Personal Finance

I.C.B.C. car insurance - big changes eff Sep 1st, 2019 (BC only)

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  • Sep 2nd, 2019 3:32 pm
Deal Fanatic
Oct 7, 2007
9401 posts
5364 upvotes

I.C.B.C. car insurance - big changes eff Sep 1st, 2019 (BC only)

I was trying to get an estimate of what my car insurance premium would be under the new rules BEFORE today but was told by my broker that their systems can't tell me what the rate is until Sep 1st when they change over. Some people are supposed to get decreases for being good drivers but I heard alot of people are expected to have big increases. For those who are willing to share, please post your before and after Sep 1st premium, along with how many years you have had your driver's license and the # of your-fault accidents you have had since 2017.

FWIW, some guy was on the radio this morning complaining that his 23 year old daughter had 2 her-fault accidents and was seeing her premium go from $4500 to something much higher. The increase is going to be so high that she might just not drive for a while.
6 replies
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Jan 19, 2005
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Vancity
I've been driving for 20+ yrs. with no claims (other than broken windshield/window). Last year I paid ~$1700, this year ~$1600. I'm a low mileage driver (~3k km per year; it's my second car, only used to drive the kids around). The ~$100 reduction is probably from the low mileage discount which takes effect for me this year.
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Sr. Member
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Jun 29, 2012
662 posts
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Vancouver
Hmmmm. I've just recently renewed my insurance. I paid for the year. I wonder if my premiums go down I'll be reimbursed?
Deal Addict
Oct 13, 2006
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Burnaby
TheDogAteMyName wrote: Hmmmm. I've just recently renewed my insurance. I paid for the year. I wonder if my premiums go down I'll be reimbursed?
Reimbursed for what? lol, this is ICBC fat chance you'll be reimbursed for anything. Some people who expected to have the changes affect them cancelled and renewed under the old rules to basically buy themselves a year. On the opposite, I guess you could cancel and renew under the new rules but that seems like a lot of hassle unless you are saving hundreds of dollars.

There is already a discussion in the automotive forum.
Newbie
Apr 23, 2014
59 posts
15 upvotes
North Vancouver, BC
choclover wrote: I was trying to get an estimate of what my car insurance premium would be under the new rules BEFORE today but was told by my broker that their systems can't tell me what the rate is until Sep 1st when they change over.
ICBC has been nice enough to make a calculator that should give you a decent idea of your basic insurance premium here.

I've been driving for just shy of 10 years, no at-faults, and my premiums are pretty comparable, whereas my parents have seen a bit of a decrease with more experience and no at-faults. Basically what ICBC said to expect.
Sr. Member
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Jun 29, 2012
662 posts
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Vancouver
amplified wrote: Reimbursed for what? lol, this is ICBC fat chance you'll be reimbursed for anything. Some people who expected to have the changes affect them cancelled and renewed under the old rules to basically buy themselves a year. On the opposite, I guess you could cancel and renew under the new rules but that seems like a lot of hassle unless you are saving hundreds of dollars.

There is already a discussion in the automotive forum.
A few years ago I received, out of the blue, a cheque from ICBC saying that they had been overcharging me. So you never know. I'll take a look at the thread you posted. Thanks. :)

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