In the province of Nova Scotia, auto insurance rates are set by individual insurers and then reviewed and approved by The Office of the Superintendent of Insurance, which enforces the Insurance Act.
The Nova Scotia Insurance Review Board also regulates auto insurance, monitoring rates across the province. If an insurer wants to increase its rates or change its rules, it must apply to the Board. It is the NSIRB's job to ensure that auto insurance rates in the province are fair and reasonable, and to protect the public interest at all times.
What are the factors that determine auto insurance rates in Nova Scotia?
Auto insurance rates in Nova Scotia are determined by a variety of factors, including:
- Gender
- Where you live
- How you use your vehicle
- How far you drive each day
- Who else is driving the vehicle
- Driving record and accident claim history of all drivers
- Value of your vehicle
- Type of vehicle, including theft rating for that vehicle type
- The type of coverage you chose
- Deductible amount
After November of 2004, insurers in Nova Scotia stopped using age and marital status in determining drivers' risk classifications. Removing gender as a rating factor was reviewed but ultimately denied in the 2011 reforms.