What You Might Want to Search

As everyone knows, ICBC is the only public-private auto insurer in B.C. When something happens, ICBC represents both the plaintiff and the defendant.

Every time a client asks me if their premium can be a bit lower, I'm speechless 😒. All, all autoplan insurance brokerages are simply sales agents for ICBC and have no authority to change or influence any premiums.

However, there are indeed a few factors that can affect everyone's premium. Each time you renew or register a new vehicle, the insurance broker will ask some questions. These seemingly unnecessary Q&A actually hide important details.

1. The age of the vehicle. Newer cars definitely cost more, and the higher the premium. If an accident happens, ICBC's repair costs will also increase accordingly. If they don't charge you now, where will the money come from for repairs when an accident occurs?

2. The vehicle's usage - [ ] Recreational use is the cheapest, allowing up to 6 days per month for commuting to work or school. - [ ] Commuting to work or school 15 km or more/less has slight differences. The difference is not very significant.

3. The vehicle's features. Newer vehicles with good safety features like AEB (Automatic Emergency Braking) can get a 10% discount, which is quite substantial. Check your vehicle's manual or ask the sales broker to see if your car has this feature.

4. What to insure? - [x] Third-party liability insurance is a must. At least $2 million to $3 million, or even $5 million. ICBC backs this coverage, so the difference between $1 million, $2 million, and $3 million is only about a dozen dollars 🔪. This small difference can save you from financial disaster at critical moments. - [ ] Collision coverage. This covers repairs to your own vehicle when you're at fault in an accident. Deductibles are $300, $500, $1,000, or $2,500. Lower deductibles mean higher premiums. Every time an accident causes your premium to skyrocket, it's because of claims under this coverage. - [ ] Comprehensive coverage. This covers all non-human-caused damage to your vehicle. If collision covers human-caused incidents, comprehensive covers natural disasters. Broken glass is also covered under this insurance. Filing a comprehensive claim does not increase your premium.

5. Low mileage discount. When renewing, report your vehicle's mileage. If next year's renewal shows mileage under 10,000 km, you can get a 5-10% discount. So the government really does want everyone to drive less...

6. Driver factors. This involves many details, which we'll discuss next time.

During the pandemic, ICBC wasn't idle and made many major reforms. The most significant change is that injured parties can no longer sue ICBC and the at-fault party for medical compensation. This saves a large amount in litigation costs. #Richmond #VancouverLife #VancouverLife #CarSalesDaily #CarSales #Cars #CarSharing #InsuranceKnowledge #InsuranceClaims #InsuranceSales #SalesTips #InsuranceTips #InsuranceEducation #HowToBuyInsurance