Types of car insurance for Miramichi motorists
BrokerLink understands that finding the right types of auto insurance for your needs can be difficult. From the confusing industry jargon to the wide variety of optional and mandatory coverage on the market today, finding great coverage takes time. Thankfully, BrokerLink is here to make the entire process a little bit easier by outlining some of the main types of car insurance available to Miramichi drivers. Below, we break down what mandatory coverage and optional coverage look like in New Brunswick to help you decide what coverage will be the most worthwhile for your needs:
Liability car insurance is a must-have in Miramichi. The Government of New Brunswick requires it. Specifically, all drivers must carry at least $200,000 in liability insurance in their auto insurance plans. Otherwise, your policy will not be valid. Why is liability insurance so important? It protects drivers against bodily injury and property damage claims if they get into a car accident that they cause.
Comprehensive car coverage is one of the best types of optional car insurance that a driver can add to their auto insurance policy. Unlike the other coverages you will soon read about, comprehensive coverage protects your vehicles from risks beyond collisions. Specifically, it can protect your vehicle if it is stolen by a thief or damaged by wind, fire, natural disasters, vandalism, or animals.
Collision car coverage is for when you get into an accident with another car, animal, or foreign object on the road. In this scenario, if your vehicle was damaged, collision car coverage would pay to repair it. It is worth reminding policyholders that your insurance company will only pay the cost of repairs, less your policy deductible and up to the policy limit. We recommend choosing your collision coverage deductible carefully.
Accident forgiveness coverage
Another type of optional car insurance coverage popular among drivers in Miramichi is accident forgiveness. Accident forgiveness is additional coverage that can be added to your car insurance policy as an endorsement, to protect your driving record and to help prevent your insurance premium from increasing if you have an at-fault accident claim. Note: coverage and eligibility varies by province. For instance, some auto insurance plans only offer accident forgiveness coverage if the collision was minor. You may not be covered if you get into a major accident. You may also not be eligible for accident forgiveness in the event that you are a new driver, as your driving experience may not be enough to warrant accident forgiveness.
Uninsured motorist coverage
Uninsured motorist coverage is not a legal requirement in Miramichi, but that doesn’t make it any less important. Without this type of insurance, you would not be covered if you were involved in an accident with a driver that is uninsured, underinsured, or unidentified. However, with this type of coverage, you will be covered, no matter what type of driver you collide with. For example, if you are the victim of a hit and run and you never learn the driver’s identity, or you are hit by a driver who does not have any liability coverage, your insurance company will still issue a payout to cover the cost of the damage.
Accident benefits coverage
Accident benefits coverage is compulsory in Miramichi and it provides financial protection if you or someone else suffers bodily harm following a collision. In other words, if the policyholder or someone else involved in the accident is injured in a car accident, accident benefits can reimburse the policyholder for related costs, like loss of income, funeral fees, medical fees, rehabilitation fees, and more.
Loss of use coverage
Loss of use coverage is optional for Miramichi drivers, though it can make a huge difference, especially if you depend on your car to get around. With loss of use coverage, your insurance company will cover the cost of alternate transportation whenever your vehicle is damaged and is temporarily unusable. For example, if your car was damaged in a collision and needs to be repaired, and the repair will take one week, loss of use coverage can reimburse you for the cost of renting a car or taking taxis during this time.
How auto insurance rates are determined in Miramichi, New Brunswick
Auto insurance rates are determined by considering a myriad of factors relating to each individual policyholder. An insurance company will plug the details of each policyholder into a complex rate-calculation formula so that they can calculate your risk level and assign your car insurance premium accordingly. Some of the factors that an insurance agent will consider are as follows:
- Where you live (and where you regularly commute)
- Model, make, and year of vehicle
- Past claims
- Average mileage
- Driving experience
- Driving record
- Insurance history
- Deductible amount
- Regulatory bodies
- How you use your vehicle
It is worth noting that auto insurance rates, even in the same city, are constantly changing. Therefore, if you want a real-time update as to how much it will cost to buy car insurance in Miramichi right now, your best bet is to contact a local insurance brokerage like BrokerLink and request a free quote. All BrokerLink car insurance quotes are free of charge.
