Alyssa Lane
ICBC insurance rates are regulated by the British Columbia government’s Insurance Corporation of British Columbia, which sets out the minimum liability insurance coverage required for all drivers. This coverage includes third-party liability, accident benefits, and uninsured motorist protection. While some factors affecting your insurance rates are beyond your control, such as your age, gender, and location, there are still several ways to save money on your ICBC insurance. For instance, you could shop around for the best rates, compare personalized quotes, choose a vehicle with lower insurance premiums, or opt for a higher deductible. Additionally, ICBC offers a 10% discount for vehicles driven less than 5,000 km per year, and seniors can save up to 25% on annual insurance plans.
| Characteristics | Values |
|---|---|
| Shop around for the best rates and coverage that suit your needs | Compare personalized car insurance quotes from Canada's top providers |
| Get quotes from 3rd-party companies for optional insurance | Get secondary coverage (collision, comprehensive, etc.) from another provider |
| Discounts for vehicles driven less than 5,000 km in a year | ICBC offers a 10% discount |
| Discounts for seniors who drive for pleasure | Save up to 25% on an annual insurance plan |
| Discounts for eco-friendly hybrid or electric vehicles | Save 5% |
| Discounts for completing a defensive driving course | Submit proof of completion to your insurer |
| Discounts for bundling car and home insurance | Ask your insurance company about additional discounts |
| Discounts for installing a car alarm, using winter tires, or group discounts | Ask your insurance company about additional discounts |
| Choose a vehicle with a lower insurance premium category | Pick a car that's cheaper to insure |
| Choose a vehicle with a lower theft rate | Some cars have higher theft rates, which is a factor used to calculate insurance rates |
| Increase your deductible | The higher your deductible, the lower your premium |
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What You'll Learn
Shop around for the best rates and coverage
Shopping around for the best rates and coverage is a great way to save money on ICBC insurance. ICBC's Autoplan insurance is sold through a network of 900 Autoplan brokers across the province. These brokers are licensed professionals who can help you understand your options and choose the right insurance for your needs.
When shopping around, be sure to compare quotes from multiple providers, including both brokers and direct insurers. This will help you find the best rates and ensure you have adequate protection. You can also use online tools to estimate your insurance costs and see how different factors, such as additional drivers, will impact your rates.
In addition to comparing rates, consider the different types of coverage offered by each provider. Basic insurance from ICBC includes third-party liability, accident benefits, and uninsured motorist protection. You may also want to explore adding optional coverages, such as collision or comprehensive insurance, from ICBC or a third-party provider.
Another factor to consider when shopping around is discounts. ICBC offers a variety of discounts that can help you save money, such as those for driving experience, low mileage, and vehicles with autonomous emergency braking (AEB). You may also be eligible for multi-car discounts or bundle deals if you have multiple vehicles in your household.
Finally, don't forget to review your policy and coverage options regularly. Insurance needs can change over time, and by periodically shopping around and comparing rates, you can ensure you are getting the best value for your needs.
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Compare quotes from different providers
Comparing quotes from different providers is a great way to save money on ICBC insurance. Here are some tips to help you get started:
Firstly, it is important to understand that auto insurance rates in British Columbia are regulated by the ICBC, which sets the minimum liability insurance coverage required for all drivers. This coverage includes third-party liability, accident benefits, and uninsured motorist protection. When comparing quotes, ensure that the policies you consider meet these basic requirements.
Next, it is recommended to compare quotes from multiple insurers. You can do this by using online comparison websites or by checking with multiple providers, including brokers and direct insurers. Online comparison websites make it easy to manage all of your quotes in one place and find the most affordable rates. While checking with multiple providers may take more time, it ensures that you have a comprehensive understanding of the market and the options available to you.
When reviewing quotes, it is essential to consider your individual needs and circumstances. Evaluate the quoted policies' coverage, deductible amounts, and how they align with your requirements. For example, ICBC's Autoplan insurance allows you to list the drivers who use your vehicle, ensuring that the right person is held accountable in the event of a crash. Additionally, consider any discounts that may apply to you, such as safe driver discounts, multiple vehicle discounts, or discounts for advanced safety technology in your car.
Furthermore, don't forget to review the insurer's reputation, customer service, and claims process. While a lower premium is essential, you also want to ensure that you have adequate protection and support in the event of an accident or incident. Be cautious of any additional fees, such as cancellation or administration charges, which may negate any savings from a lower premium.
By following these tips and comparing quotes from different providers, you can save money on your ICBC insurance while ensuring you have the coverage you need. Remember, it is always beneficial to shop around and explore your options before making a decision.
