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Your Guide to 2024 Car Insurance Rates in New Brunswick

Your Guide to 2024 Car Insurance Rates in New Brunswick

Car insurance rates in New Brunswick can vary and are based on factors such as your driving history, the amount of coverage you require, and the number of car insurance claims in your area.

A clean driving record and car insurance discounts will help lower your New Brunswick 2024 car insurance premiums.

How to lower your N.B. auto insurance premiums

One of the easiest ways to get less expensive car insurance in New Brunswick is by being a driver who is eligible for car insurance discounts.

Good credit score

Auto insurers want clients that always pay their bills. Having a credit score above 650 (we will verify this by doing a soft hit of your credit score, with your permission) can save you up to 20% off your annual automobile insurance premium amount.

Soft credit check

A soft credit check will allow your Western Financial Group car insurance expert to give you the best price for your Alberta car insurance. It is a factor that determines the level of discount available to you to save on your car insurance.

A soft credit check looks at the information in your credit report, but it does not impact your credit score.

Clean driving record

Another way to show that you’re less of a risk to car insurance providers is by going at least three years without a driving ticket, such as speeding. (photo radar & parking tickets don’t count).

Claims-free discount

If you’ve gone at least six years without an at-fault accident, it shows car insurers that your risk of being at fault in an accident is lower. Some car insurance providers will offer a claims-free discount to you to help lower your car insurance.

Did you know? Car insurance in New Brunswick is provided by private insurance companies and brokers and is regulated by the Financial and Consumer Services Commission (FCNB).

Bundle your New Brunswick home and car insurance

When you bundle your N.B. car and home insurance with Western Financial Group, you can get a discount and it’s an easy way to cut costs without cutting coverage.

Do you have more than one car? If they’re insured under the same policy, you can save money on your car insurance with a multi-vehicle discount.

Do you have a motorcycle, snowmobile, ATV, or recreational vehicle (RV)? You can bundle your toys with your car and home insurance to save, but you need to have car insurance to bundle everything together for a multi-product discount.

If you’re a New Brunswick renter, you can bundle your renter's insurance with your car insurance to get a discount.

Don’t be confused if you see bundling referred to as a multi-policy or multi-product discount.

Yearly kilometres

If you don’t drive much, you could save money on your New Brunswick auto insurance. Some insurers define low-mileage drivers as people who drive fewer than 10,000 kilometres a year.

If you don’t drive much, you may fall into this category and get better rates based on the kilometres driven per year.

Your deductible

Your deductible is the amount of money you are responsible for paying out-of-pocket before your insurance company covers the costs of an accident you’ve been in.

If you choose a higher deductible, or if you raise it when your policy renews, you could substantially lower your N.B. car insurance premium to save. That’s because you are agreeing to be responsible for a larger part of any potential claim costs.

While you’re hoping to stay accident free, make sure that you can financially handle your higher deductible.

If you have a car that’s more than 10 years old, you may want to reduce your deductible because your car is likely only worth a few thousand dollars.

Type of vehicle

Higher-end car models that require specialized parts and labour cost more to insure than a popular model with basic and parts.

Experienced driver: The more years you’ve been licensed, remained claims free and maintained continuous insurance, the lower your premium should be.

Check to see if you can get a discount or reduced premium if you are over 60 and have remained claims free.

Younger driver: Your student driver can save money on their car insurance premiums when they complete an accredited driver’s training course.

Use-based insurance (telematics)

Your New Brunswick car insurance rate should decrease if you are using usage-based insurance (UBI) because it allows your premiums to reflect the time more accurately that you spend driving and your driving habits.

UBI is optional and it captures such factors as how fast you accelerate, how often you brake, and how many kilometres you drive yearly.

While it rewards good driving with a rate discount, a surcharge can be added if you engage in risky driving behavior.

Premium payment options

You can apply for a Premium Financing Plan with Western. Our premium financing plan offers a flexible and convenient way to pay your insurance, allowing you to:

  • Spread the costs over equal monthly payments
  • Choose a withdrawal date that works for you
  • Pay the remaining balance at any time

Here is the mandatory car insurance that you need to have if you live in New Brunswick

  • Liability Coverage: If you injure someone or damage property, payments are made on your behalf.
  • Direct Compensation: Damages to your car are covered but it’s based on the extent to which you are not at fault in a collision.
  • Uninsured Automobile Coverage: Your medical costs and damage are covered if an uninsured driver is at fault.
  • Accident Benefits Coverage: No matter who is at fault, medical and other expenses you are entitled to are covered.

You can go beyond what is legally required in New Brunswick and get enhanced coverage for your car from Western, such as comprehensive insurance. Comprehensive insurance protects against damage to your car caused by non-collision events such as vandalism, glass and windshield damage, accidents with animals, weather, or other acts of nature.

Talk to your Western Financial Group car insurance expert about incentives or discounts for installing anti-theft devices or other risk control measures in your car. Ask about possible discounts for snow tires.