Auto Insurance Savings: Bc Drivers' Guide To Affordable Coverage

Auto insurance in British Columbia is the highest in Canada, with ICBC announcing a 6.3% increase in rates. However, there are several ways to save on auto insurance in BC. Firstly, drivers can take advantage of discounts offered by ICBC, such as the Low Kilometer Discount for vehicles driven less than 5,000 km per year, or the Experienced Driver Discount for households with drivers having 10 or more years of experience. Additionally, ICBC offers savings for vehicles equipped with anti-theft devices or autonomous emergency braking systems. Furthermore, drivers can save by increasing their coverage deductible, which is the amount they agree to pay upfront when making a claim. Other ways to save include taking a reputable driver training course, maintaining a good driving record, and comparing quotes from different insurance providers.

Discounts for low mileage

Driving fewer miles means you're less likely to crash and file an insurance claim, so many companies offer a discount for low-mileage drivers. In British Columbia, driving less than 5,000 kilometres a year can get you a 10% discount on your insurance. This is determined by reading your odometer at the start and end of your policy term.

Some insurance companies require you to drive fewer than 7,500 miles per year to qualify for a low-mileage discount. For example, State Farm, Safeco, and Geico offer a discount if you drive less than 7,500 miles per year. The amount you can save varies by company, with discounts ranging from 5% to 30%.

To qualify for a low-mileage discount, you'll need to provide proof of your annual mileage. This can be done by submitting pictures of your odometer readings or through verification from a third party. Some insurers may also use telematics apps or devices to track your mileage and driving behaviour.

In addition to low-mileage discounts, you can also save on your auto insurance by raising your deductible, paying your premium in a single payment or bi-annually, reviewing your policy, and adding safety or anti-theft features to your vehicle.

Discounts for experienced drivers

Experienced drivers in British Columbia can take advantage of several discounts to save on their auto insurance. One of the most significant factors in determining insurance rates is the driver's experience and record. Maintaining a clean driving record, free of accidents and convictions, can lead to substantial discounts. In BC, a discount of up to 43% is offered for each year you remain claims-free. The longer you keep a clean driving record, the better your chances of securing higher discounts.

Another way for experienced drivers to save is by increasing their deductible. A higher deductible means you agree to pay more out of pocket in the event of a claim, which results in lower regular insurance payments. Additionally, installing safety features such as autonomous emergency braking (AEB) can make you eligible for a 10% discount, as these systems have been proven to help prevent crashes.

If you're an experienced driver over a certain age, you may also qualify for senior discounts. ICBC offers a seniors' discount on Autoplan insurance premiums, and in Ontario, retirees can secure a 5% to 15% discount on their accident benefits coverage.

Experienced drivers can also benefit from multi-vehicle discounts, where insuring multiple vehicles under the same policy can result in savings of up to 20% on premiums. Additionally, combining different insurance products, such as home and auto insurance, with the same provider can lead to significant discounts.

It's worth noting that insurance rates in BC are influenced by geographical areas, with urban and densely populated areas generally having higher rates due to increased traffic and accident risks. Moving to a less accident-prone area could result in lower insurance rates.

Finally, it's always a good idea to review your policy regularly and assess your coverage needs. As your vehicle ages or your driving habits change, you may find that you no longer require the same level of coverage, which can lead to cost savings.

Discounts for anti-theft devices

Anti-theft devices are a great way to save on auto insurance in British Columbia. These devices not only help to deter car thieves but also qualify you for a discount on your insurance premium.

There are two main types of anti-theft devices: passive and active. Passive devices work automatically when you turn off your vehicle, such as automatic locks and vehicle tracking systems. Active devices, on the other hand, require manual activation before they can protect your car, like steering wheel locks and remote locks.

Some of the most common anti-theft devices include:

• Steering wheel locks: These locks immobilize your steering wheel, preventing or delaying theft.
• PASS lock system: This device disables your engine by preventing the fuel system from engaging.
• Automatic locks: Newer vehicles with electronic doors will automatically lock when the key fob is more than five feet away.
• Vehicle tracking and recovery systems: Devices like OnStar and LoJack help you locate your car through GPS and can also remotely prevent the engine from starting.

When choosing an anti-theft device, consider the level of protection it provides. Insurers are more likely to approve a discount for an automatic steering wheel lock that disables your vehicle than standard automatic door locks. Additionally, some companies only offer discounts for manufacturer-installed anti-theft devices, so it's important to check with your insurance provider before purchasing a device.

By installing an anti-theft device, you not only protect your vehicle but also save money on your insurance. Be sure to review your insurance policy regularly and contact your insurance agent to confirm whether you qualify for any discounts.

Discounts for safe driving records

Safe driving records can help reduce insurance costs. The longer you keep your driving record clean, the better. In British Columbia, you can get a discount for every year you are claims-free, up to 43% off.

If you have been driving for many years and have never had an accident, your experience and clean record will help lower your insurance costs. New drivers or those with multiple collisions will be seen as a greater risk to insure.

You can also install safety features on your car, such as autonomous emergency braking (AEB) systems, which have been proven to help prevent crashes. Vehicles equipped with factory-installed AEB are eligible for a 10% discount.

Additionally, consider taking a reputable driver training course. Passing a driver training course won't affect your premiums in all provinces, but it is recognized in some and can result in a discount.

Finally, you can increase your deductible, which is the amount you pay when you make a claim before your provider pays the rest. By increasing your deductible, you are telling the insurance company that you are willing to pay more later if needed, which typically results in them giving you a discount now.

Discounts for multiple vehicles

If you own more than one vehicle, you could save money by insuring them all with the same company. This is known as a multi-vehicle or multi-car discount. Most car insurance companies offer this type of discount, which typically ranges from 10% to 15% off your annual premium.

To qualify for a multi-vehicle discount, all of the vehicles must be registered and stored at the same residential address. They can be owned or leased, and it doesn't matter if they are already on different contracts with the same insurance company.

Different insurance providers will have different eligibility criteria for their multi-vehicle discounts. For example, some companies will allow one driver to insure up to five vehicles in their name, while others will limit it to two or three cars.

In addition to the number of vehicles, insurance providers will also consider other factors when determining your premium and whether you qualify for a discount. These factors include your insurance history, age, gender, and location, as well as the makes and models of the vehicles to be insured, their replacement values, and the average cost to repair them if you file a claim.

If you are the sole primary driver of multiple vehicles, your insurance provider may also want to know how the vehicles are used. For example, if you have two vehicles and use one mainly for commuting to work, insuring the less expensive car for this purpose can save you money.

Multi-vehicle discounts can be combined with other discounts, such as those for using winter tires, bundling auto and home insurance policies, and choosing higher deductibles, to further increase your savings.

It's important to compare auto insurance policies and premiums from a range of providers to find the best coverage at a price that fits your budget.

Frequently asked questions