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Over the past few years, the insurance industry in the Province of New Brunswick has seen a dramatic increase in the number of automobile claims paid out and for this the Insurance Companies have had to increase their rates considerably more than in previous years.
This premium increase may be more than you are prepared to pay, so here
are a few ways that you may lower your renewal premium:
1)
Increase deductibles – for an example we will take a 2000 Chev Cavalier for a
person with a clear driving record (no accidents and no convictions) and
licensed over 20 years. Most people carry a $250 deductible collision and a $100
deductible comprehensive. By increasing the collision deductible to $500 and the
comprehensive deductible to $250 – the premium savings would be $38 per year.
If the collision deductible was increased to $1000 then the savings would be $48
per year.
2)
Delete glass coverage
– using the same vehicle as above, the savings would be $87 per year
(higher rated vehicle would be a larger annual savings).
3)
Combining home
and auto policies together with the same company would save 5% off each policy
4)
Advise if your auto is equipped with an anti
theft device
5)
Delete collision and/or comprehensive
coverage – as your vehicle gets older, it depreciates in value.
In the event of an at fault accident (where you are found at fault) you would be
responsible for paying your collision deductible (usually $250 or $500) and the
insurance company pays the remainder of the claim. So if you have an older
vehicle you may want to think about not carrying collision, as the collision
claim payout to you may be less than the premium increase would be for you.
6)
When buying a new automobile, you
may want to first check and see what kind of premium increase you will have, as
insurance companies have now gone to a Clear Rating System. This rating system
now takes into account claims experience, cost of repairs for each vehicle and
whether they are a target for theft (either the car itself or the stereo). The
more expensive parts are and how easy the car is to steal or be a target for
stereo theft now plays a big part
in your insurance premium. The higher the cost of repairs or the higher target
for theft or vandalism your new vehicle is (according to statistics) then the
higher your premiums will be, so you may want to call first before buying that
new automobile.