Autoplan Insurance: All You Need to Know

Autoplan insurance is a type of car insurance that is mandatory for all drivers in British Columbia, Canada. Autoplan insurance is designed to provide financial protection to drivers, passengers, and other people who may be involved in a car accident. Autoplan insurance covers several risks which can arise due to the use of a vehicle. It can also provide cover for damages caused to third-party property or injury to another person, making it an essential policy for all drivers.

What is Autoplan Insurance?

Autoplan insurance is a basic car insurance policy that is required by law for all drivers in British Columbia, Canada. It is provided by the Insurance Corporation of British Columbia (ICBC) and is designed to cover several potential risks that can arise from the use of a vehicle. Autoplan insurance provides financial protection to drivers, passengers, and other people who may be involved in a car accident. It helps to pay for damages, medical expenses, and potential legal liabilities that can result from an accident.

Autoplan insurance covers a range of risks including:

Risks Covered By Autoplan Insurance
Third-Party Liability
Accident Benefits
Underinsured Motorist Protection
Collision Coverage
Comprehensive Coverage

Third-Party Liability

Third-party liability coverage is a mandatory part of Autoplan insurance. It provides financial protection in case you are held legally liable for injuring someone else or damaging their property while driving your vehicle. Third-party liability coverage helps to pay for the medical expenses, legal fees, and other costs that may arise due to a third party’s claim against you. It also covers you if a passenger in your vehicle is injured while you are driving the car.

Accident Benefits

Accident benefits provide financial protection to drivers and passengers who are injured in a car accident. They help to pay for medical expenses, rehabilitation costs, and lost wages that may arise due to the injuries sustained in the accident. Accident benefits can also cover funeral expenses if a person is killed in a car accident.

Underinsured Motorist Protection

Underinsured motorist protection is an optional coverage that provides financial protection if you are involved in an accident with an at-fault driver who does not have enough insurance to cover your damages or injuries. It helps to ensure that you are not left with the financial burden of paying for the damages or injuries that result from an accident caused by an underinsured driver.

Collision Coverage

Collision coverage is an optional coverage that helps to pay for damages to your vehicle that arise due to a collision with another vehicle or object. It covers the cost of repairing or replacing your vehicle up to the policy limits. Collision coverage is subject to a deductible, which is the amount you have to pay out of your pocket before your insurance kicks in.

Comprehensive Coverage

Comprehensive coverage is an optional coverage that helps to pay for damages to your vehicle that arise due to non-collision events like theft, vandalism, fire, or weather-related events. Comprehensive coverage is also subject to a deductible, which is the amount you have to pay out of your pocket before your insurance kicks in.

What Does Autoplan Insurance Cover?

Autoplan insurance covers several risks that can arise due to the use of a vehicle. It provides financial protection to drivers, passengers, and other people who may be involved in a car accident. The risks covered by Autoplan insurance include:

Bodily Injury

Autoplan insurance provides coverage for bodily injury caused by a car accident. This includes medical expenses, rehabilitation costs, and lost wages that may arise due to the injuries sustained in the accident. It can also cover funeral expenses if a person is killed in a car accident.

Property Damage

Autoplan insurance also covers property damage caused by a car accident. This includes the cost of repairing or replacing the other party’s vehicle or any other property that may have been damaged in the accident.

Legal Liability

Autoplan insurance covers legal liabilities that may arise due to a car accident. This includes the cost of defending yourself against a third party’s claim for damages or injuries sustained in the accident. It can also cover the cost of settling the claim if you are found to be at fault for the accident.

How Much Does Autoplan Insurance Cost?

The cost of Autoplan insurance depends on several factors, including your driving record, the type of vehicle you own, and the level of coverage you require. The Insurance Corporation of British Columbia (ICBC) uses a rating system to calculate the cost of Autoplan insurance. The system takes into account your driving history, claims history, and other factors to determine your insurance premium.

The cost of Autoplan insurance can also vary depending on the level of coverage you require. Basic Autoplan coverage is mandatory and provides minimum coverage for third-party liability, accident benefits, and underinsured motorist protection. Optional coverage like collision and comprehensive coverage can be added to provide additional protection but will increase the cost of your insurance premium.

FAQ

Do I need Autoplan insurance?

Yes, if you own or operate a vehicle in British Columbia, you are required to have Autoplan insurance. It is illegal to drive without insurance and you could face significant legal and financial consequences if you are involved in an accident without insurance.

What is covered by Autoplan insurance?

Autoplan insurance covers several risks that can arise from the use of a vehicle, including bodily injury, property damage, and legal liabilities. It provides financial protection to drivers, passengers, and other people who may be involved in a car accident.

How much does Autoplan insurance cost?

The cost of Autoplan insurance varies depending on several factors including your driving record, the type of vehicle you own, and the level of coverage you require. The Insurance Corporation of British Columbia (ICBC) uses a rating system to calculate the cost of Autoplan insurance.

What is the difference between basic Autoplan coverage and optional coverage?

Basic Autoplan coverage is mandatory and provides minimum coverage for third-party liability, accident benefits, and underinsured motorist protection. Optional coverage like collision and comprehensive coverage can be added to provide additional protection but will increase the cost of your insurance premium.

How do I purchase Autoplan insurance?

Autoplan insurance is provided by the Insurance Corporation of British Columbia (ICBC) and can be purchased through an authorized insurance broker or directly from an ICBC Autoplan broker.

With Autoplan insurance, you can rest easy knowing that you are financially protected in case of an accident. It is mandatory for all drivers in British Columbia and is designed to cover several potential risks that can arise from the use of a vehicle. Contact an authorized insurance broker or an ICBC Autoplan broker to purchase your Autoplan insurance today!