Several major automobile insurance companies are seeking approval to raise premiums they charge in New Brunswick by 10 per cent or more, blaming rising vehicle repair costs, car thefts, falling profits and other troubles.

The requests come as New Brunswick consumers have been battered in recent years by record housing, food and electricity prices and are “struggling to keep up with the rising cost of living,” according to the New Brunswick government’s recent speech from the throne.

If approved, auto insurance increase requests above 10 per cent will eventually affect more than 200,000 New Brunswick passenger vehicles. Most of the requests still need to be reviewed by the New Brunswick Insurance Board.

CBC story Here