It protects you against the cost of repairing or replacing your vehicle if it is damaged in an accident or stolen. It also protects your financial future because if you are involved in an accident that causes serious injury to someone else, the courts could order you to pay a substantial amount of damages. That’s why every auto insurance policy includes liability coverage.
1. Insurance Corporation of British Columbia (I.C.B.C) – AUTOPLAN
- A crown corporation that provides basic mandatory coverage to vehicles licensed in BC
- Current basic coverage: Third-Party Legal Liability at $200,000 together with “No-Fault” Accident Benefits, Underinsured Motorist Protection, Uninsured or Hit & Run, and Inverse Liability Protection
- Buses and taxis have a higher minimum liability limit
- Optional coverage for higher Third-Party Liability, own damage collision, comprehensive or specified perils coverage, and loss of use coverage are also available
2. “Private” Auto Insurers
- Automobile owners may choose their insurer for optional coverage
- Private insurers: Co-operators, Family Insurance, Intact, Canadian Direct, Canadian Northern Shield, just to name a few.
Factors considered in the rating include, but are not limited to the following:
- Usage of vehicle
- Loss experience (owner and driver)
- The type and value of the vehicle, costs of replacement parts and repairs
- Number of years driving, claims free