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Get the Lowest Rates in New Brunswick
Since it's mandatory to have auto coverage in order to legally drive a vehicle in Canada, many people purchase the first policy they come across and don’t put too much thought into it. And oftentimes, people will renew their policy without considering other options. But these are instances where you could be overpaying for your auto insurance by hundreds of dollars per year!
Rates change often. However, insurers can’t typically modify their rates without going through a regulatory board first. In New Brunswick, the Financial and Consumer Services Commission oversees auto insurance licensing and regulation to ensure insurers and insurance intermediaries are legal and compliant. On the other hand, the New Brunswick Insurance Board (NBIB) processes all rate change requests from insurers.
Because rates change often, NBIB's website reminds consumers that "you're in the driver's seat" when it comes to your auto insurance. With more options than ever before, drivers should shop regularly to take advantage of lower rates. Your current auto insurance provider may not always have the best deal on the coverage you need.
Types of auto insurance coverage in New Brunswick
In New Brunswick, there are certain auto insurance coverages that are mandatory. All drivers must have, at minimum, the following included in their policy:
- Third Party Liability: If you injure someone or cause damage to someone’s property with your car, Third Party Liability coverage offers financial support. Though most people in New Brunswick opt for more, the minimum required coverage is $200,000.
- Direct Compensation - Property Damage (DC-PD): If you get into a collision but the other driver is found to be at-fault, DC-PD covers damage to or loss of your vehicle, as well as the contents within it. With this coverage, you collect compensation directly from your own insurer, even though you’re not responsible for the collision. Certain conditions may apply.
- Accident Benefits: If you get into a collision and you or your passengers are injured, this coverage takes care of medical and rehabilitation costs, funeral benefits, death benefits, and loss of income. As a “no-fault” coverage, Accident Benefits cover you even if you are found to be at-fault for the collision.
- Uninsured and Unidentified Insurance: If you get into a collision with an uninsured driver and sustain injuries, or if you are involved in a hit-and-run and the vehicle or driver cannot be identified, this coverage takes care of your injuries, in addition to any damage caused to your vehicle. Vehicle damages, however, are subject to a deductible.
Optional coverages are also available to purchase and add on to your policy:
- Collision (or Upset) Coverage: If you get into a collision with another object or vehicle, or your vehicle rolls over, this coverage pays for losses. It may, however, be subject to a deductible.
- Comprehensive Coverage: If someone vandalizes your vehicle or contents are stolen from the vehicle, this covers the resulting damages. It may, however, be subject to a deductible.
- Depreciation Waiver Coverage: If your vehicle is written-off in an accident within 24 months of the original delivery date, this coverage repays you the full value of your car without depreciation, even if you haven't finished paying it off. A Depreciation Waiver will also cover repair expenses if it’s found that your car can be safely repaired.
Your auto insurance is set up mainly to protect you and your vehicle. But if you’re also worried about protecting your personal possessions, these can typically be covered with home or tenant insurance.
And if you’re still unsure of what your policy covers, it’s best to check in with your provider so you never run into any surprises.
In addition to the make and model of the vehicle you drive, auto insurance rates are calculated based on the following:
- Your driving record (tickets, collisions, convictions, suspensions, lapses in coverage, etc.)
- Claims you’ve filed in the past or have had filed against you
- Your address (insurers consider claims history in your area)
- How long you’ve had your licence
- How you use your vehicle (how often you drive it, where you drive it, average mileage, where you park, etc.)
- Occasional drivers on your policy
- Your insurance provider's claims history
- The amount of coverage you have right now (including any optional coverages you’ve added on to your policy)
- Any discounts you may be eligible for
Comparing quotes is the easiest way to immediately save money on your car insurance premium, but there are other ways to keep costs low as well. Of course, maintaining a clean driving record is key to keeping your rate to a minimum.
The following article provides additional tips and insight into how you can get cheaper rates right now and avoid premium increases.
When to compare rates
Renewal is the perfect opportunity to compare rates and save money. Just because your current company gave you a good rate last year, doesn't mean they'll give you the best rate upon renewal this year. Insurance rates often change, so it's important to do your due diligence and shop around for a better deal.
There are also many other occasions when you should take a moment to compare rates. For example:
- If you’re moving
- If you’re adding another driver to a policy – especially if they’re a new driver
- If you’re getting married
- If you’re getting divorced
- If you’re changing jobs
- If you’re retiring
- If you get a ticket or into an accident
- If you’re buying a new car
If you’re in the market to buy a new car, it’s especially critical to compare rates before committing to a specific vehicle. As mentioned before, the make and model of your vehicle plays a big part in how your premium is calculated. There are other variables, but this information in particular tells your insurer things like if your vehicle is more susceptible to auto theft, or how much it would cost to repair if you filed a claim for damages. The following articles will help you make a more informed decision when buying a car so you can minimize the cost of your auto premiums.
If you are debating between a few models, Kanetix.ca's car comparison tool lets you compare average insurance costs for multiple vehicles simultaneously.
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