Moncton, New Brunswick – A recent inquiry into a controversial graph by a politician criticizing high automotive insurance rates in Alberta has unveiled the possibility of significant variance in insurance rates for drivers in New Brunswick, potentially varying as high as $5,300.
Specifically, these difference came from a CBC News inquiry for a 24-year-old driver from Moncton to insure a 2008 Honda Civic, with eight results from insurance comparison site Surex showing the lowest offer of $1,597 from Economical Insurance, to $6,898 from Wawanesa.
According to the CBC, Surex handles only a portion of the companies offering insurance in New Brunswick, and the insurance industry acknowledges that consumers are likely to get stuck with high prices if they don’t hunt for the best price.
While initial estimates by consulting firm Ernst & Young listed a median price of $2,187 in 2022, these prices have been criticized as the study favouring public insurance was commissioned by public insurance company, Insurance Corporation of British Columbia.
“The New Brunswick quotes were generated through an online quoting portal,” said Brett Weltman, media relations manager at Insurance Bureau of Canada.
CBC’s lowest offer began at $1,597 from Economical Insurance. The next best price was $2,961, a difference of approximately $1,400.
“We recommend that drivers review their policy, shop around and ask their insurance representatives what they can do to help reduce their rates,” wrote Weltman.