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What determines your cost of insurance?

Want to understand how your insurance premiums are determined? Read all about the factors that go into your insurance costs.

​Changes to how we determine insurance premiums

As of September 1, 2019, we’re moving to a more driver-based model, which means driving experience and crash history will play a bigger role in determining the cost of your insurance premiums.

Driver and vehicle risk

Like any insurer, we try to match insurance costs to a driver's and a vehicle's risk—that is, the likelihood of a claim in the future.

The higher the risk, the more you’ll pay in insurance. The more crashes you’ve caused, for example, the more it will cost to insure your car.

The good news is, safe driving and lots of experience can help to lower your premiums.

 

Experience

You'll earn better Basic insurance discounts with each year of driving experience, up to 40 years.

Crash history

The more crashes you cause, the more you'll pay in insurance.

Who drives your car

You’ll be asked to list who drives your car. Their experience and crash history will also be considered.

 Drivers, experience and crash history


Where you live

We divide the province into territories based on geography, because traffic and other driving risks vary around the province.

How you use your car

Your premiums reflect how you use your vehicle - for example, pleasure only or business use.

 

Territory and rate class


Other factors

There are a few more factors that will determine how much you’ll pay for insurance.

Discounts and savings

Certain features of your car may qualify you for a discount, such as advanced safety technology or anti-theft devices. If you drive less than 5,000 km in a year you may also qualify for a new discount.

Discounts and savings

 


Your level of protection

If you choose Optional products such as Collision, Comprehensive or Extended Third Party Liability, this will add to what you pay.


The vehicle you drive

The age, make, model and features of the vehicle you drive, along with its repair costs, affect your Optional premiums.


Your deductible

Your deductible is the amount you pay in a claim before we cover the rest. The lower the deductible, the more your coverage will cost.

 

Our regulator

The B.C. Utilities Commission is the independent regulator for ICBC and approves Basic insurance rate changes.

BCUC and rates