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Old 11-12-2011, 08:09 PM   #1
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full coverage vs basic insurance, what is the difference?

i have full coverage on my is300 which is costing a ton, so i am thinking of switching over to basic or just canceling it.. i also picked up a little beater that is only basic insurance, the guy that did my insurance didnt really make much sense when he explained it.. i have no idea what the difference is..

btw does anyone know if having 2 cars insured is cheaper? i thought it was and tried to get that set up but the icbc guy said there is no such thing? pretty sure i read on revscene that u could..
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Old 11-12-2011, 08:17 PM   #2
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Basic insurance is basically....

-200,000 liability
-no collision
-no comprehensive

Meaning that....
-If you damage your own car you have to pay out of your own pocket
-same goes with someone vandalizing/stealing your car


Also there is no such thing as insuring two cars will be cheaper.

What you're probably thinking is one car insured with a penalty while the 2nd car has a regular discount (Your autoplan broker can explain this OR Someone on RS can explain this)
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Old 11-12-2011, 08:17 PM   #3
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Basic = icbc only
Optional = competitive

You are looking at third party liabilty, accident benefits, underinsured motorist protection for basic.

You are looking for excess liabilty and collision for optional.
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Old 11-12-2011, 08:25 PM   #4
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Originally Posted by c32 View Post
pretty sure i read on revscene that u could..


----

Jokes aside, if you have a good driving record for a specified number of years, getting private insurance for the collision & comprehensive may be cheaper for you. You'll still need the basic coverage from ICBC, though.
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Old 11-12-2011, 08:32 PM   #5
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Quote:
Originally Posted by TypeRNammer View Post
Basic insurance is basically....

-200,000 liability
-no collision
-no comprehensive

Meaning that....
-If you damage your own car you have to pay out of your own pocket
-same goes with someone vandalizing/stealing your car


Also there is no such thing as insuring two cars will be cheaper.

What you're probably thinking is one car insured with a penalty while the 2nd car has a regular discount (Your autoplan broker can explain this OR Someone on RS can explain this)
oh so basic has no 300 deductable for if someone brakes my window or something? will basic cover for injury claims also?
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Old 11-12-2011, 08:35 PM   #6
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oh so basic has no 300 deductable for if someone brakes my window or something? will basic cover for injury claims?
Yes cause you aren't covered for it. You would pay the full repair out of your pocket.

Basic insurance pretty much just covers the other party. Anything that happens to your car with only you pay for everything.
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Old 11-12-2011, 08:53 PM   #7
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SO many people have no idea what the difference insurance coverages are, it's SAD.

Basic Liability = The least amount of insurance required BY LAW. That means $200,000 Liability. That means if you cause an accident, ICBC will fix the other car(s) and pay up to $200,000 in damages. If the people have damages or injuries OVER $200,000, they can sue YOU for the rest. You can increase this amount to as much as you want, and it doesn't make a huge difference to your total insurance cost to the year. I'm low on my liability because I'm accident free for 15 years and I can't see myself being negligent enough to cause millions of dollars worth of damage to anyone and if I even came close I have some awesome lawyers in my circle of friends. If you are an inexperienced driver (under 10 years driving) you really should consider getting extra liability.

OPTIONAL Insurances are: (which you can get from ICBC/Autoplan *or* 3rd parties like CDI or HSBC etc etc)

Collision: Coverage to fix your own car if you crash it. You'd be STUPID to put collision coverage on a car that's worth $2000 or less. Conversely, if you have just bought a new car and financed it, the bank will require you to put collision on it, otherwise they might not be able to get their money back if you crash it, and stop making payments. Collision will have a HUGE effect on your insurance cost compared to anything else. For example it pumped my BMW insurance up from $75/mo to $158/mo (and I have the full 43% discount)

Comprehensive: Fire/Theft/Vandalism/Flying objects - this is a no brainer. You have NO control over these things, so it's a worthwhile coverage, and it's relatively cheap to get compared to collision.

Underinsured/uninsured motorist coverage: If you get hit by someone without a licence or without insurance, ICBC won't pay. You'll have to sue them. (good luck sueing if they hit and run!) I've got this because it's cheap too, like $25/year.

