Canadian Car Insurance Rates
While rates in Nova Scotia may be lower than those elsewhere in the country, it is still worth looking for the best rate plan. This province has an average car insurance rate of $91 per month or $1,093 annually. Compare this to Alberta’s average rates, which currently sit at $114 per month or $1,371 annually. Worse, you will need to pay $160 per month or $1,916 annually for the average auto insurance rate in Ontario.
Like most Canadian provinces, Nova Scotia’s young drivers will pay more than their older counterparts. Young adults in the province, aged between 25 and 30, will pay $103 per month or $1,241 annually for auto insurance. The average monthly cost for those between 46-49 years old is $81, or $976 annually. Older adults, 61-65 years of age, pay $73 per month or $878 annually. The average car insurance rate in Nova Scotia is $210 per month, or $2,522 annually.
Your auto insurance rates are not just affected by your age. Gender is also a factor. Average monthly auto insurance costs for men are $94, and women typically pay $88.
Canada’s lowest car insurance rates
Nova Scotia is 5th in Canada for having the lowest auto insurance premiums. The average person in the province doesn’t have to pay more than the lowest premiums in Canada. The difference in cost between Nova Scotia’s average auto insurance and Canadian car insurance is $59 The five most populous provinces have the lowest auto insurance costs in the country. Only 955,445 people make up the difference between the least-populated and most populous of the five lowest options (exclude Quebec). These provinces have similar populations, which means that their auto insurance premiums are very close.
Nova Scotia Car Insurance Options
It’s interesting to look at which coverage is most popular among Nova Scotia drivers.
* Premiums for the cheapest auto insurance allowable by law are approximately $69 per monthly. While this coverage does not cover damages to your vehicle, it will cover costs incurred by third parties if you are involved in an accident. If you own an older vehicle that you don’t think you can repair, this coverage might be for you.
You need to have more coverage than the minimum required if you lease a vehicle. Medium-level coverage should offer liability, collision and comprehensive damage protection. This coverage will cost you approximately $93 per monthly.
* This coverage often includes policies with more comprehensive policies, which have accident benefit coverage at a much higher level than average car insurance policies in Nova Scotia. These policies can cost as much as $104 per month. It is worthwhile to look into extensive auto insurance coverage because there is only a small difference between extensive and medium coverage. It is not worth taking on additional risk for you and your family to save a few bucks.
Insurance premiums will be affected by your driving record. You could get car insurance rates that are as low as $84 per monthly or $1,002 per annum if you have not had any violations in the last six years. A maximum of two violations within the past three years can cause your car insurance premiums to rise exponentially to $189 per month or $2,273 per year for auto insurance.
What you need to know about Nova Scotia coverage
It is mandatory that drivers in Nova Scotia have at least $500,000 in third-party liability coverage, at minimum $50,000 in medical payment coverage and $2,500 coverage for funeral expenses. For disability insurance, you will need $250 per week. Nova Scotia law prohibits you from suing for damages exceeding $8,123 due to pain and suffering resulting from major injuries. This rule saves insurance companies money and allows the province to have a low average insurance premium of $783.
