New Brunswick Car Insurance Quote Calculator & Companies

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Average Cost for insurance in New Brunswick

new brunswick

If you need insurance in New Brunswick, you shouldn’t be too worried. In New Brunswick, there are extremely affordable auto insurance rates. In fact, in New Brunswick, the average auto insurance rate annually is just $796. Compared to other Canadian provinces, New Brunswick ranks ninth in terms of having the highest average insurance rate. Of the 13 Provinces in Canada, this is a very good spot to be in.  This means that New Brunswick has the fifth cheapest insurance in the country.

List of Top Auto Insurance Companies in New Brunswick

RankingTop Auto Insurance Companies in New Brunswick2015 DIRECT WRITTEN AUTO
1Wawanesa Mutual Insurance73,349,000
2Aviva Canada Inc51,226,000
3Intact Financial Corporation48,531,000
4Td Insurance, General Insurance41,442,000
5Allstate Insurance Co of Canada41,319,000
6Desjardins General Insurance Group40,356,000
7Economical Insurance37,190,000
8Co-Operators General Insurance Co32,219,000
9RSA Canada Group31,663,000
10Northbridge Financial Corporation13,243,000
11Pembridge Insurance Company12,816,000
12Travelers Canada11,067,000
13RBC General Insurance8,998,000
14Portage La Prairie Mutual7,259,000
15AIG Insurance Co Of Canada3,718,000
16Zurich Insurance Company Ltd3,686,000
17CAA Insurance3,275,000
18Pafco Insurance Company2,433,000
19Lloyd's Underwriters1,925,000
20Cumis General Insurance1,620,000
21Old Republic Insurance Company1,190,000
22Guarantee Company Of North America954,000
23Echelon Insurance615,000
24Chubb Insurance Co of Canada136,000

What Does the New Brunswick Insurance Board Do?

The goal of the New Brunswick insurance Board is to ensure that New Brunswick residents have fair auto insurance rates. The New Brunswick insurance Board regulates rates for all insurance companies doing business in the province. It is the board that helps to make sure insurance is fair for all of the parties involved. The board even makes sure that insurance is fair for the insurance companies themselves. They will make sure insurance companies look at your own personal driving record and experience. They try as best as possible to ensure that insurance rates are reasonable. When doing so, they even compare rates to other provinces in Canada. Although New Brunswick is not the same as other provinces, this gives the board a place to start.

How Will Future Insurance Rates Look in New Brunswick?

Knowing the number of annual claims made is a good way to guess future insurance rates. The more claims that are made, the less money insurance companies are making. If insurance companies begin to take a loss or just break even, they will likely be looking to raise insurance rates so that they can profit. Unfortunately, in New Brunswick, there have been a lot of auto insurance claims lately. In fact, during the period from 2002 to 2014, 2014 had the highest amount of auto insurance claims. This doesn’t necessarily mean that insurance rates are going to rise drastically in the short-term. It is, however, a good trend to look at to guess what the price might look like in the future.

How Safe Is It to Drive in New Brunswick?

A good way of being able to tell how safe you are to drive in New Brunswick, it is to see how many driving incidents occur. There are many different traffic incidents that you can look at to judge how safe it is to drive in New Brunswick. However, we decided to look at impaired driving as it causes a danger to your well-being while you are on the road. To best show you how New Brunswick fares for impaired driving incidents compared to the rest of Canada, here is a table covering impaired driving incidents:

Average Incidents Per 100,000 Drivers

 

YearNew Brunswick AverageCanada Average
2006257.22233.69
2007289.2241.1
2008363.98254.19
2009322.27261.8
2010350.54255.61
2011295.58261.8

 

How Expensive Is Gas in New Brunswick?

gas

It is difficult to be able to compare gas prices with other provinces, other than by looking at the current prices for gas. Gas prices are the lowest where gas is an abundant resource. The closer a province is to where gas is removed from the ground, the lower the price is. Transporting gas can cost a lot of money and due to this reason, New Brunswick is currently about in the middle of the pack for average gas prices in Canada. Currently, the lowest gas price in Canada is around $0.30 cheaper than elsewhere in the country. New Brunswick’s current gas price is just seven cents higher than this price currently. Although these numbers can easily change, you can expect that New Brunswick will remain roughly in the middle of the pack for gas prices in Canada.

Is There Any Mandatory Insurance Coverage in New Brunswick?

In New Brunswick, there are some mandatory insurance coverages that you need to purchase. It is mandatory that New Brunswick drivers have at least $200,000 in third-party liability coverage. It is also mandatory that you pay for medical insurance coverage that totals $50,000 a person. On top of this, you also must have funeral expense benefits for $2500 and death benefits ranging from $25,000-$50,000. In New Brunswick, you do have the right to sue someone if you feel that you need additional money to cover your pain and suffering. If you have a minor injury, currently, you can sue for up to $7818.87.

What is the facility Association in New Brunswick?

organization

The facility Association is a non-profit organization located throughout all of Canada to make sure that everyone can get automobile insurance. Some drivers are deemed too high of a risk by insurance companies to take on. If you are physically capable of driving and have your drivers license, you should be able to get insurance from the facility Association. If you get insurance from this location, you’re likely going to be paying very high insurance premiums. However, getting some insurance so that you can legally drive is better than not getting any insurance at all.

Can I get coverage beyond mandatory insurance coverage in New Brunswick?

Yes, you’re not stuck with just getting mandatory insurance coverage. If you have a more expensive vehicle or if you just desire to have more coverage, it certainly is available. If you want to get collision on your vehicle, comprehensive insurance or insurance for something you keep located inside of your vehicle, you certainly can. It is important to realize that the more insurance coverage you have, the more you are going to be paying each month for your auto insurance premium. However, if you don’t have the right insurance coverage and you get into an accident you might regret not having additional coverage.

To Conclude

Insurance in New Brunswick is available for a very reasonable price tag. It is more than likely that you’re going to be able to afford the low insurance premiums. Although, there are no guarantees as to what the future holds for New Brunswick insurance rates, insurance policies don’t last for long periods of time anyways. To get the best possible insurance rate be sure to make your best effort. Try your best to keep your drivers record clean and free of violations. It is impossible to avoid accidents at times, but it is also important to remember that it isn’t always worth making a claim on your insurance. You will have higher insurance premiumsafterwards as a result.

Resources:

http://www.cbc.ca/news/canada/new-brunswick/auto-insurance-claims-hit-12-year-high-in-new-brunswick-1.3161376

http://nbib-canb.org/en/index.php

http://fcnb.ca/automobile-insurance.html

http://www.cbc.ca/news/canada/new-brunswick/impaired-driving-rate-remains-higher-than-canadian-average-1.1335068

http://www.nbib-canb.org/en/resources.php

http://www.newbrunswickgasprices.com/Prices_Nationally.aspx

http://www.facilityassociation.com