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

Just Posted

Hope’s first chainsaw carving of John Rambo is removed from in front of district hall, to save the carving from winter weather. (Rambo ‘First Blood’ Tourism/Facebook photo)
Hope’s Rambo carving tucked away for the winter

Not to worry, the $10,000 statue has not been carted away by thieves

This image from Linda Brown of the Chilliwack Plowing Match won a photography contest for Chilliwack-Hope MP Mark Strahl’s annual calendar. Her photo was featured for April 2020 in the Chilliwack—Hope constituency calendar. (Linda Brown photograph)
Annual call out for Chilliwack-Hope constituency calendar photo contest

Photos will be featured in MP Mark Strahl’s calendar for 2021

Pixabay photo
‘Horrific’ abuse of volunteers and COVID-19 contact tracers must stop, Chilliwack soccer club says

Parents have become abusive after being told COVID-19 rules, email says

Mark Strahl, MP for Chilliwack-Hope in the virtual House of Commons Oct. 26, 2020 going to bat for Fraser Valley Speciality Poultry. (Mark Strahl/Facebook)
MP Strahl goes to bat for Chilliwack farmer in the virtual House of Commons

‘Why are the Liberals running roughshod over this hard-working Canadian farmer?’ MP asked

Since she returned to Hope after a 50-year absence, Holly Smith has been taking in the beauty of the waters surrounding her. 'Water Music' is her ode to this beauty, a backroom show at the Hope Arts Gallery that runs November long. (Submitted/Holly Smith photo)
Painting the music of Hope’s rivers, lakes, marshes and creeks

Watercolour and acrylic artist Holly Smith presents ‘Water Music’, gallery’s November backroom show

Provincial health officer Dr. Bonnie Henry arrives for briefing on the COVID-19 situation, B.C. legislature, Oct. 26, 2020 (B.C. government)
B.C. records 217 more COVID-19 cases, mask use urged

Infection spike continues, 21 senior facilities affected

A racoon paid a visit to a Toronto Tim Hortons on Oct. 22, 2020. (shecallsmedrew/Twitter)
Who are you calling a trash panda? Racoon takes a shift at Toronto Tim Hortons

Tim Hortons said animal control was called as soon they saw the surprise visitor

Lawrence Nadessan, 44, was last seen on Oct. 24 at 11:30 p.m. in Maple Ridge.
Maple Ridge man missing since Saturday is extremely out of character, family says

Cameras saw him leaving home, not dressed for the weather

A group of Abbotsford secondary principals’s and vice-principals are at a retreat in Whistler this weekend. (Whistler.com photo)
Abbotsford principals attend retreat in Whistler despite COVID-19 gathering restrictions

Reported group of 20 did follow COVID-19 protocols during Whistler Pro-D event, says school district

The duffel bags were found to contain 84 pounds of cocaine, valued at approximately $1.2 million and 198 pounds of methamphetamine, valued at approximately $960,000. Photo courtesy U.S. Customs and Border Protection.
2 men accused of fleeing border agents near U.S.-B.C. border with $2M in drugs

Cocaine and methamphetamine seized by U.S. law enforcement in remote Idaho area near Canadian border

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

FILE – The Queen of Alberni ferry leaves the Tsawwassen Ferry Terminal in Delta bound for Vancouver Island, Sunday, July 29, 2007. (CP PHOTO/Richard Lam) CANADA
Mechanical failure leaves nearly 200 passengers stranded on BC Ferries ship for hours

A tug arrived after dark to safely nudge the vessel into a berth so travellers could finally disembark

Ridge Meadows RCMP (Black Press)
Maple Ridge X-ray tech convicted of sexual assault dating back 30 years

Allen James Brooks is expected to be sentenced in January 2021

BC Liberal Leader Andrew Wilkinson leaves the stage after announcing he is stepping down as party leader, during a news conference in Burnaby, B.C., on Monday, October 26, 2020. THE CANADIAN PRESS/Darryl Dyck
Too rural, not enough diversity, soul searching needed, say BC Liberals

Elections BC says there are about 600,000 mail-in and absentee ballots across the province still to count

Most Read