24 ms·
BC insurance, from my experience, isn't really a problem. Most quotes I've received in markets where there is a free(r) market for insurance often are considera
by maximilianburke 15y ago
BC insurance, from my experience, isn't really a problem. Most quotes I've received in markets where there is a free(r) market for insurance often are considerably higher than what BC drivers pay through ICBC, especially if the driver is under 25.
Case in point, I renewed my auto insurance today with ICBC and paid $1470 for 12 months of insurance for a 2007 Mazda 3. The policy includes $2,000,000 liability, collision and comprehensive coverage with $300 deductibles, plus rental car coverage. In the last five years I was rear-ended at a stop light and my car was vandalized once. The equivalent quote from Geico was $2385 which only included $500,000 of liability insurance.
- phillmv 15y agoPublic insurance has a leg up: because the risk pool is greater it can hedge the risks more efficiently.
- refurb 15y agoThe reason you are paying lower rates is because the gov't has stepped in and ensured it. Well that and the gov't pays out insurance claims, so it can often limit the huge payouts. The problem is is that when you benefit one group (young drivers), you're usually making someone else pay the difference (lower risk drivers). There is no free lunch.
- maximilianburke 15y agoAs it stands now I should be in a low(ish) risk category -- I'm 29, my driving record is clean, I've never been at fault in any accidents, and I drive a boring car. And yet, still, my insurance is considerably lower than if I was buying it in the US. If anyone else has moved from BC to someplace else and is paying less on insurance compared to ICBC for the same services I'd would honestly like to hear it because I haven't yet seen it. I've heard horror stories but I've never had any problems with them, rate-wise or service-wise.
- woobar 15y agomy insurance is considerably lower than if I was buying it in the US How did you come up with this conclusion? In US I paid a little more than a half of what you paying (~$800/year) when I did not have any driving history. I am paying ~$800/year for two cars/two drivers now.
- maximilianburke 15y agoOnline quotes through Geico and Progressive, matching the same coverage and deductibles as my current policy for liability, comprehensive, collision, underinsured motorist, rental car coverage, etc.
- woobar 15y agoHmm... I just tried Geico online quote and got some ridiculously high estimate (2x my current premiums). I guess old-fashioned phone call to the agent is still a way to go.