ICBC (Insurance Corporation of British Columbia) is a government-owned insurance company that provides basic and optional car insurance, driver licensing, and vehicle registration services to the residents of British Columbia, Canada. Established in 1973, the company has been providing reliable insurance coverage to over 3.5 million customers across the province.
Basic Insurance
ICBC’s basic insurance is mandatory in British Columbia for all vehicle owners. The insurance covers third-party liability, accident benefits, and underinsured motorist protection. The coverage limits for third-party liability are $200,000 per person, $600,000 per accident, and $1 million for property damage. Accident benefits cover medical and rehabilitation costs, income replacement, and death benefits. The underinsured motorist protection covers the costs if the other driver involved in the accident is at fault but doesn’t have enough insurance to cover the damages.
The cost of ICBC’s basic insurance is determined by several factors, including the driver’s age, driving experience, and claims history, and the vehicle’s make, model, and year. ICBC also offers discounts to drivers who have completed a certified driver training course or installed an approved anti-theft device in their vehicle.
If you are caught driving without basic insurance in British Columbia, you can face fines up to $598, have your vehicle impounded, and even face criminal charges.
What is Third-Party Liability Insurance?
Third-party liability insurance covers the costs if you are held legally responsible for injuring someone or damaging their property in an accident. This insurance is mandatory in British Columbia and covers the other person’s medical bills, lost income, and other damages. The coverage limits for third-party liability in ICBC’s basic insurance policy are $200,000 per person, $600,000 per accident, and $1 million for property damage.
What are Accident Benefits?
Accident benefits cover the medical and rehabilitation costs, income replacement, and death benefits if you are injured or killed in an accident. This insurance is mandatory in British Columbia and covers you and your passengers regardless of who is at fault. The coverage limits for accident benefits in ICBC’s basic insurance policy are $300,000 for medical and rehabilitation costs, $740 per week for income replacement, and $30,000 for death benefits.
What is Underinsured Motorist Protection?
Underinsured motorist protection covers the costs if the other driver involved in the accident is at fault but doesn’t have enough insurance to cover the damages. This insurance is mandatory in British Columbia and covers you and your passengers regardless of who is at fault. The coverage limits for underinsured motorist protection in ICBC’s basic insurance policy are $1 million per accident.
Optional Insurance
In addition to the basic insurance, ICBC also offers several optional insurance products that provide extra protection and coverage. The optional insurance includes:
Optional Insurance |
Coverage |
|---|---|
Collision |
Covers the damages to your vehicle in an accident |
Comprehensive |
Covers the damages to your vehicle caused by fire, theft, or vandalism |
Extended Third-Party Liability |
Covers the costs if you are held legally responsible for injuring someone or damaging their property in an accident, with higher coverage limits than the basic insurance |
Roadstar |
Covers the damages to your vehicle caused by collision, comprehensive, or theft, and provides extra benefits such as rental car coverage and travel protection |
The cost of optional insurance depends on the coverage selected, the deductible chosen, and the driver’s claims history. Drivers can choose the amount of coverage and deductible that suits their needs and budget.
What is Collision Insurance?
Collision insurance covers the damages to your vehicle if it is involved in an accident. This insurance is optional and covers the repairs or replacement of your vehicle, regardless of who is at fault. The cost of collision insurance depends on the value of your vehicle, its make and model, and your claims history. Drivers can choose the deductible amount, which is the amount they would pay out of pocket in case of a claim.
What is Comprehensive Insurance?
Comprehensive insurance covers the damages to your vehicle caused by fire, theft, or vandalism. This insurance is optional and covers the repairs or replacement of your vehicle, regardless of who is at fault. The cost of comprehensive insurance depends on the value of your vehicle, its make and model, and your claims history. Drivers can choose the deductible amount, which is the amount they would pay out of pocket in case of a claim.
What is Extended Third-Party Liability Insurance?
Extended third-party liability insurance covers the costs if you are held legally responsible for injuring someone or damaging their property in an accident, with higher coverage limits than the basic insurance. This insurance is optional and covers the other person’s medical bills, lost income, and other damages. The coverage limits for extended third-party liability insurance are higher than the basic insurance, and drivers can choose the amount of coverage that suits their needs and budget.
What is Roadstar Insurance?
Roadstar insurance is a comprehensive insurance product that covers the damages to your vehicle caused by collision, comprehensive, or theft, and provides extra benefits such as rental car coverage and travel protection. This insurance is optional and provides higher coverage limits and additional benefits compared to the basic insurance. The cost of Roadstar insurance depends on the coverage selected, the deductible chosen, and the driver’s claims history.
Driver Licensing
ICBC is responsible for issuing driver’s licenses and keeping track of driving records in British Columbia. The company offers several types of driver’s licenses, including:
Driver’s License |
Description |
|---|---|
Learner’s License |
Allows new drivers to practice driving with a licensed driver before getting a full license |
Novice License |
Issued to new drivers who have completed a certified driver training course and passed a road test |
Full License |
Issued to drivers who have passed a road test and met all other requirements |
Commercial License |
Allows drivers to operate commercial vehicles such as buses and trucks |
The requirements for obtaining a driver’s license in British Columbia vary depending on the type of license and the driver’s age and experience. New drivers are required to take a knowledge test, a road test, and a vision test, and may also be required to complete a certified driver training course.
Vehicle Registration
ICBC is responsible for registering and licensing vehicles in British Columbia. Vehicle owners must obtain a license plate and pay the annual registration fee to legally operate their vehicles on the road. The registration fee is based on the vehicle’s make, model, and year, and is used to fund road and infrastructure maintenance and improvements.
Vehicle owners can renew their vehicle registration online or in person at an ICBC Autoplan broker. They must also provide proof of insurance and pass a safety inspection if their vehicle is over eight years old. Failure to renew vehicle registration can result in fines and penalties.
FAQ
What is ICBC?
ICBC (Insurance Corporation of British Columbia) is a government-owned insurance company that provides basic and optional car insurance, driver licensing, and vehicle registration services to the residents of British Columbia, Canada.
Is ICBC insurance mandatory in British Columbia?
Yes, ICBC’s basic insurance is mandatory in British Columbia for all vehicle owners.
What does ICBC’s basic insurance cover?
ICBC’s basic insurance covers third-party liability, accident benefits, and underinsured motorist protection.
What optional insurance does ICBC offer?
ICBC offers several optional insurance products, including collision, comprehensive, extended third-party liability, and Roadstar insurance.
What types of driver’s licenses does ICBC issue?
ICBC issues several types of driver’s licenses, including learner’s license, novice license, full license, and commercial license.
How do I renew my vehicle registration with ICBC?
Vehicle owners can renew their vehicle registration online or in person at an ICBC Autoplan broker. They must also provide proof of insurance and pass a safety inspection if their vehicle is over eight years old.
What happens if I am caught driving without basic insurance in British Columbia?
If you are caught driving without basic insurance in British Columbia, you can face fines up to $598, have your vehicle impounded, and even face criminal charges.
What factors determine the cost of insurance with ICBC?
The cost of ICBC’s insurance is determined by several factors, including the driver’s age, driving experience, and claims history, and the vehicle’s make, model, and year.
Can I get a discount on my ICBC insurance?
Yes, ICBC offers discounts to drivers who have completed a certified driver training course or installed an approved anti-theft device in their vehicle.
What happens if I fail the knowledge test or road test for my driver’s license?
If you fail the knowledge test or road test for your driver’s license, you can retake the test after a certain period of time. You may also be required to complete a driver training course before retaking the test.
How often do I need to renew my vehicle registration with ICBC?
Vehicle owners must renew their vehicle registration annually.