What are you paying ICBC, for what car, and what % level?

[heleu]

2007 Subaru Legacy Spec B / 2m, $300 / 43% discount / $14XX/year/Business Use.

I can't believe how much some of you guys pay for insurance. Especially if you are driving a Prelude or Integra worth less than $10K, paying $3K a year is not worth it. I would definitely just buy basic.

When I had my $3500 sportbike, full insurance was like $2400 a year. I was ahead after a year by just buying basic.

[seekerbeta]

I pay for the extra because i would hate to not be paying attention, smash into somebody, and then deal with wage garnish for the next 10 years to pay for it... just easier to pay the monthly fee and be fine.

[shenmecar]

I always wondered why discount max out at 43%......why 43 and not 44, 42 nor 43.5?

[hotjoint]

Originally Posted by shenmecar

I always wondered why discount max out at 43%......why 43 and not 44, 42 nor 43.5?

me too . They can't spare the extra 2% and give us 45%

[will068]

2014 Accord Coupe / 2m / 43% discount with Roadstar Pkg, NVR+ / full coverage < 15km from work / $19XX a year.

[Majestic12]

Any of you guys that don't have max 3rd party liability insurance, I would strongly reconsider it. I've maxed mine out at $5 million. I practice ICBC law and while it doesn't happen often, if you get hooped by a massive claim (or claims), you don't want to run out of insurance coverage.

[1990TSI]

Originally Posted by EvoFire

2009 Speed3, 40%, 2M/500collision/300comp, leisure use only $135/month

Da fuq, 1990TSI is cheaper than me despite being full insured, and a newer car.

Insurance is cheaper in Squamish because we don't have a Richmond.

[twitchyzero]

Originally Posted by Majestic12

Any of you guys that don't have max 3rd party liability insurance, I would strongly reconsider it. I've maxed mine out at $5 million. I practice ICBC law and while it doesn't happen often, if you get hooped by a massive claim (or claims), you don't want to run out of insurance coverage.

Where can I read up on the stats and how to best choose extended 3PL? I'm currently at 3M and was actually contemplating downgrading to 2 or 1

[Carl Johnson]

Originally Posted by Majestic12

Any of you guys that don't have max 3rd party liability insurance, I would strongly reconsider it. I've maxed mine out at $5 million. I practice ICBC law and while it doesn't happen often, if you get hooped by a massive claim (or claims), you don't want to run out of insurance coverage.

clearly you've "practiced" too much law, and not enough statistics.

[Majestic12]

Originally Posted by Carl Johnson

clearly you've "practiced" too much law, and not enough statistics.

Not sure what you're trying to say. That it doesn't happen often? If so, you lack reading comprehension, and missed the part where I said "it doesn't happen often". However, I HAVE seen it happen, and I wouldn't want to risk my personal assets to save a few bucks on insurance. Do what you want. It's not like it affects me or anybody else at the end of the day.

Also, yes, it's called the "practice" of law. I don't know what you're trying to get at.

[Majestic12]

Originally Posted by twitchyzero

Where can I read up on the stats and how to best choose extended 3PL? I'm currently at 3M and was actually contemplating downgrading to 2 or 1

No idea. This is anecdotal, but the vast majority of cases I've seen are wrapped up well within 1 mil. However, it's just a really shitty situation for the torftfeasor when policy limits are at risk because unless you have supplementary insurance, your personal assets may be at risk.

[XplicitLuder]

96 prelude, no collision, 30% SURCHARGER (get rekt), 300$ comprehensive, 1m 3rd party =3200$ give or take about hundred

[Carl Johnson]

Originally Posted by Majestic12

Not sure what you're trying to say. That it doesn't happen often? If so, you lack reading comprehension, and missed the part where I said "it doesn't happen often". However, I HAVE seen it happen, and I wouldn't want to risk my personal assets to save a few bucks on insurance. Do what you want. It's not like it affects me or anybody else at the end of the day.

Also, yes, it's called the "practice" of law. I don't know what you're trying to get at.

oh you've seen it. that's wonderful. i guess just because i see someone on TV who won the 649 and that means i'll win it as well.

[radioman]

Originally Posted by Carl Johnson

oh you've seen it. that's wonderful. i guess just because i see someone on TV who won the 649 and that means i'll win it as well.

I don't understand what you're trying to prove here. If anything his comment was helpful for people thinking 1 million is satisfactory.

The chances of me getting into a car accident are pretty slim, should I just not pay for insurance all together?

[Lomac]

Originally Posted by Carl Johnson

oh you've seen it. that's wonderful. i guess just because i see someone on TV who won the 649 and that means i'll win it as well.

WTF's your problem? He's a lawyer who's simply suggesting that we consider getting a higher third party coverage. He's not forcing you to do it. Yes, the chances of you ever needing higher than one or two million is pretty rare, but then the chances of ever needing fire coverage on a house is also pretty rare. It's one of those things that you don't think you'll ever need until you do.

