Car Insurance Rates Across Canada

 

Car Insurance Rates Across Canada

Although rates in Nova Scotia are much lower than the rest of the country, you still have the right to find the best rate plan available. In this province, the average car insurance premium is around $91 per month, or $1,093 per year. In comparison, the average rate in Alberta is currently around $114 per month, or $1,371 per year. Worse, paying Ontario's average auto insurance rates will set you back about $160 per month, or $1,916 per year.

Young drivers in Nova Scotia, like the rest of Canada, frequently pay more than older drivers. Young adults in the province aged 25 to 30 will pay an average of $103 per month, or $1,241 per year, for auto insurance. Those between the ages of 46 and 50 pay an average of $81 per month, or $976 per year, while those between the ages of 61 and 65 pay very little, at an average of $73 per month, or $878 per year. Younger drivers (under the age of 25) in Nova Scotia pay the most, with an average car insurance rate of $210 per month or $2,522 per year.

Your gender influences your auto insurance rates just as much as your age. Men typically pay around $94 per month for auto insurance, while women typically pay around $88 per month.

Cheapest Car Insurance Rates in Canada

Nova Scotia ranks fifth in Canada for the lowest auto insurance premiums. Most people in the province don't have to pay much more than the country's lowest premiums. The difference between the cheapest car insurance available in Canada and the average cost of auto insurance in Nova Scotia is only $59 dollars. All five of the country's cheapest auto insurance options are from less populous provinces. The difference in population between the top five lowest options (excluding Quebec) is only 955,445 people. Auto insurance premiums in these provinces are also quite close due to their similar population sizes.

Nova Scotia Car Insurance Coverage Options

It's worth looking into the most popular coverage options for Nova Scotia drivers:

 

• People who choose the bare minimum of auto insurance allowable by law pay about $69 per month in premiums. This type of coverage does not cover damage to your own vehicle, but it does cover the costs incurred by a third party in the event of an accident. This type of coverage would be useful if you have an older vehicle that you would not consider repairing if it were damaged.

• If you're leasing a car, you'll need more than just the bare minimum of coverage, so look into medium-level coverage that includes liability, collision, and comprehensive damage protection. This type of coverage will cost you around $93 per month.

 

• Coverage above this level frequently includes more comprehensive policies with much higher accident benefit coverage than the average car insurance policy in Nova Scotia. As a result, the monthly cost of these policies rises to $104. Because the difference between medium and extensive coverage is so small, it is worthwhile to consider extensive auto insurance coverage. Saving a few dollars is not worth the risk to you or your family.

Your driving record has a significant impact on your insurance rates. If you haven't had any violations in the last six years, you could get car insurance for as little as $84 per month or $1,002 per year. Having even two violations in the last three years increases your car insurance premiums exponentially, to approximately $189 per month, or $2,273 per year.

What You Need for Coverage in Nova Scotia?

Drivers in Nova Scotia are required to have $500,000 in third-party liability coverage, $50,000 in medical payment coverage, and $2,500 in funeral expense coverage. Disability insurance will cost you $250 per week. According to Nova Scotia law, you cannot sue for more than $8,123 in pain and suffering resulting from major injuries. This rule actually saves money for insurance companies, allowing the province to have an average insurance premium of $783.

Author: RabnawazToor