ICBC Insurance Costs? (1 Viewer)

[osocountry]

Just curious as to how much Canadians are paying for their ICBC insurance?

I drive a HDJ81 series 1992 with 197,000kms on it and zero accidents, sitting with the highest no claims bonus rating yet still pay $117 per month
premium = $1403 per year for $3,000,000 liability!


Have the limited private insurance companies here completely refused dealing with RHD's here?

 

[ikeedikeed]

I also have the highest discount possible. I'd have to check but I think I'm closer to $1200 per year, but mine's registered in Brackendale which might be a bit "safer" than N Van.

ICBC's rate structure is a black box, which makes so sense as they're a legislated monopoly. It's not like they have to maintain competitive advantage. They don't have any competitors!

Even the resellers have no idea what will happen to your rates until they plug all the variables into their computers and the they're run through ICBC's servers.

 

[Granite Grinder]

I pay $97/ month for my '88 FJ62
$113/ month for my '97 Honda Accord (to and from work over 15KM)
Every possible discount applicable

 

[drifter dave]

Ya it always ends up somewhere around $100/month.

If you ditched the fire/theft/vandalism that would reduce it a lot.

 

[jcolvin]

There's no such thing as private basic auto insurance in BC! It's ICBC or the highway. Still, it's a lot better than the nightmare that Ontario can be. Couple of speeding tickets and all of a sudden they throw you in facility pool and you'r paying $5000 / yr.

 

[LanceCruiser]

There's no such thing as private basic auto insurance in BC! It's ICBC or the highway. Still, it's a lot better than the nightmare that Ontario can be. Couple of speeding tickets and all of a sudden they throw you in facility pool and you'r paying $5000 / yr.

Oh that would suck, I would want to move because it would be cheaper for me to live. I think my rate per month is around $120 for my truck, and pretty much the same about $100 for my beater VW.

 

[canucksafari]

My wife's Safari, a 92, is 124.70/mo. My Safari, a 91, is $120.01. IIRC, both have business insurance, $3M liability, collision $500 deductible and full comprehensive. If I had a good parts rig, I might be tempted to pull the collision.

I have thought about getting the extras elsewhere but given they are RHDs, I think it is easier to deal with one company trying not to pay out than two. Perhaps I am wrong.

We complain about ICBC here but it could be worse, especially for us RHD owners. I've heard horror stories coming from some of the other provinces.

 

[seapotato]

wow. really is more expensive on the mainland.

my 91 rhd 80 was about 85 bucks a month. my 60 is about 65, and 42 about the same. maybe a bit less..


mind you, I live in chemainus. A lot of our traffic is still pulled by horses...

 

[Wheelingnoob]

My 97 LX450 with full discount, no one driving under 10 year, pleasure use only, 3mill 3rd party, $300 deductible and f/t/v is $150 per month. How are some of you getting it so cheap?

 

[Fantom]

This year I threw the very basic insurance on my truck, with all the discounts I'm still around $100 a month, maybe a couple bucks less.
I had a buddy of mine that was actually paying more a year in insurance then he bought his car for, it was an $800 car. Where is the logic on that one? Oh well.

 

[MonsterCruiser]

I'm about the same as everyone else...Something like $1300 per year $300 deductible, comprehensive (fire and theft), 2 million liability (I think), insured for business use, no collision.

My wife's Safari, a 92, is 124.70/mo. My Safari, a 91, is $120.01. IIRC, both have business insurance, $3M liability, collision $500 deductible and full comprehensive. If I had a good parts rig, I might be tempted to pull the collision.

Why do you bother having collision? If you are a defensive driver, it doesn't really make sense to me to have it (unless your replacement cost is high and/or you do a lot of winter condition driving). If you calculate things out, it doesn't really seem like it's worth having to me. Unless you are on the bad end of a hit and run

I have thought about getting the extras elsewhere but given they are RHDs, I think it is easier to deal with one company trying not to pay out than two. Perhaps I am wrong.

I had the exact same thought. I might be able to save a couple hundred a year, but I don't think it's worth the hassle if you get in an accident.

