The Insurance Bureau of Canada (IBC) is calling on residents of Newfoundland and Labrador to voice their concerns regarding the region’s problematic auto insurance system.
IBC believes that the NL region is woefully behind other provinces in terms of insurance costs, and that something has to be done.
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“It has been 14 years since a review of the auto insurance system was held in Newfoundland and Labrador. It is long overdue,” the bureau said in a release.
“Other provinces have found a balance for claims payouts, sustainable premium amounts and the ability to help accident victims quickly. It’s about time Newfoundland and Labrador joined them.”
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According to the bureau, it costs drivers in NL more in premiums than their counterparts pay elsewhere in Atlantic Canada – on average, auto insurance premiums in NL are 40% higher.
“Drivers in this province are unhappy with their high premiums, their limited choice and the presence of uninsured drivers on the road,” the bureau said.
IBC is calling on concerned citizens to share their thoughts on the matter.
“The provincial government is listening. By undertaking a review of the auto system, the government will consider how to encourage more insurers to compete in the marketplace and offer more choice and lower prices to Newfoundlanders and Labradorians.”
“NL’s Public Utility Board (PUB) is also listening. They will be seeking public input,” the bureau added.
IBC’s statement ends with a call to action, directing the public to either reach out to the provincial government, the PUB, or to the bureau’s own email address for auto insurance concerns.
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