Paul Sanchez
The Insurance Corporation of British Columbia (ICBC) is the sole provider of car insurance to all drivers in British Columbia. While LowestRates.ca provides a car insurance calculator for residents of other Canadian provinces, British Columbia's public car insurance system means that ICBC is the only provider of car insurance estimates for BC customers. ICBC insurance rates are calculated based on factors such as the driver's experience, safety features of the car, and the number of crashes the driver has been responsible for.
| Characteristics | Values |
|---|---|
| Location | Urban drivers generally pay more for car insurance than rural drivers |
| Age driver first licensed | The longer you've been a driver, the lower your car insurance costs |
| Insurance history | An unbroken history of holding insurance will help you score a lower rate |
| Claims and accidents | Claims and accidents within the last 10 years will raise your insurance premiums |
| Other drivers | As of 2019, B.C. drivers must indicate whether other people will be using the car |
| Traffic convictions | Drunk driving charges, speeding tickets, stunt driving, distracted driving, etc. will increase insurance costs |
| Safety technology | Advanced safety technology may qualify you for a discount |
| Anti-theft devices | Anti-theft devices can help reduce your car insurance premiums |
| Low-kilometre | Driving less than 5,000 km in a year may qualify you for a discount |
| Vehicle type | The age, make, model, and features of the vehicle, along with repair costs, affect insurance costs |
| Optional products | Collision, Comprehensive, or Extended Third Party Liability insurance options will add to the base cost |
| Deductible | You'll need to choose a deductible amount when buying some optional insurance products |
| Leasing | Insurance companies want to know if your car is leased as it may affect the cost |
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What You'll Learn
ICBC estimation tool
The Insurance Corporation of British Columbia (ICBC) offers an estimation tool to help calculate car insurance costs. This tool is useful for estimating upcoming renewals or mid-term policy changes. It allows users to pre-list drivers and get an estimate of how listing drivers and adjusting coverages will affect their premiums. To use the tool, you need a current Autoplan policy and your BC Services Card or online banking credentials to sign in.
The ICBC estimation tool does not include all possible discounts. For example, it does not include discounts for vehicles with autonomous emergency braking (AEB) as this must be re-declared and confirmed at each renewal. Additionally, the tool is for estimation purposes only, and any changes to your policy must be completed through your broker.
ICBC car insurance rates are determined by various factors, including the driver's history, vehicle characteristics, and location. The more crashes a driver has been responsible for, the higher their insurance premiums will be. Urban drivers generally pay more for car insurance than rural drivers due to higher congestion. The age of the driver and the age of the vehicle also impact the cost of insurance, with older drivers and vehicles typically receiving discounts.
Other factors that can affect your ICBC insurance rate include the vehicle's make, model, features, and repair costs. Optional products such as collision, comprehensive, or extended third-party liability coverage will also increase the cost of insurance. Additionally, ICBC offers various discounts, such as the low-kilometre discount for drivers who drive less than 5,000 km per year and the autonomous emergency braking (AEB) discount for vehicles with advanced safety features.
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Discounts and rebates
ICBC insurance offers a variety of discounts and rebates that can help lower your insurance costs. Here are some of the key discounts and savings offered by ICBC:
Usage-based discounts
ICBC offers usage-based discounts for drivers who do not use their vehicles regularly. For example, if you drive less than 5,000 kilometres per year, you may be eligible for a 10% discount on your Basic coverage. This is known as the low-kilometre discount. The discount is based on the mileage driven over 12 months, determined by odometer readings at the start and end of the policy term. The less you drive, the higher the potential discount.
Senior's savings
Senior drivers aged 65 or above can benefit from Basic insurance savings. This applies when the vehicle is owned or leased by a senior and is used for pleasure. Seniors can now use their vehicles for up to six days per month for commuting, business, or delivery, which is a more flexible option than previous restrictions.
Anti-theft device discounts
If your vehicle is equipped with advanced safety technology or anti-theft devices, you may qualify for a discount. This includes features such as autonomous emergency braking (AEB) and other safety enhancements. Vehicles with factory-installed AEB are eligible for a 10% discount, as it has been proven to reduce crashes.
Disability discount
If you have been approved for a refund under the B.C. government Fuel Tax Refund Program for Persons with Disabilities, you may qualify for a 25% discount on Basic insurance for one vehicle. To confirm eligibility, you must visit an Autoplan broker's office and provide appropriate documentation, including the refund confirmation letter and photo ID.
Years of driving experience
ICBC offers Basic insurance savings for up to 40 years of driving experience. More experienced drivers can benefit from greater savings. However, these discounts may be reduced or eliminated if there is an at-fault crash during the scan period.
It's important to note that these are just a few examples of the discounts and rebates offered by ICBC. To get a comprehensive understanding of how your ICBC insurance rate is calculated, you can use their online estimation tool and explore other resources on their website.