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Make Miramichi car insurance more affordable with these expert tips
Did you know that there are several ways of making car insurance more affordable in Miramichi? That’s right, with help from a BrokerLink insurance advisor, you can easily save money on your New Brunswick car insurance policy. From increasing your deductible to qualifying for one of the many car insurance discounts available, you can lower your Miramichi auto insurance premium in no time:
Weigh your options by comparing quotes from different insurance companies
An extremely effective way of saving money on auto insurance in Miramichi is to shop around first. In order to find the best policy for your needs and for your wallet, it is imperative that you consider all your options. To do this, contact various New Brunswick insurance providers and request a free quote from each of them. Then, compare these quotes to determine which one offers the more comprehensive coverage at the lowest price. For help finding the most competitive car insurance policies in Miramichi, contact a New Brunswick insurance broker and have them do it for you.
Bundle insurance policies
If you are willing to buy more than one insurance policy, you could save a ton of money on insurance. Through a process known as bundling insurance policies, which is when you combine policies and purchase them together as part of a package, you could qualify for a major discount. Bundles can often be created by combining different types of insurance policies, like car insurance with home insurance, or recreational vehicle insurance, or by buying two or more of the same type of policy, like multiple auto insurance policies.
Increase the deductible amounts on your Miramichi car insurance policy
Increasing the deductible amounts on your Miramichi car insurance plan is a great way to lower your premium. A deductible is the amount of money that you agree to pay to the insurance company if you suffer a loss or damage. Once that has been paid, assuming your claim is approved, the insurance company will step in and cover the rest, up to your policy limit. Thus, the higher your car insurance deductibles, the more financial responsibility you have and the less your insurance company has. Thus, they often agree to reduce premiums for policyholders who select higher deductibles.
Drive safely and keep a clean record
Your driving record is one of the most important factors that goes into determining your car insurance rates. Thus, the cleaner your record is, the cheaper your insurance policy is likely to be. In order to keep your record as clean as possible, obey all New Brunswick traffic laws and adopt safe and responsible driving habits, both of which will help you minimize the odds of an accident occurring.
Inquire with your insurance broker about auto insurance discounts
Sometimes, if you want to save money on car insurance, all you have to do is ask. Car insurance companies throughout New Brunswick offer all kinds of discounts to drivers. Not all drivers will qualify for all discounts, but odds are, you might qualify for at least one of them. However, in order to qualify you need to know which discounts are out there. A BrokerLink insurance advisor can help with this, informing you of the various auto insurance discounts you might be eligible for. While your Miramichi insurance broker can go into greater detail about the specific discounts available in your area, a general list of existing car insurance discounts in Canada is as follows: telematics discounts, anti-theft device discounts, winter tire discounts, safe driving discounts, occasional driver discounts, hybrid or electric car discounts, multi-vehicle discounts, driver’s education discounts, and employment or education-based discounts.
Assess your Miramichi car insurance coverage annually
One final strategy for saving money on car insurance in Miramichi is to assess your coverage every year before renewing your policy. Chances are, your coverage needs when you first bought your policy are not the same as they are now. Perhaps your financial situation has changed and you can afford to choose a higher deductible or your car is now older than it once was and no longer requires extra protection in the form of collision or comprehensive coverage. Whatever it is, take the time to consider how your car insurance needs may have changed over the last year. From there, reach out to your provider and ask about updating your policy. An insurance broker can also help you review and update your coverage. As auto insurance experts, they can also make a professional recommendation as to the ways that it may be worthwhile to adjust your coverage.
We’re in your community
BrokerLink aims to give back to the Miramichi community any chance we get. Generosity is one of our core values, which is why you will find us participating in all kinds of community initiatives, like local food drives, charity marathons, and more. Discover what sets BrokerLink apart from other insurance brokerages near you by getting in touch today.
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If you’re a member of a group or association, you may be eligible for more discounts.