Replacement Cost Insurance: If you crash your 2009 F150, ICBC will give you money for what a 2009 F150 is worth today. If you have Replacement Cost, ICBC will give you more money to buy a comparable NEW 2012 F150. There is also a similar insurance for parts, so that if you get in an accident, ICBC pays the bodyshop to use NEW OEM parts, now used or aftermarket ones.

Adjusting your deductable from $300, $500, or $700 will also adjust your payments, but I figure if I have an accident, I'd like as little $$$ out of my pocket as possible, so I have a $300 deductable, besides the $500 deductable only saved me a few bucks a month, so it wasn't worth it to me.

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Old 11-12-2011, 09:08 PM   #8
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i think i will go with this route for the is300
Quote:
on bare basic insurance + comprehensive + underinsured motorist coverage
this sounds perfect for the is300, maybe bump up liability to 2 mil.. hopefuly it will bump down atleast 50 bucks a month, right now i am paying 225 a month just for a is300, ridiculous.
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Old 11-12-2011, 09:23 PM   #9
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If anyone wants to learn more about auto insurance (at least in bc), you should look into taking CIP C14. I am taking that as part of my development course for work right now.
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Old 11-12-2011, 09:27 PM   #10
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i think i will go with this route for the is300 this sounds perfect for the is300, maybe bump up liability to 2 mil.. hopefuly it will bump down atleast 50 bucks a month, right now i am paying 225 a month just for a is300, ridiculous.
What is your current position on CRS?

I don't think you can purchase comp without collision
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Old 11-12-2011, 09:27 PM   #11
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OPTIONAL Insurances are: (which you can get from ICBC/Autoplan *or* 3rd parties like CDI or HSBC etc etc)
I'd like to add that you'd be STUPID to get optional coverage from ICBC if you're a good driver. My quote for optional coverage was < 1/2 at a private insurer compared to ICBC.

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You'd be STUPID to put collision coverage on a car that's worth $2000 or less.
I did the math, and for myself am accident free for ~8yrs on average (knock on wood). If collision coverages costs me $800/yr, that $6400 of savings over 8yrs. Investing that at a moderate return, I figure that nets me ~$8K over 8yrs.

Thus I'd raise your advice to at least $4-6K, or in my case $8K.
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Old 11-12-2011, 09:31 PM   #12
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when you run over a doctor and he dies or worse, becomes permanently disabled for life you'll be wishing you had $3M+ liability

IMO I think collision with a $0-500 deductible is not worthwhile, if you factor in the % of an at-fault collision. Comprehension however, $300 deductible is a must.
I think there are some clauses with the replacement value insurance.
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Old 11-12-2011, 09:59 PM   #13
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What is your current position on CRS?

I don't think you can purchase comp without collision
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Comprehensive and collision are different components. You can purchase one or the other, both, or none of the above.
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Old 11-12-2011, 10:10 PM   #14
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what does CRS mean???
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Old 11-12-2011, 10:15 PM   #15
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CRS-claims rated scale. CRS


ICBC is going back to the drawing board after their "drivers risk " was declined by Governor general and by public recently.
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Last edited by Edison_Chen; 11-12-2011 at 10:21 PM.
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Old 11-12-2011, 10:19 PM   #16
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What is your discount level? Or do you have a surcharge from an at fault accident?

BTW, I had 2 comprehensive claims and third party insurance said I was a "high risk" and did not cover me and I had to go back to ICBC.
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Old 11-12-2011, 10:27 PM   #17
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i save 25% so far, never been in a accident that was my fault or partly my fault.. yet...
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Old 11-12-2011, 10:31 PM   #18
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At my previous broker that I'd work at, they offered several private companies that compete with icbc. I'll be honest, a lot of the older folks who have good and long history of driving would save money with them. Some of these companies are almost the same price, but they would throw in extra stuff (ie free rental, free road side assistance). Brokers eats a piece of the pie too with their commission.

