Car insurance for newcomers in BC

[foodie69]

There is a lot more to getting collector plates than this...

I know.. I'm from BC. But you make it sound easy by having a classic car and just pay cheap monthly premiums. It gives newcomers a wrong picture

 

[Ponga]

Try BCAA or Westland Insurance for supplemental coverage.


To confirm what you already know:
https://www.preszlerlawbc.com/servi...ifference-between-icbc-and-private-insurance/

ICBC insurance

There is one obvious reason ICBC insurance coverage is so prevalent: obtaining a policy is mandatory. Any British Columbia driver that wishes to register or drive a vehicle must first obtain an ICBC insurance plan. This basic coverage requirement covers the bare minimum level of insurance.

The basic plan every driver must purchase covers up to $200,000 in bodily injury and property damage for third-party liability. This policy covers claims from third parties based on your negligence. These basic plans also provide under-insured motorist protection for medical expenses caused by under-insured drivers.

Speaking of medical coverage, the basic policy also provides up to $150,000 of medical coverage per person. Following a hit and run accident, ICBC also provides up to $200,000 in coverage.

ICBC policies are always the primary policy. Because they are mandatory, these policies will provide the initial source of compensation after a crash. That said, it is possible to have private insurance policies that supplement your ICBC coverage.

 

[Kiva667]

To foodie69

Sorry, you are mistaken. I never said the process was easy and I do not have collector car insurance. My rates are relatively inexpensive due to my age, driving record, and to the limited mileage I put in the vehicle.

Most people would not qualify but it's useful to point out that some of us do.

Having a classic car does not impact regular insurance rates, as far as I know.

 

[Ponga]

Basic coverage could be 1,000 or 1,500 but that does not include Third Party Liability, Collision, Comprehensive and Road side plus etc...That plus other factors can push your policy to $2,500 and above. I

ICBC Basic coverage DOES include Third Party Liability:
https://www.preszlerlawbc.com/servi...ifference-between-icbc-and-private-insurance/

The basic plan every driver must purchase covers up to $200,000 in bodily injury and property damage for third-party liability. This policy covers claims from third parties based on your negligence.

 

[Ponga]

In order to qualify for collector license and insurance status, owners must have a vehicle registered in British Columbia with regular insurance.
Typically, the cost of insuring a collector vehicle in British Columbia is as low as $300 a year. The vehicle must be in good original condition, used for pleasure driving only and cannot be driven to work.

It actually needs to meet, this:

Collectible condition
A vehicle with any damage — regardless of vehicle age — does not meet the collectible condition.

• Vehicle must be fully assembled with no missing parts and be in exceedingly good condition.
• Vehicle exterior must not have any dents, paint blemishes, bubbling, chips, rust, or visible primer. Body repairs to the vehicle must be completed according to professional practices and standards.
• Engine and engine compartment must be stock for the model year of the vehicle without any performance enhancements. Engine and engine compartment must be clean and detailed with no damaged, deteriorated or rusted parts.
• Vehicle interior must be in excellent original or restored condition with no tears, stains, or significant wear. Minor restoration to the original upholstery are acceptable. Upholstery conditions also apply to motorcycle seats.
• Vehicle exterior, interior and engine must be clean and detail

I suspect that most `regular' vehicles that are 25 years or older, would likely have a hard time meeting the requirements in red.


Makes sense, though, since a Collector's Plate should allow the owner/driver to `show off' their old car. LOL!

 

[AndyUK]

Thanks everyone! Lots of really helpful info I appreciate it!

 

[steaky]

Insurance rates for newcomers in British Columbia can be quite high, typically ranging from $1,500 to $3,000 per year. The exact amount will depend on factors like your driving history, the type of vehicle, and coverage options. In BC, insurance is primarily provided by ICBC, and while it isn’t a monopoly, options for comparison are limited. You can check websites like Ratehub.ca and Kanetix.ca for some comparisons of private insurers in the province. As for your UK driving record, ICBC generally does not consider foreign records or no claims discounts. However, some private insurers might take your experience into account, so it's worth asking when you get quotes.

Misinformation. ICBC does consider no claims discounts. Talk to an autoplan broker near you.

 

[Kiva667]

Insurance rates for newcomers in British Columbia can be quite high, typically ranging from $1,500 to $3,000 per year. The exact amount will depend on factors like your driving history, the type of vehicle, and coverage options. In BC, insurance is primarily provided by ICBC, and while it isn’t a monopoly, options for comparison are limited. You can check websites like Ratehub.ca and Kanetix.ca for some comparisons of private insurers in the province. As for your UK driving record, ICBC generally does not consider foreign records or no claims discounts. However, some private insurers might take your experience into account, so it's worth asking when you get quotes.

In my experience, when I arrived in BC I had in hand a record of my driving history in the USA which ICBC considered immediately. Insurance costs also depend on your age. In my case I paid roughly $50 per month for full insurance including comp/collision for a restored classic car. So this idea of everyone new to BC having to pay $1500 or so per year is misplaced.