Automotive

Lower icbc rates if u drive less than 5000 kms

  • Last Updated:
  • Nov 24th, 2019 9:30 pm
[OP]
Penalty Box
Jul 14, 2014
1360 posts
344 upvotes

Lower icbc rates if u drive less than 5000 kms

Icbc has changed how they calculate premium.

I used to pay $791 and will now pay $725 because of no accidents and no kids driving my car. It goes to $650 if I drive less than 5000 kms which is good for my truck which I barely drive. Of course, I should pay nothing for truck since I can only drive one car at a time.

You can calculate premium here:

https://change.icbcbusiness.com/?gclid= ... uwEALw_wcB
28 replies
[OP]
Penalty Box
Jul 14, 2014
1360 posts
344 upvotes
Hot deal! Some people will save a fortune! My ex prolly minimizes the huge savings.
Sr. Member
User avatar
Jul 25, 2015
608 posts
296 upvotes
Burnaby, BC
ICBC sucks, they have a monopoly and their rates are the highest in Canada. They also pay the brokers big money but claim that rates went up because of the number of collisions. Why not get rid of all the brokers and have an online option to buy the insurance. Also they get nailed by the repair shops who charge huge amounts of money for small fixes. Not to mention the lawyers why made .5b in fees last year.Why not let competition come in BC? Time to get rid of ICBC.
Deal Addict
Jul 7, 2017
4362 posts
1919 upvotes
SW corner of the cou…
Piklishi wrote: Why not let competition come in BC? Time to get rid of ICBC.
For the optional portion of insurance, our local broker checked how much optional coverage would cost. $1k more than ICBC. And we're almost, or in, the top discount bracket.

I envisage a lot of unfixed wrecks and uninsurred cars.
Cream rises to the top. So does scum.
[OP]
Penalty Box
Jul 14, 2014
1360 posts
344 upvotes
This thread is more for rich people with multiple high value cars who dont put a lot kms on odometer. This is not a pro icbc thread, so I should not be down voted.
Deal Expert
Aug 22, 2006
27298 posts
12922 upvotes
It's only a 10% discount.
Technically still a discount but not really that impressive.

Depending on how much you actually drive, it might make more sense to plate the vehicle for a year, drive X amount, then get a refund.
$50 plate/unplate fee plus prorated on the actual days of insurance.

In my case where I'm paying $2500/year full coverage, this works out to $7/day.

In OP's case it'd be $2/day.
Based on $700/year if they drive for about a week consecutively once a month it may work out to be cheaper to plate/unplate.
This obviously only makes sense if you're driving once a month for a week as opposed to let's say needing the car once a week for day.
Deal Expert
Aug 22, 2006
27298 posts
12922 upvotes
Piklishi wrote: Why not get rid of all the brokers and have an online option to buy the insurance.
What surprises me more is that I actually have to go visit a broker to even get a quote.
Why can't I plug in basic info into an online system and get a rough idea.
[OP]
Penalty Box
Jul 14, 2014
1360 posts
344 upvotes
death_hawk wrote: It's only a 10% discount.
Technically still a discount but not really that impressive.

Depending on how much you actually drive, it might make more sense to plate the vehicle for a year, drive X amount, then get a refund.
$50 plate/unplate fee plus prorated on the actual days of insurance.

In my case where I'm paying $2500/year full coverage, this works out to $7/day.

In OP's case it'd be $2/day.
Based on $700/year if they drive for about a week consecutively once a month it may work out to be cheaper to plate/unplate.
This obviously only makes sense if you're driving once a month for a week as opposed to let's say needing the car once a week for day.

That's what I presently do or insurance for one day is $25. I thought the saving would be more than 10 percent for people who have collision etc.
Deal Addict
Jan 5, 2004
3687 posts
273 upvotes
Toronto
Piklishi wrote: Why not let competition come in BC? Time to get rid of ICBC.
Your provincial government gutted ICBC. They took money out from the reserves killing investment income. The investment income from premium collected is how insurance companies make up for some of the losses. ICBC insures everyone, whereas other private insurance can file for rules to not offer coverage for certain type of risk. e.g. Not every private insurer will take in an 18yo driving a Challenger Hellcat, but ICBC does. They are toughening up the underwriting rules, but it will take time to clean up that book.
Deal Addict
May 30, 2012
3754 posts
1119 upvotes
Montreal
thephenom wrote: Your provincial government gutted ICBC. They took money out from the reserves killing investment income. The investment income from premium collected is how insurance companies make up for some of the losses. ICBC insures everyone, whereas other private insurance can file for rules to not offer coverage for certain type of risk. e.g. Not every private insurer will take in an 18yo driving a Challenger Hellcat, but ICBC does. They are toughening up the underwriting rules, but it will take time to clean up that book.
I'd rather if we don't insure high risk drivers... How else will they learn ...
Deal Addict
User avatar
Aug 19, 2010
1611 posts
350 upvotes
Vancouver
thephenom wrote: Your provincial government gutted ICBC. They took money out from the reserves killing investment income. The investment income from premium collected is how insurance companies make up for some of the losses. ICBC insures everyone, whereas other private insurance can file for rules to not offer coverage for certain type of risk. e.g. Not every private insurer will take in an 18yo driving a Challenger Hellcat, but ICBC does. They are toughening up the underwriting rules, but it will take time to clean up that book.
The previous provincial government did it (BC Liberals) and not the current NDP government who is trying to clean up that mess.
Deal Addict
User avatar
Nov 2, 2007
1356 posts
344 upvotes
GVRD
iownyou wrote: I'd rather if we don't insure high risk drivers... How else will they learn ...
The problem with not insuring high risk drivers at all, is that they will continue to drive...uninsured. This causes problems for the general public, like you and I.
Deal Expert
Aug 22, 2006
27298 posts
12922 upvotes
iownyou wrote: I'd rather if we don't insure high risk drivers... How else will they learn ...
Pfft. It's not like they're learning now.
We're the supercar capital of North America. Learning is easy when you can just throw money at the problem or get "overseas Daddy" to write you a check because you "crashed your car while studying really hard"
chenwaa123 wrote: The problem with not insuring high risk drivers at all, is that they will continue to drive...uninsured. This causes problems for the general public, like you and I.
And this is exactly why I pay a few bucks a year for under insured motorist protection.
Deal Fanatic
Oct 6, 2007
8050 posts
4539 upvotes
Kootenays
death_hawk wrote: And this is exactly why I pay a few bucks a year for under insured motorist protection.
Best $25 or so you'll ever spend!
Deal Expert
Aug 22, 2006
27298 posts
12922 upvotes
smacd wrote: Best $25 or so you'll ever spend!
Yup. I hope I'll never need it, but for the less than $50/year it costs when I'm already paying like $1200 for base, $1000 for collision, and however much else for everything else like Roadstar it's a no brainer just in case I ever need it.

Based on how much insurance costs, it wouldn't shock me if I did actually need it.

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