Moncton Car Insurance: Everything You Need To Know

Confused about car insurance in Moncton? Don't sweat it — navigate the whole thing with us. 

Whether you're a pro or a new driver on the block, understanding car insurance is a must. We'll break it down for you in this simple guide. Learn everything about Moncton car insurance, from coverage, cost, and the best policies.

We'll even share some tips on scoring the best deal to get the cheapest car insurance.

How does car insurance in Moncton work?

Car insurance in Moncton is mandatory, just like anywhere else in New Brunswick. In Moncton, private insurance companies, not the government, directly offer car insurance policies in New Brunswick.

While the companies set the rates, the Financial and Consumer Services Commission of New Brunswick (FCNB) plays a crucial role in ensuring fairness for consumers. It requires insurance companies to have valid reasons for raising rates.

Insurance companies cannot simply raise rates on their own. They need to submit justifications and get approval from FCNB based on their financial data. This helps prevent arbitrary rate increases.

You have several options for getting car insurance in Moncton:

• You can buy insurance directly from a company like Allstate or PC Insurance.
• Then we have brokers who work with multiple insurance companies and can shop around for the best rate for you.

Getting in touch with a broker can be a good option if you're not sure which company to choose.

Car insurance varies depending on your province so you must get quotes accordingly. You can use our free tool below to compare car insurance quotes online for free.

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What is the mandatory car insurance in Moncton?

New Brunswick law requires all drivers to have a minimum level of car insurance.

This includes:

• Third-party liability coverage (minimum of $200,000): This covers injuries or damage you cause to others in an accident.
• Direct compensation coverage: Helps cover repairs to your car if you're not at fault in an accident.
• Uninsured automobile coverage: Protects you financially if you're hit by a driver with no insurance.
• Accident benefits coverage: Covers medical expenses and lost wages if you're injured in an accident.

Without this minimum coverage, you cannot legally register your vehicle in New Brunswick.

What optional coverage do car insurance Moncton policies offer?

Besides the mandatory car insurance coverage required in Moncton, New Brunswick, there are several optional coverages you can add to your policy to get a more comprehensive level of protection for your vehicle and yourself.

Here are your options:

• Collision coverage: Covers repairs to your car if it's damaged in a collision, regardless of who's at fault. This can be valuable if you're responsible for the accident or if the other driver doesn't have insurance.
• Comprehensive coverage: Protects your car from damage caused by events other than collisions, such as:
  • Theft
  • Vandalism
  • Fire
  • Weather events (hail, falling objects)
  • Animal collisions
• Specified perils coverage: A more limited version of comprehensive coverage that allows you to choose which specific perils (like fire or theft) you want to be insured against. It’s generally cheaper than comprehensive coverage!
• All perils coverage: The broadest form of comprehensive coverage, which covers your car for almost any physical damage, except for wear and tear.

Do we have any SEFs for car insurance in Moncton?

Yes! New Brunswick's Standard Endorsement Forms (SEF) are pre-approved documents used by insurance companies to modify the terms of a standard car insurance policy in the province.

These forms provide a way to add additional coverage or exclusions to your base policy without needing a completely custom agreement.

Common SEFs in Moncton

Here are the 5 common SEFs for car insurance in New Brunswick:

1. SEF 20 — Loss of Use: Covers the cost of renting a car while your vehicle is being repaired or replaced after a covered loss. This can help maintain your mobility during an inconvenient time.
2. SEF 27 — Legal Liability for Damage to Non-Owned Automobiles: Extends your existing insurance coverage (usually collision and comprehensive) to a rental car or a car you borrow.
3. SEF 39 — Accident Waiver/Driving Record Protection (Formerly SEF 39A): Acts as an "accident forgiveness" clause. If you have this endorsement and get into an at-fault accident, your insurance company may forgive it and prevent it from increasing your premium.
4. SEF 43R — Limited Waiver of Depreciation: Waives depreciation when calculating the value of your car in the event of a total loss or major repair. New cars typically depreciate quickly, so without this endorsement, you might receive less than the car's actual cash value in a payout. SEF 43R ensures you get closer to the car's original value.
5. SEF 44 — Family Protection: Extends your third-party liability (TPL) coverage to protect you and your family members if you're involved in an accident with an uninsured or underinsured motorist.

How much does car insurance in Moncton cost? 

The average car insurance rate in Moncton is around $1,196 to $1,300 annually. This is lower than the provincial average for New Brunswick. That said, the actual cost for you will vary depending on your circumstances.

Here are some key factors that influence your premium:

• Your driving record (accidents, tickets)
• Your age and experience
• The make, model and year of your car
• How much you drive annually
• Your location (postal code) in Moncton (some areas have higher rates due to traffic density or crime)
• The amount of coverage you choose (including optional endorsements)

You must compare car insurance policies from multiple companies before you buy one. You can use our free tool below to explore car insurance companies based on your province.

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Which companies offer the best car insurance in Moncton?

See, finding the best car insurance in Moncton is easy — compare, compare and compare. All you need is a little time and some patience.

You’ll also need clarity on your needs and requirements. Here are some factors to consider when choosing a car insurance company:

• Price: Analyze your budget based on your needs and get quotes from multiple companies to compare rates.
• Coverage: Consider the type of coverage you need and compare what each company offers. Don't just go for the cheapest option; make sure you have the coverage you need.
• Customer service: Look for a company with a good reputation for customer service. Read online reviews and ask friends or family for recommendations.
• Financial strength: Make sure the company is financially stable. You want to be sure they can pay your claim if you need it.

Top car insurance companies in Moncton

Here are some of the top car insurance companies in Moncton, New Brunswick:

1. Intact Insurance: Large national provider with strong financials and various coverage options. Intact is known for its competitive rates.
2. Aviva Canada: A Global company offering car insurance in Moncton — mandatory and optional.
3. Pafco Insurance: A regional provider with expertise in Moncton's insurance needs.
4. Allstate Insurance: Allstate is a large national insurance company with a good reputation for customer service.
5. PC Insurance: PC Insurance is a Canadian company that offers competitive rates and a variety of coverage options.
6. TD car insurance Moncton: TD Insurance is another large national company that offers a variety of car insurance products.
7. Johnson Insurance: Johnson Insurance is a local Moncton company that offers competitive rates and personalized service.

How to get the cheapest car insurance Moncton coverage?

Being a safe driver and keeping your record clean is key, but there are other ways to outsmart the system.

• First off, how many klicks are you putting on your car each year? The less you drive, the less of a risk you are, and that translates to discounts. Consider carpooling, cycling or taking the bus for errands — every little bit helps!
• Defensive driving courses can also show insurers you're a responsible driver and score you a discount. Plus, learning safe habits keeps everyone on the road happy.
• Bundling your home and car insurance with the same company is a classic move, but have you thought about asking alumni associations, credit unions or even your professional organization? They sometimes offer sweet deals for members.

Also, some insurers might be open to negotiating, especially if you've been a loyal customer with a clean record. It never hurts to ask politely!

And oh, some insurance companies offer programs that track your driving habits through a thingy in your car. Drive safe, and this "telematics" thing could save you big bucks. Just remember, the key is to be a smart and safe driver — that's the ultimate money-saver. Comparing your options helps, too!

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