Getting insurance in British Columbia province is quite different when it is compared to the several other provinces in the state. British Columbia has gotten the reputation of becoming one of the provinces that has the highest insurance rates in the country.
Those applying for Insurance do not have the liberty of being able to shop around and make choices for their desired insurance. It comes directly from only one source which is the Insurance Corporation of British Columbia (ICBC).
Peculiarities of Insurance in British Columbia (BC)
In British Columbia, the premiums paid are majorly focused on user-based driving when calculating. It means that the insurance will be strongly based on the history of the driver with much emphasis on the crash history plus the experience of the drivers.
This may usually not sound like it’s a very big change but it certainly has a lot of significance attached to it. From the onset, under this particular insurance, if someone borrows any of the insured’s vehicles and was involved in an accident it would certainly affect the premiums of the insured.
The means of borrowing cars in British Columbia is a very common happening. The statistics carried out show that out of the many crashes that have occurred during a particular period out of every five one out of the claims involved a driver who had borrowed a vehicle from an insured.
Reasons for the High Rate of Insurance in British Columbia (BC)
There are so many reasons car insurance is so costly in British Columbia the reasons include
- The insurance protection is bought through a general insurance company which is ICBC of which they have the monopoly of selling insurance to clients. The company is one that needs to balance their books always. Of which they can only do so through increasing their premiums per time.
- There are arguments that private insurance providers have their own peculiar difficulties that they are going through of which has made them to keep their premiums very high as well.
How to Keep the Rates Low
In as much as the base of the insurance will have to be purchased from ICBC, but having to buy additional insurance from any private insurance company might be cheaper than buying it from ICBC. Some of the things to be done include:
- Keep the the distance of drive verylow
- Get the discount for the part that are immovable
- Get to find out if there are discounts for rates of class for the public transits.
- Pay for the insurance annual basis rather than monthly basis.
- Make sure that you have a clean driving record.
Temporary Car Insurance in British Columbia (BC)
This is the solution for many drivers who will need to be insured for maybe less than the standard and normal one-year length at a stretch. The policy is so flexible that it can last for days, weeks, or probably for a few months.
For instance, you may be needing short-term insurance when you are at the point of switching policies or need to probably rent a vehicle for a trip and you need coverage for the period of time.
Can one Get a Temporary Car Insurance in British Columbia (BC)
All the drivers across Canada keep wondering of the possibility of getting temporary car insurance.
There are certain situations when the drivers will need such a custom-based solution just to be able to meet their particular and peculiar driving needs, which includes a short-term policy for highly classic cars during the heat of summer or peradventure you are in the process of having to sell a car.
Also, the situations that arise where you may likely need this short-term cover, and it’s very not common across your province or even the country. If you are probably looking for any part-time or temporary insurance, there are options and choices of what you need and what they will cover.
Conclusion
In British Columbia, the cost of insurance is very high and it has made some people to start making some comparisons with other states.
But in as much as it’s costly, it’s a needed luxury and there are ways to go around it just to keep it affordable.