NL Auto Insurance

Review Auto Insurance in Newfoundland and Labrador province
Compare. Get the best policy. Save money!
Get a Quote Now
ONLIA Image Banner Ad

NL Auto Insurance Overview

Newfoundland Labrador Logo

Newfoundland and Labrador has a private auto insurance system. Several Newfoundland and Labrador private auto insurance companies compete for business in the province and as a result, auto insurance rates in the province vary wildly across providers.

Furthermore, the difference in rates offered by different providers can be in hundreds or thousands of dollars. This means that you can get a cheaper rate if you shop around for more affordable coverage. With several insurance companies out there, there are lots of policy options to compare.

Although it is recommended that you compare at least three coverage options, you will get better coverage if you compare as many options as possible. Call Insurdinary.ca for auto insurance coverage quotes available for Newfoundland and Labrador residents. When you call insurdinary.ca, we will connect you to reliable insurance advisors in the province who will help you to choose the most suitable coverage for you.

To compare insurance rates click here.

NL Auto Insurance Details

Factors that affects Auto Insurance rates in NL

Newfoundland and Labrador auto insurance companies consider a number of factors when calculating your auto insurance rate. The following factors are used in determining your auto insurance rate in the province:

  • Your driving record
  • The age of your car
  • Your insurance claims record
  • The type of vehicle you drive
  • Whether you use your car for business or personal purpose
  • The territory of use and annual mileage.
  • Whether the car is used by any other driver in your household.

To compare insurance rate, click here.

NL Auto Insurance News

A report from the Superintendent of Insurance for Newfoundland and Labrador revealed that in 2017, insurance companies in Newfoundland and Labrador collected $92 million more in auto insurance premiums than was paid out in claims. That makes for an excessive profit, says the Insult Campaign to Protect Accident Victims.

According to the Insurance Bureau of Canada (IBC), the number does not include the high cost of operating an insurance business in the province. The report filed on Nov. 9 by the Superintendent of Insurance indicates business transactions in the province for the year that ended on December 31, 2017.

In 2017, about 200 insurance companies were licensed to operate in the province of Newfoundland and Labrador. This includes companies that provide coverage for auto and home insurance, life, sickness, and accident insurance. According to Valerie Hynes, a lawyer with the insult to Injury Campaign to Protect Accident Victims, the reported $92 million represents an underwriting profit of over 21%.

Hynes pointed out that despite the fact that the insurance industry is complaining about losing money in the province, the report from the province shows about $56 million profit in third-party liability insurance, $35 million profit in property damage insurance and $1 million in accident benefit coverage. She added that even though they want you to believe they are losing money, the latest report shows that the amount collected in auto insurance premiums far exceeds the amount paid out.

However, the vice-president Atlantic of IBC, Amanda Dean, said that Hynes is not considering the operating costs. She said that the $92 million is the difference between claims and premiums but does not include the cost of doing business and so does not indicate profit. It does not include the cost of paying commission to residents working in the industry neither does it include operating costs like power bills, building rents, employee salaries, and provincial and municipal taxes.

To learn more about Newfoundland and Labrador auto insurance news click here.

NL Auto Insurance FAQ

What is the minimum requirement for Newfoundland and Labrador Auto Insurance?

How are Newfoundland and Labrador auto insurance rate determined?

What factors do not affect Newfoundland and Labrador auto insurance rate?

How do insurance companies in Newfoundland and Labrador determine fault in an accident?

What law affects Newfoundland and Labrador drivers?

Average Auto Insurance Rates By Province

Description
Rate
British Columbia
$1,680
Ontario
$1,445
Alberta
$1,251
Newfoundland and Labrador
$1,132
Manitoba
$1,080
Northwest Territories
$978
Nunavut
$963
Saskatchewan
$936
Nova Scotia
$842
New Brunswick
$819
Yukon
$812
Prince Edward Island
$796
Quebec
$661
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram