Auto insurance in Newfoundland and Labrador is offered by fifty-plus private companies competing for your business with a mix of coverage, price, and customer service. If you drive a car in Newfoundland or Labrador you must have insurance. The statistics are outlined in a table below:
|Minimum required third-party liability||$200,000|
|Medical payments (optional)||$25,000/person for a maximum of four years|
|Funeral expenses (optional)||$1,000|
|Disability income (optional)||Maximum of $140/week|
104 weeks for partial disability, lifetime for complete disability
Must be disabled for no less than one week to qualify
Unpaid housekeeper $70/week for maximum 12 weeks
|Death benefits (optional)||Death within 180 days of accident, or two years if continuously disabled before death|
Death of head of household $10,000, as well as $1,000 to each dependent
Death of spouse $10,000
Death of dependant $2,000
What’s Happening with Car Insurance Reforms in Right Now?
Though the reforms of 2004 helped reduce premiums, problems persist in auto insurance in Newfoundland. The most pressing seems to be that large awards for pain and suffering can be received for minor injuries. Though this is a comfort to the truly injured it tends to encourage fraud and the steady increase in premiums across the board. Some change will be necessary in order to keep things in check as in other provinces with a similar system, like Ontario, rates have become too high for many to pay without undue hardship.
Below is a video with some good tips on saving money on your insurance – this site is not affiliate with the company that produced the video.