Eligibility

You can purchase insurance separately for each of your vehicles if

• you're insuring fewer than 20 motor vehicles, and

• your vehicles are primarily used for business purposes. 

Note: If you're insuring five or more vehicles, you have the option of participating under Fleetplan.​

How we set premiums

With individually rated commercial insurance, you buy policies for each vehicle. It's similar to buying regular car insurance.

Insurance premiums are calculated based on factors like

• the driving experience and claims history of the driver(s) of your vehicle

• your eligibility for any discounts

• the business or commercial purpose of your vehicle

• where it's driven or stored (also called territory)

Changes to non-fleet commercial insurance as of September 1, 2019

Listing drivers

As of September 1, 2019, you will be asked to list those who drive your non-fleet commercial vehicle(s). The person who operates a non-fleet commercial vehicle the most is now the principal driver, and you should list other drivers who will operate the vehicle. You will need the date of birth and driver’s licence number for everyone you want to list. For more information about listing drivers visit drivers, experience and crash history, and for more information on a driver’s risk, read about the new driver factor.

Impacts to employees and drivers of commercial vehicles

Under the new insurance model, crashes will now follow the driver. If your employee is the driver in an at-fault crash, and depending on the rate class of the vehicle involved, then it may affect future policies where they are listed as a driver unless the claim is repaid. Visit drivers of fleet or business vehicles for more information.

Discounts

As of September 1, 2019, two new discounts are available to ICBC customers: low-kilometre discount for vehicles driven less than 5,000km a year and a safety discount for vehicles equipped with factory-installed autonomous emergency braking.​

What are your vehicles used for?

Many of our rate categories align with business or industrial uses.

For example, we have rate categories for farming, fishing, construction, silviculture, taxi and limo use, bus service, and delivery of goods.

Other factors influencing your insurance:

• hauling dangerous goods

• gross weight of your vehicle

• distance operated(for commercial-delivery rate classes)

• passenger carrying capacity (for buses).

Note: If you're carrying passengers for compensation or hire, your vehicle must meet specific safety inspection requirements.

Know the value of your vehicle

Unlike most personal vehicles, commercial vehicles are rated by declared value. You declare the value of your vehicle to your broker. The value may be reviewed at every renewal.

The declared value should reflect the actual cash value of the vehicle. This is the value a prospective buyer would be willing to pay for the vehicle just before an accident that damaged it.

• Your commercial vehicle has a unique value.

• Its value can't be clustered with others of a similar make and model.

How to buy

To purchase individually rated commercial insurance or to discuss your options, contact an ICBC Autoplan broker.​