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.
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.
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:
You can choose to purchase additional, optional coverage to include any of the following:
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:
You can access your Driver Factor online for free. Learn more about the Driver Factor report and download yours today.
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:
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.
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.
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.