I've heard one of the best price private would be CDI. I think they keep their costs low by allowing customers to do things online and over the phone; their over the phone service may take very long. Try getting a quote for CDI, it will take over 15 to 20 minutes and they will need DETAILS from when you first got your drivers license to also include any other drivers that ay be driving too.
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Old 11-12-2011, 11:29 PM   #19
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I'd like to add that you'd be STUPID to get optional coverage from ICBC if you're a good driver. My quote for optional coverage was < 1/2 at a private insurer compared to ICBC.



I did the math, and for myself am accident free for ~8yrs on average (knock on wood). If collision coverages costs me $800/yr, that $6400 of savings over 8yrs. Investing that at a moderate return, I figure that nets me ~$8K over 8yrs.

Thus I'd raise your advice to at least $4-6K, or in my case $8K.
True, ICBC does usually charge more for optional coverages than 3rd party companies like CDI/HSBC. The degree of difference depends a lot on your specific vehicle and driving record. For my '99 bmw, it was not worth the hassle to get comprehensive thru cdi or hsbc, it was only a few bucks a month less. For the F150, it's a huge difference, especially when I factor in collision.

I was just using $2000 as an example. I didn't want to put a specific number, like $4-6K, because it REALLY depends on the car and your driving experience. For example a car that is cheap, but expensive to fix (older jag, porsche, etc) may be smart to get collision for it, vs a cheap cavalier or corolla which may have the same retail value, but is comparatively cheaper to repair for similar accidents.
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Old 11-12-2011, 11:38 PM   #20
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I just want to add, there may be some people reading my comments thinking that I am advising people to under-insure themselves. I am NOT doing that. Please talk to a competent insurance agent who can explain all the coverages to you so that you understand them FOR YOURSELF, and decide FOR YOURSELF.

Don't let anyone 'talk you into' what insurance to buy or not to buy. I have seen my parents sit at autoplan and watch/listen to the agent tell my parents what they should get - as opposed to giving them the options and letting them choose for themselves, and knowing my parents have a hard time with english (as do probably a lot of RSers parents, it makes me a little angry, as if they are being taken advantage of)
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Old 11-13-2011, 01:20 AM   #21
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i am looking at my insurance papers now and it looks like collision is why its so pricey.. its $785 a year extra at $300 deductable...

i am thinking of removing it but first i need to ask this.. if i did not have collision and if someone hit me 100% their fault, would icbc still fix my car for free?? if so i will have collision removed... wow why did i have it on for 2 years if i didn't really need it..

i did the calculations and without collision its only $130 bucks a month!!!
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Old 11-13-2011, 01:44 AM   #22
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i am looking at my insurance papers now and it looks like collision is why its so pricey.. its $785 a year extra at $300 deductable...

i am thinking of removing it but first i need to ask this.. if i did not have collision and if someone hit me 100% their fault, would icbc still fix my car for free?? if so i will have collision removed... wow why did i have it on for 2 years if i didn't really need it..

i did the calculations and without collision its only $130 bucks a month!!!
lol did you not read what rich wrote?

if someone hits YOU and it's THEIR fault 'collision' has nothing to do with the accident.
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Old 11-13-2011, 01:59 AM   #23
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i am looking at my insurance papers now and it looks like collision is why its so pricey.. its $785 a year extra at $300 deductable...

i am thinking of removing it but first i need to ask this.. if i did not have collision and if someone hit me 100% their fault, would icbc still fix my car for free?? if so i will have collision removed... wow why did i have it on for 2 years if i didn't really need it..

i did the calculations and without collision its only $130 bucks a month!!!
If you are not liable for the accident (you are not at fault), then your insurance policy doesn't come into effect, assuming the other party have enough insurance to cover.

In this case, ICBC will use the other party's (who is at fault) third party liability to pay for your damages, including injuries if any.
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Old 11-13-2011, 02:09 AM   #24
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what if they dont have third party liability? then i am screwed?

edit: nvm basic insurance has 200,000 liability at least, i am geussing u cannot lower it either?

so pretty much i am covored if i am not at fault but of course if the liability is enough to covor mine and the other drivers damages..

Last edited by c32; 11-13-2011 at 02:15 AM.
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Old 11-13-2011, 02:19 AM   #25
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At the very minimum, every vehicle insured has 3rd party liability. Not trying to be a dick, but have you been reading what other people are saying?
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