My ICBC insurance increase by 30%

[Marco911]

That's what you get for driving a car that every c-lai in Richmond drives.

YouTube

[PC69]

Originally Posted by DGN23

Yes, and you will pay more for the coupe over the sedan.

Yes mine is a coupe

[604STIG]

Does ICBC publish or make public their list of cars and which rate category they are classified in? If not, I think it's only fair and proper that they make that public knowledge.

[Expresso]

Originally Posted by 604STIG

Does ICBC publish or make public their list of cars and which rate category they are classified in? If not, I think it's only fair and proper that they make that public knowledge.

There's no public data base per say, but if your nice most agents will provide you quotes.

PS. trollguy hates women

[Sunfighter]

ICBC is an insurance provider. They determine rates for individual products based on historical frequency and severity data. To remain efficient they must continually analyze trending data (claim frequency and claim severity) to construct rates that are appropriate to the market.

It always stings when you see an increase in rates but don't take it personally. The rates are dictated by the data that ICBC has compiled based on claim history for that particular policy.

[PC69]

Originally Posted by subaru

Slightly similar, but did anyone else notice that their comprehensive coverage $2m Liability went up by about 25%-30% or is it just me??
Car is 2000 corolla

I have 3M liability and it went up from $182 to $239. So it's around 30%

[PC69]

My rate group changed from 24 to 26. Any idea what they are?

[twitchyzero]

2600/yr doesn't sound too ridiculous in icbc standards even with your discount if you consider the type of vehicle you drive.

but man as a 30% hike that's gotta hurt...i'm wondering if it's because they've been calculating it wrong in the previous years.

[Eff-1]

Originally Posted by Sunfighter

ICBC is an insurance provider. They determine rates for individual products based on historical frequency and severity data. To remain efficient they must continually analyze trending data (claim frequency and claim severity) to construct rates that are appropriate to the market.

It always stings when you see an increase in rates but don't take it personally. The rates are dictated by the data that ICBC has compiled based on claim history for that particular policy.

yeah okay, mr ICBC spokesperson, but 30% in one year is way more than anyone should have to take just because that's the way it is as a "insurance provider" to "remain efficient". these kind of replies do nothing but show how out of touch corporations are with how to treat customers well. if ICBC raised the premium by 5 or even 7% over a few years and sent a letter with an explanation, this thread would have a completely different meaning.

I bet if the OP files an official complaint with the ICBC ombudsman, he'd have a relatively decent shot of getting this decision reviewed and adjusted to a be a more gradual increase over time. it boggles my mind how can ICBC say they are big believers in customer service when they pull bureaucratic stunts like this.

Fairness commissioner

[meme405]

Originally Posted by Eff-1

yeah okay, mr ICBC spokesperson, but 30% in one year is way more than anyone should have to take just because that's the way it is as a "insurance provider" to "remain efficient". these kind of replies do nothing but show how out of touch corporations are with how to treat customers well. if ICBC raised the premium by 5 or even 7% over a few years and sent a letter with an explanation, this thread would have a completely different meaning.

I bet if the OP files an official complaint with the ICBC ombudsman, he'd have a relatively decent shot of getting this decision reviewed and adjusted to a be a more gradual increase over time. it boggles my mind how can ICBC say they are big believers in customer service when they pull bureaucratic stunts like this.

Fairness commissioner

That was a bit unfair. He provided a reasonable and logical analysis of why this hike might have happened. He didn't downplay it or belittle the OP at all, and he did not try and justify it.

The regular increase for everyone this year is 6.5% if I am not mistaken, so OP really is only like 20% above that. Again as a car gets older and becomes a little cheaper the average age of buyers tends to decrease, especially with something like an E550. Thats when you start to get younger people owning them and historically the insurance groups starts to climb a bit because these younger less mature owners tend to cause more accidents in these vehicles.

