Car Insurance in New Brunswick — the Picture Province — is regulated by the provincial government but sold by more than sixty-five private insurance companies. Due to good competition and government controls insurance rates are some of the lowest in Canada. While Ontario ranks the worst and Alberta is somewhere in the high middle NB has the third or fourth lowest average depending on which list you refer to. If competition among companies isn’t enough, the New Brunswick Insurance Board or NBIB ensures that premiums are kept at a reasonable level. However, research in the past year indicates that New Brunswickers pay more than $200/policy on average more than they should. Even though rates are low compared to many provinces they could be lower!
In New Brunswick there are various components that go to making up the parts of your insurance both mandatory and optional. As with every province in Canada if you own a car and want to drive it or park it on public roads you must have insurance. If you don’t have insurance you face stiff fines or even jail time.
The required/mandatory part of auto insurance in New Brunswick is $200,000 in third party liability as well as Property Damage coverage insurance, and coverage to protect if involved in an incident with an uninsured driver.
Optional insurance can cover anything from natural disasters like an ice storm or fire or more common occurrences like theft and collision.
Many factors go in to calculating your insurance. Though some of these things are not under your control — like age and gender — others can be affected by your actions like:
- Your driving record – safe driving habits will prevent accidents. The fewer accidents you have the lower your premiums will be;
- The type of car you own: a powerful and expensive sports car will have much higher premiums than a conservative four-door sedan;
- Is your car easy to steal? If you install a theft-prevention device or GPS your car will be less likely to be stolen and the portion of premiums that covers theft will be lower;
- Where you live affects your car insurance rate. If you are in a New Brunswick small town, or the countryside, your car is much less likely to be involved in a collision than if you are living in a congested urban environment.
Here are some tips on reducing your car insurance. The video is made in the UK but is in some ways equally applicable to car insurance in New Brunswick.