What determines how much you pay for your ICBC insurance premiums?
What are the FACTORS that affect how much you pay ICBC for your auto insurance?
There are SIX things to look at.
1. HOW YOU USE YOUR VEHICLE
Are you using your vehicle for: commuting to and from work; just for pleasure trips; for business purposes; or as a delivery vehicle?
The manner in which you USE your vehicle is the first factor that ICBC looks at.
2. WHERE YOU LIVE
ICBC has divided up the province of BC based on a series of factors which THEY deem relevant to who much you should pay for insurance. The key factor which ICBC has identifed as being significant is the amount of traffic found in the place where you live.
So there's the second factor - WHERE YOU LIVE.
3. YOUR CLAIMS HISTORY
Your history ( track record) of previous at- fault accidents is factor number six.
A crash free history means you'll get a discount on your Autoplan premiums. And having a history of at-fault crashes means the exact opposite.
There you go - factor number 3; YOUR CLAIMS HISTORY.
4. LEVEL OF PROTECTION
What are you actually purchasing when it comes to insurance?
Collision, Comprehensive, Extra Third-Party Liability Insurance ( in excess of the $200,000 minimum third party liability you are legally required to purchase) what exactly are you purchasing in terms of insurance coverage? It all costs money.
Ok. There's number 4 - Level ( type) of protection purchased.
5. YOUR DEDUCTIBLE
When it comes to certain parts of your insurance coverage ( e.g. collision or comprehensive) if you make a claim you have to pay a predetermined portion of the cost of the claim. The portion that you pay is called your DEDUCTIBLE.
For example. Let's say you back out of your garage, hit a telephone pole and cause $2,000 damage to the back of your truck. If you have a $500.00 deductible on your coverage. Well, you pay the first $500.00 of that $2,000.00 repair job.
So, the higher your deductible the less you pay as far as an insurance premium is concerned.
Alright. Factor #5, your deductible.
6. THE VEHICLE YOU DRIVE
The characteristics of the vehicle you drive are also a determining factor as far as what you're going to pay for insurance is concerned.
Characteristics? The age, make, model, features of and what it might cost to repair your vehicle are what I'm talking about.
Are you driving a brand new Ferrari or a twelve year old Ford F150? I think you get the picture.
There you go. Factor #6, the vehicle your drive.
Want to kick around the issue we've been talking about a bit more?
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