Car Insurance in Nova Scotia – Average Costs is $1,093

Car Insurance Nova Scotia smallHave you ever noticed how most publications often choose to focus on only the larger provinces, such as Ontario, Quebec, and Alberta, leaving out smaller provinces entirely? It happens all the time, but today we decided to close this gap and provide insight into car insurance in Nova Scotia.

What’s the average car insurance in Nova Scotia?

The average costs of car insurance in Nova Scotia are significantly lower than many of the other provinces: $91/month ($1,093/year), compared with the average auto insurance rates in Alberta of $114/month ($1,371/year), or the exorbitant costs in Ontario which run around $160/month ($1,916/year).

Similar to the rest of Canada, younger drivers in Nova Scotia pay more than those in older age segments. Those aged 25-30 years old pay on average $103/month ($1,241/year), whereas those aged 46-50 pay on average $81/month ($976/year). Older segments, such as 61-65 pay even less, around $73/month ($878/year).  The youngest drivers, typically younger than 25, pay the highest rates of car insurance in Nova Scotia, of approximately $210/month ($2,522/year).

There is also a difference in the premiums paid by men and women, with men paying on average $94/month, and women’s premiums typically falling to around $88/month.  These figures do not speak to which gender has the more capable drivers, but rather indicates who causes the more expensive auto insurance Nova Scotia claims.

Nova Scotia car insurance options

Here is some interesting analysis of the vehicle coverages most frequently selected by drivers.

  • Those who choose only the minimal coverage required by law (e.g. liability) need to pay an average of $69/month. This coverage would not cover any damages to your vehicle, but would only cover a 3rd party’s claim/costs in the case of an accident. This type of coverage is meaningful for older cars which you might not consider repairing if damaged.

 

    •  Should you be leasing a car, minimal coverage is not permitted and you should be looking into medium coverage, which offers liability, collision, and comprehensive damage protection. This would cost around $93/month. Should you be looking into a more extensive coverage than this, you would find that more comprehensive policies include an increased accident benefit than the average car insurance Nova Scotia policies; premiums climb up to $104/month. Given the small premium payment difference between medium and extensive coverage, it is highly recommended that you consider extensive coverage – a few dollars saved are definitely not worth the extra risk.

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One aspect that strongly impacts your premiums is your driving record. Those with no violations within the last 6 years will easily drive your average car insurance Nova Scotia premiums down to $84/month ($1,002/year). Having a maximum of two violation in the last three years makes your car insurance premiums skyrocket to $189/month, resulting in a large annual amount of $2,273 in car Insurance costs.

InsurEYE helps you with car insurance

These insights into car insurance in Nova Scotia are provided by InsurEye, the largest Canadian online insurance review platform that allows Canadians to benchmark their vehicle, home, and life insurance costs.

Posted in Auto Insurance

2 comments on “Car Insurance in Nova Scotia – Average Costs is $1,093
  1. Eric Chapman says:

    Third party liability component of my auto insurance has increased by 72%. Am I getting ripped by my insurance provider or has something occurred in the marketplace to warrant this increase? My insurance broker did not give a satisfactory answer. I am a fixed income retiree. We are obliged by government to have auto insurance, therefore government should be obliged to manage insurance increases so taxpayers can afford to survive. “Steamed senior in Nova Scotia.”

  2. Alex says:

    Hi Eric,

    That’s terrible – it sounds like a huge rate spike. I am not aware of any major occurrences in the marketplace in general and in Nova Scotia in particular. There were some minor changes in Alberta though.

    In general, a regulator must approve any auto insurance rate increases. As an example, in Ontario, FSCO (Financial Services Commission of Ontario) does it quarterly and publishes the results – like here for the second quarter 2018: http://www.fsco.gov.on.ca/en/auto/rates/Pages/q2-2018.aspx

    None of the changes though go as high as your rate increase did, e.g. changes of values in ON vary between -1% to +8%.

    Given your situation, I’d suggest to shop on the market for alternatives to your current car insruance provider. Considering your age and extensive driving experience that insurers would associate with your age, your rate should be quite good. Some insurers will try to keep you requesting a fee to break the contract – I’d suggest asking what exactly the fee would be. It can vary and given your recent rate spike, it might still make sense to break the contract.

    I had to do it myself in the past, but when it came to the numbers, it actually was something around $80 to break the contract. I coudl save the double of this amount already after the first month with a new provider.

    You can get a quote directly on our platform, here: https://insureye.com/cheap-car-insurance/auto-insurance-quotes/

    I hope that helps.

    Good luck,
    Alex @ InsurEye

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