New Brunswick Auto Insurance
The New Brunswick Auto Insurance market is quite competitive as car insurance is provided by more than sixty different insurers. Just like the rest of Canada it is mandatory to have a minimum level of coverage and there is a wide range of coverages and pricing strategies offered by the various insurers. So it pays to shop around and consider what level of coverage is recommended by your provider.
By: Kanetix Car Insurance
Car insurance rates in New Brunswick are regulated by the New Brunswick Insurance Board. The board has been responsible for approving rates for auto insurance since January 1, 2005. This came into being after auto insurance rates were a major provincial election issue in 2003.
One very interesting feature of New Brunswick Auto Insurance is the "First Chance Discount". It gives a 30% discount (on average) to new drivers as long as they remain accident free and meet certain other criteria. This is helpful for teenage drivers and new drivers. These drivers tend to pay very high rates because statistics show that they are at a very high risk of having an insurance claim. But the First Chance Discount gives a substantial break on these high rates. This way, not all new drivers are assumed guilty of being bad drivers. If the new driver with the First Chance Discount has an accident or another driving infraction, they will lose the discount AND be further penalized for their record. All in all this is a very good feature.
New Brunswick also has the Facility Association. This is known as the "insurer of last resort" because anyone who can not get auto insurance elsewhere will be accepted by Facility. And the premiums are high.
The minimum coverage in a New Brunswick car Insurance policy includes: $200,000 for liability; $50,000 per person for medical bills you sustain; up to $250/week for lost income; and $50,000 in the event of your death. The liability coverage is for personal injury and/or property damage that you are liable to pay to someone else.
It is a good idea to review these limits with your insurance company and consider higher coverage. It is also wise to consider the other optional coverages (i.e. for damage to your car)
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