POLITICS
04/13/2012 09:55 EDT | Updated 06/13/2012 05:12 EDT

Auto insurance rates in New Brunswick fall for 7th consecutive year: report

FREDERICTON - 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 today, 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.