Personal Finance

Thoughts on private car insurance?

  • Last Updated:
  • Nov 29th, 2013 1:49 pm
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Jr. Member
Apr 26, 2010
129 posts
10 upvotes
Burnaby

Thoughts on private car insurance?

I live in Greater Vancouver region in BC. My car (2012 Prius C)'s insurance is up for renewal. I have been quoted $1691 by ICBC.

Has anyone used companies like BCAA for car insurance? Is it worth it? how easy is it to deal with them in case of an accident. Any feedback would be appreciated.
1 reply
Deal Expert
Jan 27, 2006
21844 posts
15620 upvotes
Vancouver, BC
Funny you should be asking... My car is also up for renewal at the start of January...

When I purchased my car, I asked the dealership's insurance agent about 3rd party insurance companies and they basically said that it wasn't worth the savings anymore due to ICBC adjusting the basic insurance up and the optional prices down. That was January 2013.

I just came back from BCAA yesterday to renew my house insurance so I got a quote on my current ICBC coverage. A few options were cheaper with BCAA but also a few things were more expensive with BCAA (I don't know why...).

I also got a quote from Canadian Direct online.

For example -

Excess 3rd party liability at $2,000,000 (really only $1,800,000 since ICBC does the first $200,000) is $144.16 from BCAA versus $151 from ICBC versus $103.90 from CDI.
Collision ($300 deductible) is $363.03 from BCAA versus $327 from ICBC versus $401.61 from CDI.
Comprehensive ($300 deductible) is $243.65 from BCAA versus $163 from ICBC versus $223.54 ($200 deductible as they don't have a $300) from CDI.

So, if you add it all up, it's actually MORE expensive to go with BCAA than ICBC.

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