What impacts the cost of your insurance?
March 16, 2022
Many individual factors go in to calculating the cost of your auto insurance, including the vehicle you drive.
The age, make, model and other safety features of your vehicle, along with its repair and potential replacement costs, all factor in to the cost of your optional insurance, such as collision and comprehensive coverage.
Collision and comprehensive coverages are optional insurance products that are available to purchase from a variety of insurers, including ICBC. Generally, collision and comprehensive coverages tend to cost more for higher-end vehicles because they are more expensive to repair or replace.
We are constantly monitoring market conditions, collision rates and industry trends to make sure that our pricing is as fair as possible.
Increasing vehicle repair and replacement costs is a major issue facing all auto insurers these days and ICBC is no exception. Vehicles are becoming safer and more complex, with crash avoidance technologies, cameras and onboard computer systems. All these things are great – they aim to keep us safer and the technology is really exciting – but it also means our vehicles are becoming increasingly expensive to repair, with many manufacturers using proprietary parts.
As a result, we always carefully monitor and adjust our collision and comprehensive premiums to reflect these changes in vehicle repair and replacement costs.
While many drivers who purchase ICBC optional coverages may see no changes, or even a decrease, others may see an increase. These adjustments help make sure drivers are paying premiums that accurately reflect the repair and replacement costs of their vehicle.
For example, if you drive a newer and higher-end model such as Mercedes, Tesla or BMW, you may notice a higher premium on your optional insurance coverages because of higher repair costs associated with these vehicles.
We're always looking for ways to improve our products and keep them as fair and affordable as possible.
Any customer who has received their insurance renewal notice can use our online estimator tool or contact their Autoplan broker for an estimate.
Also, eligible customers can now renew their insurance online too: https://www.icbc.com/about-icbc/newsroom/Pages/2022-feb14-online-insurance.aspx
More information on what determines the cost of insurance is available here: https://www.icbc.com/insurance/costs/Pages/Default.aspx
And information on ICBC's optional insurance products is available here: https://www.icbc.com/insurance/products-coverage/Pages/Default.aspx