That's the reality of it. We aren't justifying it, and you are right ICBC should do a better job of dealing this blow over a longer period of time, and a little communication with them, and they may even be able to do something for the OP, or maybe realize there was an error made.

Also many people in this thread have pointed out that the value of the car has decreased and because of that insurance should get cheaper. Well that's a little misguided. The value of the car accounts for a very small chunk of a settlement in the event of many serious accidents. I mean a 2012 e550 is what like 50k?

Well if someone loses a limb, or god forbid someone is killed in an accident ICBC is on the hook for MILLIONS with regards to injury claims. The value of the car is the least of their worries.

As I said before insurance is not based on magic or wizardry, its based on hard figures, probabilities, and proven mathematical and statistical analysis. Sometimes outliers and anomalies can cause errors or oversights within the rates, best thing you can do is call your broker and explain the situation and ask for them to have a second look at it or provide an explanation.

Until the OP has that conversation with either his broker or someone at ICBC, the we really have nothing else to provide to him, except to pat him on the back and say "there, there, everything is going to be okay".

[Hehe]

Although it's not impossible to change vehicle class, but have you moved by any chance?

Different area can affect your premium too.

[AndroidAAA]

Just renewed my insurance today for my 2011 335xi.

The basic insurance rate went up as expected.

My third party liability went up, as well as my collision and comprehensive as ICBC moved my rate group up by 1 for both. (Previously Collision was rate group 22 now 23, and comprehensive was rate group 25 and it is now 26.)

Close to 400 dollar increase for my yearly insurance.

I'm guessing there is a lot more vehicles that moved rate classes.

[underscore]

Originally Posted by Urrtoast

So what Icbc is saying is the majority of MB E550 drivers are bad drivers and crash alot.
I bet alot of them have L or N or C stickers as well.

lol

Or that they're a high theft risk. OP may not have moved but if theft/vandalism in his area has gone up or his model of car has started getting stolen a lot more then ICBC will increase the rates.

[Sunfighter]

Originally Posted by Eff-1

yeah okay, mr ICBC spokesperson, but 30% in one year is way more than anyone should have to take just because that's the way it is as a "insurance provider" to "remain efficient". these kind of replies do nothing but show how out of touch corporations are with how to treat customers well. if ICBC raised the premium by 5 or even 7% over a few years and sent a letter with an explanation, this thread would have a completely different meaning.

Hi Eff-1 ... I'm actually a little confused. I don't work for ICBC nor do I have any emotional or financial connection to that organization other than that my bike is insured through them. You indicate that my replies "do nothing but show how out of touch corporations are" (implying ICBC). You infer that I am officially speaking on their behalf but I am not an ICBC employee or spokesperson.

It sounds like the OP made an effort to understand the rate hike and actually spoke to ICBC. It's very possible that in relative terms the policy for his car was below market in relation to similar vehicles prior to this year and in combination with recent claims history on similar policies ICBC recognized the need to increase the associated rates for the renewal period. It's always very tough, of course, but not out of context with the greater insurance world (take a peak into commercial property insurance, transport insurance, strata insurance, etc.). Significant rate hikes can happen quickly and unexpectedly. Insurance companies simply react to claims data.

In 2008 I moved to the Lower Mainland and went to insure my 2004 WRX STi here. The rates increased almost 40%. Claim history on that policy-type was obviously very different here than where I was previously and the policy rates reflected that. I chose to pay the rates although alternatively I could have simply sold the vehicle, which was certainly a consideration at that time.

At no point did I take a personal dig at the OP nor emotionally defend ICBC but I'll say that communicating individual, personal policy rate changes to millions of individual policy-holders probably isn't a logistically easy thing to do - but they seem content to offer an explanation if people actually contact them.

What you suggest (layering incremental rate changes over 2 - 3 years to finally achieve the desired total increase) is termed rate smoothing. The challenge is that it can be detrimental to the policy provider because ongoing claims history during the smoothing process can compound or distort the end-rate. It also creates budgetary and accounting complexities.

