Mandatory car insurance in Yarmouth, Nova Scotia
All drivers in Nova Scotia are required to have car insurance, not just in Yarmouth. As a result, any licenced Yarmouth driver has to possess a valid, up-to-date car insurance policy if they wish to operate their car on the road. In Nova Scotia, a valid car insurance policy is an active policy that complies with the province’s minimum coverage requirements for auto insurance. These requirements include a minimum of $500,000 in:
- Third-party liability coverage
- Uninsured automobile coverage
- Accident benefits coverage
In order to purchase car insurance in Yarmouth, eligible drivers must have a valid driver’s license. The insurer will also require a record of their driving history as well as information about anyone else who may be driving their vehicle regularly, such as a spouse or adult child.
For any questions regarding mandatory insurance coverage in Yarmouth, reach out to BrokerLink today.
Uninsured driver in Yarmouth, Nova Scotia
To reiterate what we said above, auto insurance is mandatory in Yarmouth. Thus, if you opt to drive without auto insurance, including expired insurance that you failed to renew on time, it is against the law. Should you be pulled over while driving without insurance in Yarmouth, or anywhere else in Nova Scotia, you could:
- Be fined between $1,250 and $4,000 for a first offence
- Be fined between $3,000 and $5,850 for repeat offences
- Lose your licence for a minimum of 90 days (suspension)
- Have your vehicle impounded for 90 days
After considering the penalties, is not having auto insurance really worth it? Let BrokerLink compare car insurance quotes for you to find you the best policy with the best coverage today.
Basic auto insurance coverage for Yarmouth drivers
At the very least, licenced Yarmouth drivers need a car insurance policy that meets the insurance requirements set by the province of Nova Scotia. These requirements include four types of coverage to make up a basic auto insurance policy: third-party liability coverage, accident benefits coverage, direct compensation - property damage coverage, and uninsured automobile coverage. Read on to discover more about each type and how they can protect you:
Third-party liability coverage
Liability provides protection if you get into an accident that injures another person or results in property damage to another person’s property. Under this portion of your policy, you can receive compensation to pay for medical expenses associated with bodily injuries or repairs of a damaged car, as well as any legal fees or court fees up to the coverage limit. Yarmouth drivers are required to purchase auto insurance policies with no less than $500,000 in third-party liability insurance.
Uninsured automobile coverage
Uninsured automobile coverage protects you and any passengers in your vehicle if you get into an accident with an at-fault driver who is uninsured or underinsured. This type of coverage also protects in the event of a hit-and-run. Uninsured automobile coverage covers medical expenses relating to injuries, car repairs due to damage, lost wages and more.
Accident benefits coverage
If you, a passenger or a pedestrian, require medical attention following a collision, accident benefits coverage comes in handy. Protection is offered regardless of which party was at fault for the collision and can help cover loss of income and medical expenses, such as prescription medications, physical therapy, rehabilitation and more.
Optional car insurance coverage in Yarmouth
While basic auto insurance coverage is required in Nova Scotia, drivers in Yarmouth can also add other types of coverage to their policies. While these additional coverages are not required by law, they offer further protection and peace of mind.
Some examples of optional auto insurance coverages available in Yarmouth include:
If you get into an accident with another car or object on the road, no matter which driver is at fault for the accident, collision coverage can help cover the costs. Under the collision coverage portion of your policy, your insurance company can help pay for property damage that resulted from the collision, such as a damaged vehicle.
For added peace of mind, Yarmouth drivers may choose to include comprehensive coverage in their auto insurance policies. While standard auto insurance coverage in Nova Scotia provides some protection against accidents, it does not protect drivers from many other circumstances on the road. For example, if your car is stolen, basic car insurance won’t help. But if you purchase this coverage, you can be protected against everything from theft and vandalism to water damage, fire, and more. This means that if your car was stolen, your insurance company would help cover the costs of replacing it, rather than having to pay for a new one entirely out-of-pocket.
Accident forgiveness coverage
One final type of optional coverage popular among Yarmouth drivers is accident forgiveness. Accident forgiveness is additional coverage that can be added to your 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 varies by province.
How insurance companies calculate car insurance quotes in Yarmouth
Nova Scotia insurance companies have many factors that they consider while determining your car insurance rates. When calculating the cost of car insurance, some details matter more than others, and we feel it might be helpful for Yarmouth drivers to understand which ones these are. Thus, we have put together the following list of key factors that affect your insurance rates:
- Where you live (and work - if you drive to work)
- Make and model of vehicle
- Past claims
- Annual mileage
- Driving experience
- Driving record
- Prior insurance coverage
- Your deductible
- Local laws
- How you use your vehicle
- Marital status
How to save money on Yarmouth car insurance
Paying too much for car insurance is ridiculous. Thankfully, Nova Scotia drivers pay some of the cheapest car insurance premiums in all of Canada. This is because of government reforms introduced in 2003 that reduced rates by 27% across the province. Still, there's no harm in finding more ways you can save on your insurance premiums. Our experienced insurance advisors at BrokerLink understand how to navigate the car insurance market, enabling them to shop around and compare several insurance quotes, and evening unlock car insurance discounts to get you the best insurance rates.
