Even though the number of car accidents in RNC jurisdiction is down significantly, the insurance industry says there is still more money going out than coming in.

The RNC reports nearly 400 fewer crashes on roads in their territory over a three-year period, but drivers expecting a break on their insurance rates can forget it.

Amanda Dean of the Insurance Bureau of Canada says Newfoundland and Labrador is paying about 17 per cent less in premiums than it should. She says the province chose to go with an individualized insurance product which costs more than other provinces.

She says costs have been outpacing premiums in this province for years.