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.
In our most recent blog posts, we covered the coming changes that will affect individual drivers and their personal auto insurance. But how will businesses be affected? If your company operates a fleet, there are some changes that may affect your premiums and your employees.
To start, here is what will NOT be changing:
- ICBC will not be changing their rating system for fleet insurance policies.
- Fleet operators will not be required to list the drivers of their vehicles.
- ICBC will continue to take into consideration any at-fault crashes as part of the loss experience of the fleet.
- There are no changes to the claim repayment rules.
Here are the changes that will apply to commercial fleets beginning in September:
- Two new discounts will be available for vehicles in a fleet.
- 10% discount for original manufacturer-installed autonomous emergency braking technology
- 10% discount for vehicles driven less than 5,000 km in a year (annual policies only)
- Fleet claims could impact the at-fault driver’s non-fleet premiums. At-fault crashes from March 1, 2017 onwards (where the first payment on the claim occurred on or after March 1, 2017) will follow the driver based on the rate class of the vehicle insured, regardless of whether the vehicle is in a fleet or not. Drivers responsible for a crash in a fleet vehicle will receive a letter from ICBC advising them that there may be a change in premiums to their personal auto insurance and any ICBC policy where they are listed as a driver.
- Fleet policies will be impacted by updates to both rate class (how the vehicle is used) and territory (where the vehicle is used). See Page 2 of the ICBC fleet factsheet for more details on the rate classes.
Questions? Find a CapriCMW office and get in touch with one of our experienced, knowledgeable Client Advisors.