Ahead of changes to the rate structure of insurance premiums, ICBC has introduced a new online tool to help drivers see how much they’ll be paying.
This new online tool is live as of Tuesday, August 27th, while the insurance rate changes come into effect on Sunday, September 1st.
Insurance Premium Calculator
To use the insurance calculator, drivers will need to have an existing policy within 44 days of renewal. Drivers will need to provide their license number, license serial number (beneath the barcode), and license plate number to log-in.
After you log-in, you will be able to see any rate changes resulting from the rate structure changes. Customers will also be able to edit their list of drivers to see how it affects their premium.
ICBC emphasizes that this new tool provides “an estimate that’s based on your current coverages and information, so changes may apply when you go to renew your policy.”
Regardless, it’s likely that despite the changes, British Columbians will continue to pay the highest insurance premiums in Canada.
ICBC Insurance Rate Changes
Beginning September 1st, ICBC will be implementing several new changes to the way insurance premiums are calculated.
One of the biggest changes is the move to a basic insurance model that is driver-based, rather than vehicle-based. This means that crashes and violations are attached to the driver, and not the vehicle. (Some people even think that drivers who capture footage of of violations should get a premium discount.)
Another big change comes with the way risk affects premiums. With the new changes, lower-risk drivers will pay less, while drivers with frequent or serious violations and/or convictions pay more.
“Serious driving convictions such as Criminal Code offences, impaired driving, excessive speeding and distracted driving, will result in increased premiums after the first conviction”, ICBC says.
Driving convictions dating back to June 10th, 2019, and going forward, will impact a customer’s optional premium. ICBC will, then, “scan back over a three-year period for driving convictions by June 10th, 2022.”
Meanwhile, “Minor offences such as failing to stop, failing to yield, speeding and not wearing a seatbelt will only result in increased premiums if there are two or more convictions during the scan period.”
ICBC is hoping these new financial incentives will encourage drivers to keep safety at the forefront of their minds.
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