If you watched the Super Bowl a couple of weeks ago, you may have seen the new Hyundai commercial with their Smaht Pahk (Smart Park), this is not an entirely new technology and has been around for a little while, but they are growing in popularity and accessibility. Vehicles equipped with these features are no longer just the high-end brands and models – they’re becoming widely available on the common makes & models we see on the road every day. Even the Honda Civic, one of the most common vehicles on the road in Canada, comes standard with a number of advanced safety and sensing features, and it is one of the most affordable options out there for drivers. While that is all really exciting, innovative and has the ability to help us immensely, it may also be the cause of higher insurance rates. Some experts say it could result in double-digit increases to insurance rates here in New Brunswick.
With tons of new technology that allows vehicles to sense lane position, other vehicles in front of you, blind-spot detection, and much more (including a growing move towards self-driving capability) – something as simple as a fender bender can result in much higher repair costs than it used to. There are so many more components required to have these features in vehicles, and they are also expensive to repair. As such, just like 2019, we are likely to see some fairly significant rate increases in 2020. While New Brunswick does currently have some of the lowest rates in the country, insurance companies are bringing increases of up to 50% in some cases to the New Brunswick Insurance Board.
The good news for you is us. Here at Coast Insurance, we are an insurance broker and are not tied to one company. We’re able to shop around on your behalf to find the insurance you need at the best price possible. Ready to try us out? Come on by for a coffee and a chat. We’d love to meet you!