How Much is Car Insurance in BC?
By Avantika Anand
How much you can expect to pay for car insurance in BC
Is it time to renew your car insurance? Some things have changed, and you may wonder how much you’ll need to pay this year.
Thank you for reading this post, don't forget to subscribe!In this article, we’ll cover how much you can expect to pay for car insurance in BC and how you can get discounts on your premium.
Basic vs. Optional Coverage
All vehicles in BC must have car insurance before they can be driven. ICBC sets basic insurance rates for all vehicles, and you can purchase additional optional coverage through them or a third-party insurance company.
In BC, your basic insurance includes:
- Medical costs and income replacement (If an accident incurs medical expenses or you or your passengers require income replacement because they can’t work. Income replacement is generally 90% of your net income)
- Basic vehicle damage repairs (covers repairs when the other driver is responsible)
- Protection if you’re responsible for a crash
- Protection in case a third party is uninsured
You can choose to purchase additional, optional coverage to include any of the following:
- Loss of use: provides transportation if you can’t use a vehicle after a claim
- Rental vehicle coverage
- Vehicle travel protection (to cover claims while travelling with your car)
- Lock rekeying (when your keys are stolen)
- Emergency roadside expense repayment
- Theft Deductible waiver (deductible is waived in the case of theft or apparent attempted theft)
- Destination assistance (provides up to $100 to help you get to your destination after a collision, theft, or vandalism)
How much is car insurance in BC?
As of today, your base premium for car insurance in BC is $1,063. Then ICBC calculates driver(s) and vehicle risk factors and variables to generate your basic premium. Factors the consider include:
- Driver Experience: Get discounts based on how long you’ve been a registered driver (up to 40 years)
- Crash History: This includes crashes where you were at fault. The more crashes you have, the higher your premium will go. Learn more about how ICBC assigns responsibility in car accidents.
- Drivers: At your insurance application or renewal, you’ll be asked to list all drivers for your vehicle. Their driving history will affect your insurance. As the principal driver, your experience counts for 75%, and the highest-risk listed driver accounts for 25%.
- Where you live: Your primary residence can change your insurance premiums. This is because driving risk can differ depending on where you live. For example, city driving is potentially more dangerous than living in a city of primarily flat, open farmland.
- Car use: How you use your vehicle will affect your rate. You’ll be asked to declare if it’s for personal use, business use, or a combination. Depending on how many business days in a month you use a personal car for business can also impact your rates.
You can access your Driver Factor online for free. Learn more about the Driver Factor report and download yours today.
How to save on car insurance
While many fees in your annual car insurance are not flexible, you can earn discounts on your car insurance in several ways.
You can earn discounts for:
- Low usage: If you drive less than 5,000 or 10,000 Kilometers in a year, you could qualify for a 10-15% discount. You’ll need to provide photo proof of your odometer readings at the beginning and end of your policy.
- Using AEB: Autonomous emergency braking (AEB) technology has been shown to reduce car crashes. You can save up to 10% on your insurance if your vehicle has this feature.
- Experienced-driver savings: Earn a discount for each year of no at-fault claims. This used to max out at seven years but was recently expanded to include up to 40 years of driving experience.
- Seniors (65+) Discount: Seniors qualify for a discount on their basic insurance with a clean driving record.
- Passive Electronic Immobilizers or Anti-Theft Devices: Using either of these safety devices can lower your premium because they make it harder for thieves to steal or vandalize.
- Business fleet discount: If you have a fleet of five or more registered vehicles for business or commercial use, you could save up to 63% on your car insurance premiums.
- Disability discounts: You can save up to 25% off your basic Autoplan insurance if approved for the Fuel Tax Refund Program through the BC Government.
Another way to save on your insurance is to lower your deductible. Your deductible is what you pay if you are at fault in an accident. This is usually set at $300 by default, but if you raise it to $500 or more, you can save on your premium. That means if you have an at-fault claim, you only pay $500, even if your actual damage is over that amount.
Can I earn back discounts after an accident?
ICBC understands that crashes happen. You can earn back your safe driving discounts after several years of good driving. In BC, you can be forgiven after at least ten years of safe driving after your accident.
You can also choose to pay out-of-pocket for motor vehicle repairs if you choose. This is often a choice when the claim amount is under or slightly over your deductible. This avoids a claim on your insurance that will affect your premium next year. If you are at fault, this can be a more economical option in the long run if repairs are inexpensive. If a third party is at fault, having insurance pay for the damage is to your benefit, as it won’t affect your premium.
Have questions about car insurance coverage and discounts?
An auto broker can help you get the best insurance rate possible. We can help you apply as many discounts as possible to your basic car insurance amount and add any additional coverage you need.
Contact a broker at AP Insurance today, and we can make the insurance part of owning a vehicle more affordable for you.
Visit our page to learn more information about auto insurance.
