Whether you’re a new or experienced driver, car insurance can be difficult to understand. But that doesn’t mean it isn’t important – every vehicle that travels on BC roads must be insured. Insurance makes sure that if accidents or damage occur on the road, regardless of who is at fault, there are funds available to access to aid in fixing the situation. Although every situation cannot be fixed (as in the case of a totaled car) insurance has a formula and process for fair compensation.
Do I need to have ICBC insurance for my vehicle?
In the province of BC, every insured vehicle must have, at minimum, basic insurance through ICBC. You can purchase additional coverage through private agencies if you choose. With basic coverage, you have $200,000 of protection against damage done by other cars. This means that your insurance company will cover costs of repairs on your behalf if you are not at fault. If you are at fault, this insurance will not cover repairs unless you have opted for collision coverage.
What is enhanced care?
In 2021, the government of BC launched the Enhanced Care platform which gives the insured more support in the event of an accident. This insurance covers lost wages, medical care, and more recovery services in the event of an accident. The new platform is comparatively cheaper than the previous plan which was approximately 20 percent higher in cost.
What is collision coverage?
Costs that arise as a result of a collision (between you and another car or object) will be assumed by your insurance plan with this coverage. Any costs incurred as a result of the collision may also be covered. This may include towing, vehicle rental, and other subsequent costs. Collision coverage will assume these costs even if you are at fault, so drivers with a poor driving record may have to pay a higher deductible or they may be denied coverage.
How can I get started?
Before you decide what level of ICBC insurance in Kelowna you’ll require, you’ll need to consider how you want to use your vehicle and how much. For example, if you only use your vehicle to go to work and back five days per week, you will pay a different premium than someone who works as an Uber driver and is on the road more frequently and for longer periods of time.
How to Decrease Your Insurance Premiums
If you are issued tickets, fines or suspensions, you will receive points on your driving record. Each point that is issued is considered valid for 5 years. If you have too many points within a given timeframe, your insurance premiums will increase.
Avoiding driver penalties should be every driver’s objective to keep costs low, and citizens safe. By driving defensively and safely, you keep your risk – and therefore insurance – low.
Auto insurance in Kelowna increases as risk increases, and part of the way that risk is increased is increased driving. For example, all other things being equal, it would be less costly to insure a vehicle that is driven sporadically than to insure a vehicle for a 30-minute commute twice-a-day.
Consider Raising Your Deductible
At Southern Insurance, we ask customers who are looking for cheap car insurance in Kelowna if they would consider increasing their deductible. Your car insurance in Kelowna requires that you pay a deductible before insurance will kick-in. Increasing this amount increases your personal risk but decreases your insurance company’s risk since you are less likely to want to pay-out a larger deductible if your car is damaged.
For example: your ICBC insurance in Kelowna has the condition of a $500 dollar deductible paid out of your pocket before you can access their services. If your deductible is higher, say $1000, you will likely be more inclined to fix any damage out-of-pocket because, not only will it cost more, but once you access your insurance benefits it is possible that your annual premium will go up.
Review Your Policy
We recommend reviewing your insurance policy if you are trying to decrease costs. Is it possible that you’re over-insured? You may have changed jobs which decreases your daily drive time, you may be going into retirement, or you may just find that you prefer getting around Kelowna on foot or by bicycle.
Car Insurance Quotes
If you need a car insurance quote in Kelowna, see an ICBC representative at any of their offices in town. Your representative will be able to provide an estimate of your car insurance based on the particular vehicle that you are considering buying (or have bought).
Do you have more questions about vehicle insurance in BC? Our agents at Southern Insurance are happy to take your call and answer any questions you might have.