Compare car insurance in New Brunswick
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Recent New Brunswick car insurance news
Matt Hands, VP, Insurance and MoneySense
According to a recent report from CBC News, the New Brunswick Insurance Board continues to make more approvals, allowing insurance companies to use a driver's credit score when calculating auto insurance rates. This is despite the fact that the province's drivers have higher incidents of poor credit compared to any other area within Canada.
In the summer of 2022, the board approved requests from two more insurers after a few other companies, including Wawanesa – the province's largest auto insurer – was approved to do so in the previous year. Wawanesa was the first company to raise the idea, citing that bad credit can correlate with risky personal behaviour, leading to a higher likelihood of road accidents.
While credit score is commonly used as a rating factor for home insurance in Canada, the same can't be said for auto insurance. As for the future, New Brunswick drivers may see more insurers adopt the use of credit scores when calculating rates – so improving your credit may be one way to improve your premium.
Credit scores and your auto insurance in New Brunswick
While insurers can't penalize you for bad credit, you can be rewarded for having a good score. Therefore, due to the potential savings, it's a good idea to grant a credit check if your provider requests one.
How car insurance in New Brunswick works
New Brunswick car insurance is mandatory and provided by private insurance companies and brokers. It is regulated by the Financial and Consumer Services Commission.
New Brunswick auto insurance uses a no-fault system. No-fault means you only ever deal with your own insurance company for claims, not that you can't be found at fault.
There are 4 mandatory coverages you need for New Brunswick car insurance by law, they include:
- Third-party liability - covers you in case you injure someone or damage their property.
- Accident benefits - pays for injuries you sustain in a car crash.
- Uninsured motorist - pays for injuries you and your family sustain following a collision with an uninsured driver.
- DCPD - if you're not at-fault in a collision, this pays for repairs to your car.
To get the best car insurance in New Brunswick, you can enhance your policy with optional coverages, such as:
- Collision insurance - pays to repair or replace your car if you're at fault in a collision.
- Comprehensive insurance - protection against theft, vandalism, and inclement weather.
- All Perils - includes collision, comprehensive, and protection if someone you know steals your car.
- Specified perils - Name a specific risk, such as lightning, hail, flood, and get coverage for it.
New Brunswick also uses standard endorsement forms (SEF) you can add-on to your policy for specific situations like:
- SEF16 - if you want to put your car insurance on hold.
- SEF20 - reimburses you for alternative transportation (e.g. rental) if your vehicle is being repaired as a result of damage or theft.
- SEF43 - Makes sure you get the full replacement value of your car back, not the depreciated value.
- SEF44 - provides additional coverage if you or a family member are injured by another driver who does not have enough insurance to pay the injury claim.
If a high-risk driver can’t access car insurance, they can use the Facility Association. The Facility Association is funded by all insurance companies in NB and operates as the insurer of last resort.
Historical New Brunswick car insurance rates
All car insurance rate changes are approved by the New Brunswick Insurance Board (NBIB). NBIB ensures all New Brunswick drivers’ auto insurance rates are fair and reasonable. Even though drivers in New Brunswick pay some of the lowest car insurance rates in Canada, it still makes sense to compare car insurance quotes.
Informed consumers help to keep rates competitive and as a citizen of New Brunswick, they are encouraged to shop around. Competition often leads to both better rates and service from car insurance providers.
Reforms in car insurance have led to New Brunswick’s “First Chance Discount” offering new drivers’ credit for three years of driving experience and increasing to six if the new driver successfully completed a driver education course. This action alone led to significant reductions in car insurance premiums.
Mandatory coverage for auto insurance in New Brunswick
Mandatory insurance is mostly about protecting you from damage you may cause to others and their property. Protecting you car is in optional coverages.
Direct compensation for property damage (DCPD)
Optional car insurance coverage in New Brunswick
You can personalize your coverage with these common additions that protect your car.
Emergency roadside assistance
Are you getting the best price for New Brunswick auto insurance?
How to get cheap car insurance in New Brunswick
Shop and compare
Research which company provides cheap car insurance in New Brunswick, and also the best value for you and your vehicle. Rates may change up to four times a year, but lucky for you comparing car insurance quotes with us is free.
Stay with your current insurer
Some New Brunswick car insurance companies will give loyalty discounts to drivers who remain active with them for years. Especially if they add family members or multiple vehicles to their policy.
Bundle your policies
If you use the same insurance company for both your home and auto insurance needs, your insurer will often thank you with a dip in premiums.
Get a multi car discount
If you have multiple drivers and vehicles in the same household, by putting them all on one policy can save you money.
Increase your deductible
Your deductible is the portion you pay when settling a claim before your insurer will pay the rest. If you’re willing to double your deductible, it could save you money.
Ask about discounts
If you’re a member of a large corporation, union, or a school alumnus, it could help you get cheaper New Brunswick car insurance.
Pay premiums annually, instead of monthly
Paying monthly adds administrative costs to your insurer, so if you’re able to pay in full annually you can lower your premiums.
Maintain a good driving record
If you’re a safe driver, obey the rules of the road and drive according to road conditions you can reduce your chances of an accident. Car crashes stay on your insurance record for up to ten years and can result in higher premiums.
Install winter tires
You can save up to 3-5% simply by adding winter tires to your car.
How to get a New Brunswick driver's licence
To get the cheapest car insurance in New Brunswick, take a driver's ed course while getting your licence. New Brunswick uses a graduated license program (GLP). This system requires each driver to progress through a 3-step educational program in order to be considered a fully licensed driver. Once you’ve successfully completed the program, you can legally operate a car as a class 5 driver. To drive a truck, bus, ambulance or taxi requires a different license class. Let’s take a quick look at graduated license program approach:
Class 7 learner's licence (or level one) eligibility criteria:
Class 7 licence (or level two) eligibility criteria:
Class 5 regular licence (or full license) eligibility criteria:
Find out how much you could save on your New Brunswick auto insurance.
Frequently asked questions about car insurance in New Brunswick
How much is car insurance in New Brunswick?
How do I get the cheapest car insurance in New Brunswick?
Do I need auto insurance in New Brunswick?
Why is car insurance cheaper in New Brunswick?
Do I need winter tires in New Brunswick?
Is roadside assistance required in New Brunswick?
How do I file a claim in New Brunswick?
How long do offences stay on my driving record in New Brunswick?
Matt Hands, Business Director of Insurance
With 6+ years of experience at Ratehub.ca, Matt’s focus has been on growing its newest business unit, Insurance. He is a thought leader and a valuable resource to respected publications across Canada. read more
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