ICBC’s new insurance model, which came into effect Sept. 1, is designed to better reflect the risk associated with those who will be behind the wheel of a vehicle.

New ICBC rate model in effect: What you need to know

Model aims to make car insurance better for BC

If you’re renewing your vehicle insurance today, you’ll likely notice a few changes in the process.

They’re all part of measures ICBC is taking to drive home accountability, which means you will be asked for a little more information when you insure your vehicle.

The new model, which came into effect Sept. 1, is more driver-based to better reflect the risk associated with those who will be behind the wheel, explains Joanna Linsangan.

“It’s all about driver accountability. It means that safer drivers will pay less for their insurance with ICBC and higher-risk drivers will pay more,” she says.

Ready to renew? Here’s what you need to know:

  • The renewal process may be a little more involved under the new model, at least for the first year, so try to allow a little more time, Linsangan suggests. You’ll want to list the drivers who drive your car, and have their driver’s license numbers and date’s of birth on-hand.
  • Think about who you plan to let drive your vehicle. Your rate will be based 75 per cent on the driving record of the person who drives the most and 25 per cent on the record of the highest-risk driver, Linsangan explains.
  • Like private insurers have long done, ICBC will consider multiple and serious driving convictions for infractions like excessive speeding when providing rates for optional coverage. “How we calculate premiums will be heavily weighted on your driving history,” Linsangan says.
  • You may qualify for new discounts. If you have a vehicle with factory installed autonomous emergency braking, you could qualify for a 10 per cent discount, in recognition of the technology’s ability to reduce crashes. Another 10 per cent discount is available for those who drive less frequently or for shorter distances – the low kilometre discount applies to cars driven less than 5,000 kilometres per year. Take a photo of your odometer and you may be eligible at next year’s renewal.

Good news for good drivers

More change is in the works that will reward responsible drivers. While the “safe driver” Basic insurance discount previously recognized only up to 9 years of safe driving, drivers will continue to earn additional savings for up to 40 years of driving.

In addition, if you’ve been driving for 20 years, and have a 10-year crash-free record, if a crash does occur, it will be forgiven without impacting your premiums.

To learn more, visit icbc.com

Comments are closed

Just Posted

Blackmun Bay project in West Kelowna rejected by city councillors

Four nine-storey buildings with 700 residential and hotel units were originally planned for site along Campbell Road

‘Homes not shelters’: Those living on Kelowna streets rally for rights

On Tuesday, Leon Avenue residents came together to demand change

Two vehicle crash on Harvey Avenue

Traffic is slow going on Harvey Avenue near Cooper Road in Kelowna

Kelowna’s mayor questioned on transit, housing and quality of life

The luncheon was held at the Coast Capri Hotel in Kelowna on Tuesday

Former Kelowna Mountie has breach of trust case moved again

The former Mountie is facing seven misconduct charges from incidents during his time as an officer

‘We love you, Alex!’: Trebek gets choked up by ‘Jeopardy!’ contestant’s answer

The emotional moment came in Monday’s episode when Trebek read Dhruv Gaur’s final answer

Birthday boy: Pettersson nets 2 as Canucks beat Predators

Vancouver ends four-game winless skid with 5-3 victory over Nashville

North Okanagan councillor pitches homeless camp at city hall

805 bylaw calls in 10 months were for inappropriately set-up camps

Vernon car fire deemed suspicious

SUV found fully engulfed with nobody around at 4 a.m. Tuesday on Commonage Road

Judge rejects Terrace man’s claim that someone else downloaded child porn on his phone

Marcus John Paquette argued that other people had used his phone, including his ex-wife

Penticton arts, culture and sports programs get boost of over $500,000 thanks to provincial grant

The B.C. Community Gaming Grants program will be distributing $505,900 to 18 local groups

Okanagan school districts reach agreement with CUPE Local 523

The union represents members who provide a variety of services to support students

North Okanagan motorists advised of road disruptions

Silver Star Road work scheduled for Thursday

Petition for free hospital parking presented to MP Jody Wilson-Raybould

What started as a B.C. campaign became a national issue, organizer said

Most Read