Cars are a necessity for a lot of folks in Metro Vancouver. It’s simply a fact that having a car makes life easier and getting around the city faster. Our transit system is pretty good, but if the traffic is anything to go by, we know that plenty of Metro Vancouver residents still feel that a car is more than needed in the city.
But perhaps you don’t use your car as much as others do. Instead of having to pay the same premiums as everybody else does, ICBC is introducing lowered insurance premiums for those whose annual travel distance is low enough.
USAGE-BASED DISCOUNTS
ICBC’s usage-based discounts were first introduced back in 2019. Originally, they had offered a 10 percent low-kilometre discount on Basic coverage, as long as your vehicle clocked in less than 5,000 km a year. This annual policy is still in effect today, but ICBC’s discount offerings go beyond that.
For discounts on Extension Third Party Liability, Collision, Comprehensive and Specified Perils, drivers who maintained under 10,000 km a year could get a 10 to 15 percent discount on their premiums.
ICBC’s announcement for the increased threshold for optional insurance premiums came on Wednesday. The discount offerings are the same, but the new limit of 15,000 km as opposed to the original 10,000 km will allow far more people to be eligible for an insurance premiums discount.
As long as you drive under 15,000 km per year, your optional insurance premiums can be up 10 to 15 percent lower starting June 1. Your exact discount is dependent on how much lower under the threshold you are.
For many Metro Vancouverites whose cars are not-so-often used, this limit increase will indeed be a welcome one.
ICBC has more details listed on their website, so you can read about it here to learn about the full process of submitting your yearly driving distance for that sweet, sweet insurance break.