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Claims history
When calculating ICBC insurance rates, a driver's claims history is a crucial factor. ICBC assesses the risk associated with insuring a driver by considering their crash history, driving experience, and the experience and crash history of other listed drivers. The company introduced a ten-year scan period to review a driver's crash history, focusing on at-fault crashes from March 1, 2017, onwards. This scan period will continue until 2027, after which the review will cover the previous ten years' crash history.
The impact of claims history on insurance rates is determined by ICBC's claim-rated scale (CRS). When a driver starts in British Columbia, they are at level 0 on the CRS, corresponding to the base rate. For each claim-free year, the driver moves down a level on the CRS, resulting in a discount. Conversely, if a driver is found to be at least 25% at fault for an accident, they move up a specified number of steps on the CRS, leading to a surcharge. This dynamic scale adjusts the insurance rate based on the driver's claims history.
The number of crashes a driver is responsible for significantly influences their insurance costs. ICBC associates a higher number of crashes with increased risk, resulting in higher insurance premiums. Conversely, safe driving and extensive experience can contribute to lower premiums over time. Additionally, the driver factor, a numerical representation of a driver's risk, takes into account their driving experience and crash history. This factor is used to determine the cost of insuring a vehicle.
When listing multiple drivers on a policy, it's important to consider their collective risk. The combined factor of the policy is influenced by the individual driver factors of up to two listed drivers, along with applied discounts, territory adjustments, and other factors. This combined factor then determines the base premium and any subsequent increases or decreases. Therefore, when listing additional drivers, it is essential to consider their experience and crash history, as these factors can significantly impact the overall insurance cost.
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Vehicle type
When calculating your ICBC insurance rate, the type of vehicle you drive is an important factor. ICBC considers the age, make, model, and features of your vehicle, as well as its repair costs, to determine your insurance premiums.
The safety features of your vehicle can impact your insurance rate. Vehicles equipped with advanced safety technology, such as autonomous emergency braking (AEB) and anti-theft devices, may qualify for discounts on your insurance premiums. However, it is important to note that AEB must be re-declared and confirmed at each policy renewal.
The age of your vehicle also plays a role in determining your insurance rate. Older vehicles may have higher repair costs, which can increase your insurance premiums. Additionally, the make and model of your vehicle can impact your rate, as certain models may be associated with higher or lower risks.
Your intended use of the vehicle is another factor that ICBC considers. ICBC has defined rate classes based on how you use your vehicle, such as for pleasure, business, or delivery. For example, if you use your vehicle for pleasure, it typically includes day-to-day activities like errands, commuting, or going on vacation. On the other hand, if you use your vehicle for business or delivery purposes, your insurance rate may be different due to varying risks and distances travelled.
It's important to provide accurate information about your vehicle's usage to your Autoplan broker to ensure you are properly covered and to avoid any issues with your insurance policy. By considering the age, make, model, features, and intended use of your vehicle, ICBC can determine an appropriate insurance rate that reflects the risks associated with your specific vehicle.
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Driver experience
ICBC insurance rates are calculated based on several factors, one of which is the driver factor. This number represents the risk associated with insuring a driver and is influenced by their experience and crash history. The lower the number, the lower the risk, which translates to lower insurance costs.
When it comes to driver experience, ICBC recognizes up to 40 years of driving experience for Basic insurance discounts. Each year of safe driving contributes to more significant discounts on Basic insurance premiums. Previously, the discounts stopped accumulating after nine years, but now experienced drivers can benefit from ongoing discounts up to 40 years of driving experience.
For inexperienced drivers, ICBC offers discounted premiums to encourage and support their journey towards becoming safer drivers. However, if an inexperienced driver is found responsible for a crash, their discount will be reduced. If they cause a second crash within the scan period, the discount will be eliminated.
The scan period refers to the timeframe ICBC uses to review a driver's crash history. Currently, ICBC looks back at at-fault crashes from March 1, 2017, onwards. Starting in 2027, the scan period will be a rolling 10-year period, where ICBC will review the previous decade's crash history at each renewal.
In addition to individual driver factors, ICBC also considers the combined factor when calculating insurance costs. This represents the collective risk of up to two listed drivers, along with applied discounts, territory adjustments, and other considerations. The base premium is then adjusted based on the combined factor, resulting in an increase or decrease in the final premium amount.
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Frequently asked questions
ICBC has its own car insurance cost calculator for B.C. residents. You can use this to calculate how much you will pay to renew your car insurance.
ICBC tries to match insurance costs to the risk associated with the driver and vehicle. The more crashes you've been in, the more you will pay. Safe driving and experience can help lower your premiums. The age, make, model, and features of your vehicle will also influence your rate.
Yes, ICBC provides discounts for drivers with at least 40 years of experience. Anti-theft devices, advanced safety technology, and low annual mileage may also qualify you for discounts.
