Choosing a policy length | Monthly payments | Making changes | If you owe money to ICBC or the provincial government | Buying or selling a vehicle
Autoplan coverage can be purchased for as little as 1 day, or as long as 1 year.
A Temporary Operation Permit [ definition] (TOP) can provide coverage for 1 to 15 days.
TOPs are most often bought when your insurance has expired but you need to get your car in for repairs, for an AirCare test, or to a location where it is to be sold.
Instead of decals to put on your licence plate, your broker will give you a certificate to mount in your vehicle window.
Regular Autoplan policies can be bought for periods ranging from 3 months to 1 year.
People sometimes buy short-term policies if they only use their vehicle during a specific season. In the past, owners also used short-term policies if they couldn't afford to pay a full year's premium at one time. However, most vehicle owners can now pay their annual premium in monthly or quarterly payments with ICBC’s 12 month payment plan [ definition] or finance their Autoplan policy for six months with a six month term [ definition].
For any regular policy of 11 months or less, you will have to pay a surcharge [ definition] on both the licence fee and the premium. The licence surcharge is $10 for most non-commercial vehicles.
The premium surcharge will be a percentage based on what you would pay for a year-long policy with the same coverage. The surcharge cannot be more than $100.
If the policy is: |
The surcharge* is: |
3 - 7 months |
2.5% of the net annual premium. |
8 - 11 months |
2.0% of the net annual premium. |
*Surcharges are not refundable. |
|
It is always cheaper for you to buy coverage for a longer term than for two or more shorter ones. However, there are times when a shorter term is best suited to your needs. Your Autoplan broker can help you decide what works best for you.