We complain about ICBC here but it could be worse, especially for us RHD owners. I've heard horror stories coming from some of the other provinces.

I don't think I've heard a lot of horror stories, but there's lots of unfriendly RHD stuff coming out of Ontario. All things considered ICBC isn't that bad. Any insurance company is going to try and minimize how much they pay out. How else would they make money?

 

[canucksafari]

My 97 LX450 with full discount, no one driving under 10 year, pleasure use only, 3mill 3rd party, $300 deductible and f/t/v is $150 per month. How are some of you getting it so cheap?

Probably because you don't have the steering wheel on the right side.

 

[LanceCruiser]

My 97 LX450 with full discount, no one driving under 10 year, pleasure use only, 3mill 3rd party, $300 deductible and f/t/v is $150 per month. How are some of you getting it so cheap?

Maybe they base it on the year, like how they do at AirScare. 91' and older is $23 and 92' and newer it's $45? Go figure???

 

[canucksafari]

Maybe they base it on the year, like how they do at AirScare. 91' and older is $23 and 92' and newer it's $45? Go figure???

I'd gladly pay the $45. The $23 is for a vehicle which has to be tested yearly. The $45 is for a vehicle which gets tested every two years. The Aircare scam's selection of year is completely arbitrary. On many vehicles, there is no difference between a 91 and a 92 model year.

As for ICBC, there is less than a $4.00 difference between the 91 and 92 Safari with the same insurance. Jeremy's higher costs are likely related to the LX450 being accessed as more of a luxury vehicle and because of his location.

 

[Granite Grinder]

Why do you bother having collision? If you are a defensive driver, it doesn't really make sense to me to have it (unless your replacement cost is high and/or you do a lot of winter condition driving). If you calculate things out, it doesn't really seem like it's worth having to me. Unless you are on the bad end of a hit and run

Collision coverage will pay for a write off no matter who's at fault, without it you get nothing (if it's your fault).

ICBC | Collision coverage

 

[MonsterCruiser]

Yeah, so my point is that if you are a good driver (and depending on the value of your vehicle) it's not worth having. If your replacement cost isn't much then you are better off with out it because although it sounds great that everything is covered your rate takes a hit. Eg you are presently at 43% discount, you get in a fender bender where you are found to be at fault. You don't have to pay for the repair, but your discount now drops to 20 or 25%, so you spend the next 4-5 years paying more for insurance plus you are still paying the extra for collision.

I don't know if it's for everyone, but I'm a pretty defensive driver, and I don't have to drive very far to get to work, so I can't justify paying an extra $400 a year for collision (or whatever it is. I know it was $400 when I used to have a Civic, I don't know what it is for a LC).

 

[Granite Grinder]

Yes, but if you clip the fender/ bumper of a BMW, without collision your paying for his repair. That could easily be in the thousands. I still haven't used my "you get one free at fault accident without losing your discount" card yet.

 

[MonsterCruiser]

Yes, but if you clip the fender/ bumper of a BMW, without collision your paying for his repair. That could easily be in the thousands.

Unless I'm reading it wrong, I don't think so. Isn't collision just for repairs to YOUR vehicle in the event that YOU are at fault?

From the link you posted:

Collision coverage pays for repairs to your vehicle when it's damaged in a crash. It also gives you a payout if your vehicle is written off in a claim, no matter who was at fault.

Damage to the other person's vehicle is covered just by the fact that you have insurance isn't it? (Of course, your premiums will increase as the result of an at fault accident) Otherwise, what is covered in the event that you have just basic coverage? It's labeled as liability coverage I think? So in the event that you are liable your insurance pays to compensate the victim....no?

I still haven't used my "you get one free at fault accident without losing your discount" card yet.

Me either....I hope I never have to

 

[Granite Grinder]

I sit corrected, it is true that collision only covers your own vehicle. Your 3rd party comprehensive covers the other vehicle/ person/ property.
Hmmm, maybe it's time to drop collision on the Honda. I don't bother with collision on the Cruiser.

 

[drifter dave]

The only time I've had collision is on a newer vehicle. Paying for damage would have to outweigh the loss in discount to make it worthwhile.

In other words, it's not worth it on most of our machines.