Auto Insurers Hiking Rates In New Brunswick
Auto insurers in New Brunswick are looking to incorporate the highest rate hike in 16 years for motorists who are insured by them.
CBC News has reported that New Brunswick's largest auto insurance providers are showing early signs of success in their quest to convince the province's insurance board that they need substantial rate hikes from motorists this year.
In January of this year, Wawanesa, the province's biggest insurer, started to issue renewals to customers with premium increases as high as 25-percent, after the New Brunswick Insurance Board approved its rate application decision in October.
According to a spokesman from Wawanesa, motorists could potentially see a rate increase of 11.7-percent in 2019. They also said that rising accident claims could have allowed them to triple the amount of the increase.
Having said that, New Brunswick drivers enjoy some of the lowest rates in the country.
One statistic shows New Brunswick drivers pay roughly 30-percent less than in Alberta and more than 40-percent cheaper than Ontario.