Ultimately - nobody guarantees insurance rates for any type of product (home, vehicle, warehouse, health) and outside forces that we cannot personally control will often impact what we personally are required to pay. That's the risk of owning any product, property or business - it can be difficult to budget for this type of expense/cost. You can minimize this risk by scaling back your exposure to damages. IE ~ I know that my exposure to risk is less owning a 2010 Honda Civic than a 2010 Range Rover. Thus my policy rates should (in theory) be lower because a claim on the later is likely to have a much greater severity (dollar cost) than on a the former.

[Nabatron]

traded in my 2010 rx8 was paying 145 a month now went to 2016 wrx now paying 211 with replacement insurance for the first 3 years....does that seem on the high side to you guys or just standard screw job lol

[Soundy]

Originally Posted by Nabatron

traded in my 2010 rx8 was paying 145 a month now went to 2016 wrx now paying 211 with replacement insurance for the first 3 years....does that seem on the high side to you guys or just standard screw job lol

You went from a $15,000 car to a $30,000 and you wonder why your insurance costs 50% more?

[oldsnail]

Originally Posted by Jmac

My 2006 BMW 3-series was $11xx for the year, about $200/year less than the 2002 Honda Civic I had at the start of the year. Same coverage on both (to & from work over 15 km, collision, comprehensive, $2M liability).

from your sig, you are on the island. my 2002 Civic SIR is currently under 900 with 2M/ Coll/ Comp. but i do have 43%. also in vic

[PC69]

Got an official email reply from ICBC and it is the standard insurance company line "insurance rate is based on blah blah blah...".

I remembered ICBC originally asked for 6.7% increase but was rejected by the government. Is ICBC trying to recover the difference by shifting the insurance cost to more expensive cars? I am just not buying there were suddenly more accidents and thefts with MB to justify a 30% increase in a year.

[Expresso]

I don't think you will ever get an explanation that will please you. Try a 3rd party insurer or drive another car.

PS. trollguy loves bootcut jeans

[Jmac]

Originally Posted by oldsnail

from your sig, you are on the island. my 2002 Civic SIR is currently under 900 with 2M/ Coll/ Comp. but i do have 43%. also in vic

Yeah, I'm also at 43%. 16 years, no claims. Was a base model Civic coupe

[Mancini]

Originally Posted by melloman

30%.. That's a huge fucking increase, and I'd say that's pretty unreasonable, especially if it's just because other people fucked up the same car.

How it is your fault that abunch of people fucked up the same car, it's not the cars fault the drivers are retarded.

Your insurance premiums pay for operational and claim costs. That's pretty much it. Claim costs are directly tied to premiums.What did you think you were paying for?

OP, that still seems high. What line of coverage had the increase?

[jdmfemme]

Originally Posted by v_tec

OP,
Is it true ICBC no longer accept credit cards starting Nov 1?

To clarify this; as of November 1 you can no longer pre-pay any amount on/towards the monthly payment plan with a credit card.

** You can still pay default or missed/NSF payments with a credit card.

(I'm an insurance agent )

[rriggi]

Every car I've had always falls into the same price, differ usually by 1-2 dollars a month? Most expensive rate I got was for the cheapest car I had which was strange. Full coverage always.

[und3f3at3d]

My 2002 civic went from $110 a month to $126 a month, almost a 15% increase. Seems like ICBC is screwing everyone. I thought they had to get it approved before a board or something before they can do a rate increase?

[Adorkami]

Originally Posted by Nabatron

traded in my 2010 rx8 was paying 145 a month now went to 2016 wrx now paying 211 with replacement insurance for the first 3 years....does that seem on the high side to you guys or just standard screw job lol

I remember the first 3 years of when i bought my car the insurance was really high because of the replacement insurance. Also the rx8 is technically a 4 door car so it isn't considered a coupe so the rates aren't as bad.