ICBC’s new insurance model, which came into effect Sept. 1, is designed to better reflect the risk associated with those who will be behind the wheel of a vehicle.

New ICBC rate model in effect: What you need to know

Model aims to make car insurance better for BC

If you’re renewing your vehicle insurance today, you’ll likely notice a few changes in the process.

They’re all part of measures ICBC is taking to drive home accountability, which means you will be asked for a little more information when you insure your vehicle.

The new model, which came into effect Sept. 1, is more driver-based to better reflect the risk associated with those who will be behind the wheel, explains Joanna Linsangan.

“It’s all about driver accountability. It means that safer drivers will pay less for their insurance with ICBC and higher-risk drivers will pay more,” she says.

Ready to renew? Here’s what you need to know:

  • The renewal process may be a little more involved under the new model, at least for the first year, so try to allow a little more time, Linsangan suggests. You’ll want to list the drivers who drive your car, and have their driver’s license numbers and date’s of birth on-hand.
  • Think about who you plan to let drive your vehicle. Your rate will be based 75 per cent on the driving record of the person who drives the most and 25 per cent on the record of the highest-risk driver, Linsangan explains.
  • Like private insurers have long done, ICBC will consider multiple and serious driving convictions for infractions like excessive speeding when providing rates for optional coverage. “How we calculate premiums will be heavily weighted on your driving history,” Linsangan says.
  • You may qualify for new discounts. If you have a vehicle with factory installed autonomous emergency braking, you could qualify for a 10 per cent discount, in recognition of the technology’s ability to reduce crashes. Another 10 per cent discount is available for those who drive less frequently or for shorter distances – the low kilometre discount applies to cars driven less than 5,000 kilometres per year. Take a photo of your odometer and you may be eligible at next year’s renewal.

Good news for good drivers

More change is in the works that will reward responsible drivers. While the “safe driver” Basic insurance discount previously recognized only up to 9 years of safe driving, drivers will continue to earn additional savings for up to 40 years of driving.

In addition, if you’ve been driving for 20 years, and have a 10-year crash-free record, if a crash does occur, it will be forgiven without impacting your premiums.

To learn more, visit icbc.com

Comments are closed

Just Posted

PHOTOS: West Shore students rally for 10,000 Tonight food drive

Students, community members gather, sort food donations

Brotherston sentenced to three years in prison for Sooke home invasion

Home invasion took place on Feb. 9 and left one man with face and head injuries

SD 62 re-elects Ravi Parmar to lead the board for second term

Former Langford fire chief Bob Beckett, in his first term, gets the nod as vice-chair

UPDATED: Royal Jubilee gets 15 more patient beds for Greater Victoria end-of-life care

New patient beds in hospice and acute palliative care to be in place by spring 2020

Retooled Oak Bay hoops team starts strong

‘Not the tallest,’ but Oak Bay are off to big start

VIDEO: Octopus, bald eagle battle after bird ‘bites off more than it can chew’ in B.C. waters

B.C. crew films fight between the two feisty animals in Quatsino off north Vancouver Island

Raptors fans show Kawhi the love in his return to Toronto

Leonard receives championship ring, leads new club to win

Process to identify those killed in Gabriola plane crash could take days

Canadian flight museum suggests Alex Bahlsen of Mill Bay died in Tuesday’s crash

One man dead after car crash in Nanaimo

One person died, another was injured in the accident which happened Wednesday on Nanaimo Lakes Road

‘Honest mistake:’ RCMP says B.C. cannabis shop can keep image of infamous Mountie

Sam Steele wearing military, not RCMP uniform in image depicted in Jimmy’s Cannabis window

B.C. conservation officers put down fawn blinded by pellet gun on Vancouver Island

Young deer found near construction site in Hammond Bay area in Nanaimo, B.C.

Laid-off forest workers converge on B.C. legislature

Loggers call for action on strike, provincial stumpage

B.C. guide fined $2K in first conviction under new federal whale protection laws

Scott Babcock found guilty of approaching a North Pacific humpback whale at less than 100 metres

Feds urge Air Canada to fix booking problems as travel season approaches

The airline introduced the new reservation system more than three weeks ago

Most Read