[quasi]

Originally Posted by Carl Johnson

oh you've seen it. that's wonderful. i guess just because i see someone on TV who won the 649 and that means i'll win it as well.

My friends brother was hit in the back of the head with a full cooler on his way to a camping trip in a roll over, broke his neck and paralyzed from his neck down on his 19th birthday. The other kid in the back with him broke his back the driver and the front seat passenger walked away uninjured. A rare occurrence and I never asked what the settlement was but I'm pretty sure it's way over 1 million, no amount of money is worth that.

I think Majestic was just pointing out that although not that common it can happen and if you have assets you're putting them at risk being under insured. I'd agree 5 millions seems like a lot, I wouldn't carry that much but to each their own.

[Majestic12]

Originally Posted by Carl Johnson

oh you've seen it. that's wonderful. i guess just because i see someone on TV who won the 649 and that means i'll win it as well.

I don't know if you're trolling or just stupid, but if you're equating car accidents which occur to dozens of people on a daily basis with a lottery, then you have more serious issues than potentially inadequate insurance coverage.

Originally Posted by radioman

I don't understand what you're trying to prove here. If anything his comment was helpful for people thinking 1 million is satisfactory.

The chances of me getting into a car accident are pretty slim, should I just not pay for insurance all together?

Couldn't have said it better myself.

[Cillu]

All these talks about 3rd party liability have got me reconsidering as I'm the only one in this thread to have the basic insurance coverage.

30% discount / 200k 3rd party / 300 comprehensive = 1259.30 before misc fees

[Stormspirit]

2013 honda civic , $210 a month w/ 35% discount, living in Richmond

[Port Man]

2002 Subaru WRX / 1M / 20% / 300 comp / 500 collision comes to.. $202/month

[Rich Sandor]

Originally Posted by Majestic12

Any of you guys that don't have max 3rd party liability insurance, I would strongly reconsider it. I've maxed mine out at $5 million. I practice ICBC law and while it doesn't happen often, if you get hooped by a massive claim (or claims), you don't want to run out of insurance coverage.

I would be VERY curious see the case examples of where over 3 million was paid out.

I would like to think that one would have to be excessively negligent and cause excessive amounts of harm to someone in order to justify a 3million+ ruling.

[twitchyzero]

Originally Posted by Rich Sandor

I would be VERY curious see the case examples of where over 3 million was paid out.

I would like to think that one would have to be excessively negligent and cause excessive amounts of harm to someone in order to justify a 3million+ ruling.

what happens if you're unfortunate enough to put someone out of work indefinitely who makes a boat load of money? I was under the assumption it included wage loss

[parm104]

This thread and evidently our insurance rates make me cringe!

[Majestic12]

Originally Posted by Rich Sandor

I would be VERY curious see the case examples of where over 3 million was paid out.

I would like to think that one would have to be excessively negligent and cause excessive amounts of harm to someone in order to justify a 3million+ ruling.

You don't have to be "excessively" negligent. How it works is that each incident is claimable against your insurance. So if you were involved in an accident (your fault) with a car with one occupant who, for example, is a retired person, no income, minor injuries, etc... then no big deal.

However, if you're involved in a bad accident with a bus, and there are multiple claims, each one is claimed against your policy. So if there's 10 people on the bus, each one hurt individually, then each has their own potential claim.

Your typical claim has several claimable areas (also known as heads of damage):

1. General damages (commonly known as "pain and suffering"): These damages are capped at $100,000 in 1978 dollars. In today's dollars, this totals about $335,000. Typically only the most catastrophic cases get even close to this sum.
2. Past wage loss: exactly what it sounds like. If Person X was in an accident and missed a 12 hours of work, then their claim is 12 hours multiplied by their earnings. This can be complicated by situations where they have short term disability benefits, or take holiday time to recuperate, etc, but generally it's pretty straight forward
3. Future income loss: if someone is hurt, and won't be able to do their job any longer, or has a lot of problems doing their job, they are compensated here. This is often one of the biggest claims made. For example, if you hit a young doctor, and they suffered permanent brain damage, their future income loss would be massive.
4. Cost of Future care: If the person requires ongoing care, or any treatment/consultations/investigations to treat their injury, it must be accounted-for as well. Physiotherapy, massage therapy, chiropractic adjustments, medication, etc.
5. Out of pocket expenses: Any expenses that the person paid out since the accident to the date of settlement (or trial). So if they paid $100 a month for massage therapy up until the time of settlement, this gets paid out here. It's kind of like cost of "past" care rather than cost of future care, but it's a bit more complicated than that.

So if you look at the above, there's a lot that gets accounted for. Now multiply that by the number of people on the hypothetical bus. Or maybe it's a family sedan with a couple of kids inside. It can add up. As I said before, most claims don't get that high. But... you never know. It happens.

[kungpow]

Originally Posted by Marshall Placid

2013 RS5, 43%, 2 mill, Roadstar Package, $300 collision deductible, $115 per month
2012 A6, 43%, 2 mill, Roadstar Package, $300 collision deductible, $110 per month

This seems really good without neglecting collision.