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Get a discount for driving less
ICBC offers a distance-based discount for vehicles that are driven less than a certain number of kilometres in a year. The discount is based on the odometer reading over the previous 12 months. The discount is greater the less distance you drive.
If you drive less than 5,000 km per year, you may be eligible for a 10% discount on your Basic coverage. If you drive less than 15,000 km per year, you may be eligible for a 10-15% discount on your Optional coverage. The discount applies to annual policies only and motorcycles and collector cars are not included.
Seniors who own or lease a vehicle and use it for pleasure (not commuting, delivery, or business) can save up to 25% on an annual insurance plan. However, if you have an at-fault crash, the savings will be reduced, and then eliminated if there’s a second at-fault crash in the same scan period.
In addition, ICBC offered a one-time rebate cheque of around $190 to people who had an annual policy between April 1st and September 30th of 2020. This was due to fewer cars on the road during the pandemic, which meant fewer accidents.
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Take a driver training course
ICBC-approved driver training can be a great way to save money on your insurance. Firstly, it could take six months off the time spent in graduated licensing. This is a significant saving in itself. Secondly, by taking a driver training course, you are demonstrating your commitment to responsible driving behaviour, which can lead to reduced insurance costs.
There are a variety of courses available, catering to different skill levels. For example, ICBC offers courses for those who are new to driving, as well as for those who wish to refresh their skills. Courses are also available for those seeking a commercial licence or an air brake endorsement.
When choosing a driving school, it is important to select one that follows the ICBC-approved curriculum and meets other standards set by the ICBC. A list of approved driving schools can be found on the Driver Training and Assessment Standards website. Upon completion of the course, you will receive a "Declaration of Completion". This document includes your name, date of birth, driver's license number, signature of the approved driving school authority, and the date of issue. Be sure to forward this certificate to your insurer or ICBC for verification.
It is worth noting that some insurers may have specific requirements or recommendations regarding approved providers or discounts, so it is advisable to check with them before enrolling in a course.
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Choose a car that's cheaper to insure
When it comes to choosing a car that's cheaper to insure, there are several factors to consider. Firstly, the type of vehicle you choose plays a significant role in insurance costs. Certain vehicles are inherently cheaper to insure due to various characteristics. For instance, older cars are generally less expensive to insure than newer models. If you're considering a newer car, be prepared for higher insurance costs, especially if it's a luxury or sports car.
Another factor to keep in mind is the safety features of the vehicle. Cars equipped with advanced safety technologies, such as autonomous emergency braking (AEB), may qualify for insurance discounts. AEB, for example, has been shown to help prevent crashes, and vehicles with factory-installed AEB can receive a 10% discount on insurance. So, when choosing a car, look for models with advanced safety features as they can help reduce insurance costs and provide added protection on the road.
Additionally, the value and performance of a vehicle can impact insurance rates. High-value cars, particularly those with powerful engines or high-performance capabilities, tend to be more expensive to insure. This is because they are costlier to repair or replace in the event of an accident or theft. When selecting a car, consider opting for a lower-value, less powerful model to help keep insurance costs down.
The size and purpose of the vehicle also matter. Larger vehicles, such as SUVs or trucks, may have higher insurance rates due to increased repair costs. Additionally, if you use your car for business or commercial purposes, your insurance rates may be higher. Insurers often take into account the purpose and usage of the vehicle when calculating premiums. Therefore, choosing a smaller car and using it primarily for personal or pleasure purposes can result in lower insurance costs.
Lastly, consider the location where you'll be driving the car. Insurance rates can vary depending on whether you live in an urban or rural area. Urban areas, with higher traffic and accident risks, tend to have higher insurance rates. By choosing a car that's well-suited to your location and driving conditions, you may be able to find more affordable insurance options. Remember to shop around and compare quotes, and discuss your specific circumstances with insurance providers to find the best rates for your chosen vehicle.
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Frequently asked questions
ICBC offers a 10% discount for vehicles that are driven less than 5,000 km in a year. You can also save money by installing a car alarm, using winter tires, or getting a group discount through a union or membership affiliation.
Shop around for the best rates and coverage that suit your needs. Comparing quotes from different providers can help you save money while ensuring you have adequate protection on the road.
Pick a car that’s cheaper to insure. Before buying a vehicle, test out the Insurance Bureau of Canada’s “How Cars Measure Up” tool, which compares cars in terms of their relative insurance costs and safety features.
Yes, take a driver training course. Passing a driver training course won’t affect your premiums in all provinces, but it’s something that is recognized in some and can result in a discount being taken off your premium.
If you have two vehicles in the household that aren't being driven daily, it may be worthwhile to take one vehicle off the road by cancelling coverage and setting up a storage policy.