Here you can take a look at our top tips on how to save money on your insurance in Yarmouth, Nova Scotia:
Increase your policy deductible
Our first money-saving tip is to increase your insurance policy deductible. Your deductible is how much money you agree to pay upfront when you file a claim before the insurance company steps in. Having a higher deductible often lowers your premiums because insurance companies do not have to pay out as much for your claim. Common deductible amounts include $250, $500, $1,000 and $2,000. Most insurance policies require a deductible but the amount you agree to pay is up to you.
Although keep in mind that while increasing your deductible from, say, $500 to $2,000 will likely lower your insurance rate, you should only choose an affordable amount. Should you be in a collision tomorrow, ask yourself, "can I afford to immediately pay $2,000?" To learn more about how your deductible can impact your insurance rates, reach out to a BrokerLink insurance advisor.
Choose annual over monthly insurance payments
Our second money-saving tip is to choose the annual installment plan. Many insurance companies will offer you the option of either paying your insurance annually or monthly and while monthly payments can be tempting, we highly recommend you choose annual payments instead. Some insurers charge an administrative fee for each payment, meaning you would end up paying 12 fees, one for each monthly installment, but only one fee if you pay annually. Thus, if your company does charge you an administrative fee, it will save you money to pay for your policy in one annual installment instead of monthly.
Bundle multiple insurance policies together
Money-saving tip number three is to bundle all of your insurance policies together! Policyholders often receive discounts on their insurance policies when they have multiple policies with one insurance company. Thus, if you own multiple cars and are looking to insure them all under a multi-vehicle policy, you could receive a multi-vehicle discount. Or, if you own multiple insurance policies but have them with different companies, try bundling them together, like your car and home insurance, under one company, such as here at BrokerLink. You could wind up saving up to 15% on each policy. Contact one of BrokerLink's insurance advisors to learn more about saving money by bundling your policies.
Install winter tires to help you stay claims-free
Money-saving tip number four for drivers in Yarmouth, Nova Scotia, is to install winter tires on your vehicle. They may not be required in Nova Scotia, but they can help you keep your claims history clear. Winter tires have improved traction in snowy and icy conditions and they brake more successfully on slippery roads, meaning fewer rear-end collisions. Because they handle overall winter road conditions more effectively than all-season tires, you are less likely to be involved in a collision in general. At-fault collisions lead to insurance claims, resulting in higher insurance premiums. Plus, some insurance companies even offer a 5% discount for drivers who install winter tires.
Buy a hybrid or electric vehicle
Hybrid or electric vehicle insurance policies can also help you save money on auto insurance. Insurance providers all over Canada regularly offer incentivized discounts to hybrid or EV owners to help more drivers go green. You could save up to 10% on your insurance policy just by owning one.
Enrol in driving school
Lastly, our final money-saving tip is specifically for young Yarmouth drivers (or any drivers who may be out of practice). We highly recommend enrolling in a recognized Nova Scotia driving school. You can find driving schools in Yarmouth that will teach you the rules of the road rules and even defensive driving fundamentals. Plus, driver training schools generally include a set number of hours for road lessons. These lessons give you the opportunity to practice your road driving skills with someone other than a friend or family member. When you graduate from an approved driving course, insurance companies feel you are a safer, more responsible driver. Because you have had proper road training, your insurer may give you a driving school discount on your insurance policy.
How to get an insurance quote in Yarmouth, Nova Scotia
You can reach BrokerLink by phone or email or visit us in person at any one of our locations throughout Nova Scotia. We even have a location right here in Yarmouth! Our insurance advisors can answer your insurance questions, explain your coverage and policy options and even provide you with a free quote. No matter how you choose to get in touch, a BrokerLink insurance advisor will be happy to assist you.
We also invite Yarmouth drivers to take advantage of our online quote tool. BrokerLink offers free quotes to all Yarmouth residents. Simply provide us with some basic information about yourself and your vehicle, such as the make and model, and we will get back to you with an accurate and competitive quote in minutes.
Contact BrokerLink to request a free Yarmouth auto insurance quote today
Are you ready to purchase a Yarmouth, Nova Scotia auto insurance policy? BrokerLink’s expert insurance advisors are on hand to answer your questions, compare coverage options or provide you with a free quote.
No matter where you live or what car you drive, we can provide you with a no-obligation quote. Give us a call, visit us in person, or use our online quote tool to obtain a free quote in minutes. Whatever way you choose to get in touch, a BrokerLink representative will be pleased to assist you.
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What are you waiting for? Jumpstart your Yarmouth, Nova Scotia car insurance journey by contacting BrokerLink today.
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