Car insurers ask to reduce rates by up to 10%
Cuts would be biggest in 7 years
Driving insurance looks set to decrease in New Brunswick, despite an increase in benefits for car-accident victims.
The companies that sell auto insurance in the province have submitted their rate applications to the provincial insurance board.
Most are asking to reduce rates from between five and ten per cent. It would be the biggest rate cut in seven years.
A report released in the summer found New Brunswick drivers are paying $140 to $170 too much for insurance each year.
New Brunswick loosened restrictions on auto insurance accident claims on July 1, including tripling the amount people can claim for minor injuries following a collision, to $7,500.
But there's still room for reductions. Here's the decreases major car-insurance companies requested:
- Wawanesa (N.B.’s largest insurer): -4.98.
- Economical: -9 per cent
- Waterloo: -9 per cent
- CAA: -10 per cent
- Portage: -10 per cent
- Federation: -6 per cent
- Intact -6 per cent
- Royal Sun: -6 per cent
- Personal: -6 per cent
- United General: -6 per cent