ICBC Changes: How Car Insurance Premiums Will Be Calculated

ICBC has announced some major changes to our car insurance system in British Columbia that will come into effect on September 1, 2019. At CapriCMW, we’re here to help you understand the changes, and how they will affect you.
Categories: Personal Insurance
Jul 18th, 2019 | By: CapriCMW

ICBC has announced some major changes to our car insurance system in British Columbia that take effect on September 1, 2019. At CapriCMW, we’re here to help you understand the changes, and how they affect you.

Currently, ICBC calculates the insurance premiums you pay based on the Claim-Rated Scale (which calculates discounts up to 43% based on 20 years of claimless driving), the make/model/year of your car, and your territory (where you drive your car). Starting September 1, 2019, driving experience and crash history will have a bigger impact than they do today in determining what you pay. 

Under the new model, ICBC will calculate your Basic insurance premium starting with a base of $1,063. This amount will increase or decrease depending on factors such as your driving history, other listed drivers, location, usage of the vehicle and applicable discounts.

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Listing Drivers

When you renew your car insurance, ICBC will ask you to list all individuals who drive your vehicle. The driving experience and crash history of your listed drivers will also play a factor in calculating what you pay.

Video: How ICBC Calculates Basic Premiums

Try this interactive tool on ICBC's website that will provide you an estimate of your Basic insurance premium.

FAQs

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