ICBC Insurance Rates Go Down!
 

Car insurance rates go down
A reduction for optional rates too

VANCOUVER (NEWS1130) - Good news for drivers, ICBC basic insurance rates go down by 2.4 per cent today. There's also a three per cent reduction to optional rates.
The crown corporation says lower than expected payouts and investments to road safety are the reasons behind the move.
There's no need to rush out to take advantage of the deal if your insurance isn't up for awhile. The break in rates will be in effect until next Halloween.

Rates go down * inflation difference from last year = actual savings

-2.4% * 3% inflation(?) = paying 7.2% less than last year

Amiright?

I'm curious as to whether there would be a refund cheque issued to those people who are currently insured. Or would it be advantageous to cancel insurance and then re-insure?

Edit: The ICBC website alludes to the rate reduction here:

How do you guys interpret this? Hopefully we have an insurance expert here.

Kev

Well isn't that nifty!

The thing is my insurance expires on November 2...and I paid for it two days ago on Oct 30th, before the rate went down. =S Fml....

So we basically save like $48 on basic and depending on car save like $60 on optional a year. Not too bad

U will just get the discount next year when u insure again
Posted via RS Mobile

It "mightt" be lowered again next year. They lowered it three years in a roll already.

I renewed my insurance a couple weeks ago. :(

I've been waiting for this even tho it should be more since ICBC has like 300mill + in surplus.

my insurance ended in sept =.= fml..

sweeeeeeeet!! my insurance is almost up

edit

what i meant was that the same rate will apply throughout the year for those who JUST recently renewed their insurance. They will just get the same discount the next time they renew

-2.5% this year

+5.0% next year
_______________
= WE GET FUCKED

Definitely on a roll..............

I renewed on the 25th of October.

There is always the option of cancelling your current insurance, paying the $18 for a new plate, and renewing with the revised discounts - may still come out on top.

Not sure if this is the best way.

And I renewed at the end of Sept. :bullshit:

From what I've heard and learned, not everybody is getting a 3% discount. Some people will get some discount, some might not even see an change on their premiums.

your insurance doesn't have to fit WITHIN the span of this discounted year to save "maximum" money

a guy who renews the first day the rates were lowered, and a guy who renews the last day these rates are in effect (Oct 31 2011) save the same amount of money! :thumbsup:

it costs $60 to cancel so there would be no point in doing that.

The cancellation fee is $30, and new plate is $18. If you cancel and re-plate the vehicle right away, the broker should be able to waive the $30 cancellation fee.

You are forgetting the licensing fee. Whole process will come up over $60 on average to cancel and re-start. So unless that 2.5% and 3% will make a bigger impact than $60 I don't suggest you go this route.