New Brunswick’s consumer advocate for insurance says automobile insurance rates in the province decreased last year, marking the seventh year in a row they have gone down.
Ronald Godin released his annual report on April 13, which shows the average premium for auto insurance was $731 last year, a drop from $742 the year before.
Godin says that downward trend is continuing this year.
He says the auto insurance market has shown stability since provincial government reforms in 2003, when auto insurance rates averaged more than $1,100.
Those reforms included the introduction of a $2,500 cap on payouts for minor injuries.
The government is considering the report of a working group that recommended changing the definition of minor injuries and increasing the cap to between $4,000 and $6,000.