At Miramichi BrokerLink, we’re here to help you with any insurance needs you may have. Whether it’s insuring your home, car, business, recreational items, or pets, let us help you find the best coverage possible.
You can reach us by phone, email, or in person by visiting our Miramichi location. No matter how you choose to get in touch, a BrokerLink insurance advisor will be happy to assist you. We also encourage you to take advantage of our free online quote tool that can provide you with a competitive quote in minutes.
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Car insurance Miramichi FAQs
What is the average cost of auto insurance in New Brunswick?
In New Brunswick, car insurance policies cost an average of $1200 per year or approximately $100 per month. However, this is the average for the entire province of New Brunswick, and it’s just an average. Thus, your car insurance policy in Miramichi may cost more or less than this depending on your unique circumstances. Remember that an insurance agent will review all kinds of details when evaluating your risk level and assigning your premium. These may include your age, home address, gender, average mileage, claims history, driving record, the make and model of the vehicle you drive, and much more.
How much third party liability coverage does my car insurance policy need to have in Miramichi?
For your Miramichi car insurance plan to be valid in New Brunswick, it must contain at least $200,000 in third party liability coverage. Liability coverage is mandatory for a reason. In fact, it is widely considered to be one of the most important coverage types as it protects drivers if they cause an accident while driving, covering everything from legal fees to medical expenses. For this reason, many motorists in Miramichi choose to add more than $200,000 worth of liability coverage to their policies. Instead, many opt for a higher coverage limit, like $500,000 or even $1,000,000. This way, they will have adequate protection in the event of both major and minor accidents.
Will my credit score influence how much I pay for car insurance in Miramichi?
Maybe. Some insurance companies consider your credit score, along with other factors like your age and driving record, while others do not. Ultimately, each insurance company has its own rate-calculation formula, so it will depend on whether your selected insurance company’s formula takes into account one’s credit score. If your insurer looks at credit scores to determine rates, the higher yours is, the better off you will be. In other words, higher credit scores may translate to lower premiums in contrast to lower credit scores which may translate to higher premiums. At the end of the day, try not to worry too much about your credit score as it relates to car insurance. The reality is that even if an insurance company uses your credit score to calculate your premium, it is just one of many factors that they will use.
What can I do to keep myself safe while driving in Miramichi?
There are many things you can do to keep yourself safe while driving in Miramichi. It all starts with adopting safe driving habits. Safe driving habits can be the difference between a clean driving record and one that is rife with infractions, like speeding tickets and accidents. A few of the top safe driving tips for Miramichi motorists include: giving other cars at least two car lengths worth of space when driving, researching and obeying all New Brunswick traffic laws, driving the speed limit at all times, driving below the speed limit if driving in inclement weather, like fog, rain, snow, or ice, double-checking the weather before leaving home and changing your plans if there are adverse conditions, keeping distractions at bay by putting away your smartphone and focusing on the road, wearing sunglasses or using your car’s sun visor when driving at times with high glare, using your signal to indicate when you are turning or merging lanes, and keeping all windows and mirrors clean so that your visibility is always as high as possible.
Should I renew my Miramichi car insurance plan or find a new one?
Ultimately, the decision is yours to make. However, to help make your decision, it is recommended that you consider several factors, including your budget, your coverage needs, and the experience you’ve had with your existing insurance company. First, when you go to renew car insurance, your insurance company will let you know if there are any changes to your premium. From there, you can reach out to other New Brunswick insurance companies to inquire about their products and obtain quotes. This will allow you to fairly compare your existing coverage and premium with that offered by other insurance companies.
If you find better coverage at a competitive rate, it might be worth letting your existing policy expire and buying a new one instead. However, if after your research, you discover that your current provider still offers the most bang for your buck, then sticking with them might be the smartest choice. Keep in mind that if you decide to let your current plan expire in favour of finding a new one, you must ensure that your new policy starts on the day your last one ends. Otherwise, you run the risk of a lapse in coverage, and this can make expired car insurance renewal more difficult, as well as lead to increased insurance premiums in the future.
If you have any questions, contact one of our local branches.
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