brunswick Insurance Board (NBIB), on the other hand, oversees rate regulation and processes all rate change requests.

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The basics of your car insurance policy

Your car insurance policy is made up of some mandatory coverages, as well as a few optional coverages. The mandatory coverages include the following:

  • Third party liability: Covers you if you are responsible for injuring someone or damaging someone's property with your car. Minimum required coverage is $200,000, but most drivers in New Brunswick opt for more.
  • Direct compensation - Property damage (DC-PD): Covers damage to or loss of your vehicle or its contents when another person is at fault in a collision. Even though you're not responsible, you still collect compensation directly from your own insurer. Certain conditions apply.
  • Accident benefits: Covers medical and rehabilitation costs, funeral benefits, death benefits, and loss of income if you or your passengers are injured in a collision. As a "no-fault" coverage, you are protected even if you are at fault.
  • Uninsured and unidentified insurance: Covers you in the event you are injured in a collision by an uninsured drive, or if you are involved in a hit-and-run and the vehicle or driver cannot be identified. Damage to your vehicle is also covered, subject to a deductible.

There are optional coverages also available that can be added to your car insurance policy to ensure you're protected in the way you expect to be covered.

  • Collision or upset insurance: Pays for losses related to a collision with another object (including another vehicle) or rolls over. May be subject to a deductible.
  • Comprehensive insurance: Covers damage to your vehicle resulting from theft, vandalism or file. May be subject to a deductible.
  • Depreciation waiver coverage: Covers the full value of your car without depreciation-even if you haven't fully paid it off yet-if it is written-off in an accident within the first 24 months of the original delivery date. If your car can be safely repaired, this insurance covers that too.


What goes into your Fredericton car insurance rate?

The population of Fredericton now exceeds 56,000 according to the 2011 census, making it the third largest city in New Brunswick after Saint John and Moncton.

The average age of drivers shopping for car insurance at Kanetix.ca is 37 and male drivers (58%) outnumber females (42%) by a reasonably large degree. As many car insurance shoppers in Fredericton have already discovered, the rate offered by auto insurance firms is influenced by several different factors.

  • Where you live: Fredericton is the provincial capital of New Brunswick, and a busy city. Despite that, it isn't impacted by many traffic jams or extremely busy rush hours. That doesn't mean that insurance companies automatically reduce your rates, however. Residing in certain areas of the city still might pose more demanding driving conditions than other areas, and residing in the downtown core sometimes results in a heavier insurance premium than living further away from downtown. 

  • Your commute: There are over 322,670 people living within a 100 km radius of Fredericton. While thousands come to work in the capital city each weekday, thousands also leave the city to work in neighbouring communities. Those travelling greater distances by car to get to work are at risk for paying a higher premium than those who work near their homes or make use of public transit to reach their place of employment.

  • Your driving history: Each motorist knows that his or her driving record will be carefully inspected when insurance rates are calculated. Insurance premiums will reflect your past driving behaviour as insurance agents take into account all accidents, infractions, tickets or charges that appear on your driving record. A clean driving history that showcases your exemplary driving habits bodes well for receiving a cost break on your insurance costs.

More than half (51%) of all drivers in Fredericton have had at least one car accident, as reported while getting their auto insurance quotes. Significantly less drivers (38%), report that they have received at least one ticket. Less than half of all male drivers (47%) indicated they had at least one ticket, which is significantly higher when compared to the female group at 26%.

  • The car you drive: Motorists, who currently hold insurance policies or those in the process of researching the best rates, realise the vehicle model and year is a major component in determining an auto insurance rate. Some cars have higher theft rates than others. Other models cost more to repair while some score higher on safety. These variations and dozens of other differences are examined carefully when generating insurance premiums.

Drivers shopping for auto insurance in Fredericton, list the Honda Civic as the most popular car. The Toyota Corolla is the second most commonly insured automobile, followed by the Mazda3. Two Hyundai models, the Accent and Elantra, occupy the fourth and fifth spot in terms of popularity among drivers searching for low rates on Kanetix.ca.


More ways to lower your rate

Install winter tires and purchase roadside assistance

An overwhelming majority of Kanetix.ca customers in Fredericton (96%) appear to use winter tires to steer clear of tricky and hazardous conditions. Obviously, the average 99.3 inches (252.3 cm) of snowfall contributes to this safe practice. 

Another safety conscious act is signing up for roadside assistance. Insurance companies sometimes offer a slight discount in rates for customers who do so. If this is the case, 24% of Fredericton drivers would qualify, based on shopping rate data from Kanetix.ca.
Bundle policies and ask for discounts

Car insurance companies appreciate customers who hold multiple policies with them. To show their gratitude, insurance firms will often provide significant discounts to clients who decide to combine different policies. 

From data gathered while checking for quotes, slightly less than half (46%) of Fredericton insurance customers are expected to apply for a multi-line discount from their provider. 

Some customers forget to ask about discounts they may qualify for. Anti-theft and updated security devices on your car are means to get a discount as is having an alarm system in your garage. There are also occupational and senior adult discounts available by some insurance providers. If you've completed a driver training course or get good marks at school, guess what? There may be a cost break available; just ask for details from your insurance company.

Shop around at these times

Ensure you're getting the best price for your car insurance coverage by comparing rates regularly. Other great times to compare your rates is when it's time to renew, but also if things have changed in your life since the last time you got coverage. Examples of things that may have changed in your life include the following:

  • You got married (or divorced)
  • Moved
  • Added drivers to your policy (like your teen)
  • Changed jobs or retired

  • Bought a new car

If you're in the market to buy a new car, make sure you factor in the cost of insurance before you lay down the cash. Let us help make your purchase decision easier. Compare car insurance quotes for multiple vehicles, side by side.

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