Nova Scotia car insurance is mandatory by private insurance companies and brokerages. The compulsory coverage of Nova Scotia includes $200,000 in liability insurance, that protects a driver at the event they cause injury or death to a third party. Accident benefits and automobile coverage are compulsory. It’s recommended you speak to a private insurer about additional coverage options, including collision and comprehensive.
Despite all this, the COVID-19 pandemic is keeping a lot of Canadians off the road. Many have been wondering if that was the case in Atlantic Canada due to the lower population relative to the rest of the country, but they were equally as shut down as the rest. It is important to take advantage of any discount your insurance provider might be offering. Since COVID-19 and the lockdown orders started, many of Canada’s auto insurers have announced reduced premiums.
How can you receive a reduced rate?
Every insurance company has its own process, but a lot of them outline COVID-19 information on its own website. Some, such as Intact, have a website that is dedicated to a reduced driving rate. The company said it’s considering each request on a case-by-case foundation but is offering premium adjustments for people who aren’t driving, as well as deferred obligations and waiving fees for missed payments.
While the amount of automobile accidents in Nova Scotia remains stable, vehicle insurance premiums are increasing significantly because the cost of adjusting and repairing vehicles is skyrocketing. Companies must apply for rate increases to the Nova Scotia Utility and Review Board, and there have been quite a few programs for increases in the past year. Echelon, by way of example, was granted approval.
Legalized cannabis was one factor in the company’s request for a rate increase.The board, however, accepted the 35 percent rate increase and suggested that, had Echelon asked for it, it can have been granted approval for an even greater speed. Echelon asked for another five percentage rate increase in January 2020, which has been allowed. The most complex technology utilized in today’s vehicles is inducing repair costs to skyrocket. Dean said insurance companies are aware that the Nova Scotia regulator appears willing to raise prices, but for the most part, she stated firms are cautious to not raise their rates.
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