Auto Insurance renewals for 2020 may leave you in shock, if you deal with one of the many companies that increased rates this year.
Atlantic Vice President with the Insurance Bureau of Canada Amanda Dean says between 2014 and 2018, claims costs increased by 22 per cent in New Brunswick.
“Companies applied to the New Brunswick Insurance Board for increases of different amounts. Depending on the company you use, those numbers are going to look different. There were a number of them applying for double digit increases. That is what policy holders are starting to see when they get their renewals.”
She says there are ways to help lower the number of claims, including driving in a safe manner, and installing winter tires. Insurance companies can also offer tips on better winter driving.
Dean adds some policy holders may also be shocked to find that even with a perfect history, they may still end up paying more.
“Though your driving history and the vehicle that you drive impacts your rate, what also impacts your premiums that you pay for auto insurance, is the rate of claims in your area. You paying towards a bigger pool in which claims are drawn from,” Dean says.
