New ICBC Rates: Who Will Pay More?

[RRxtar]

think about how many brokers there are, in how many cities and towns there area across canada. it would be impossible to set that infrastructure up in house for ICBC

[Nlkko]

5% ish commission cut on a 2k insurance? Cost of doing business when you outsource.

[twitchyzero]

the new 5000km option is nice but a road trip and drive to the gym alone will probably exceed that for most leisure use owners

if it goes up another 6-10% by next renewal probably only gonna get basic coverage...makes no sense if my vehicle is approaching 15 years old and still paying over $150/mo esp with a clean record for all those years #vancouvertings #needmorelube

[underscore]

Originally Posted by supafamous

$120 commission doesn't seem that unreasonable - takes about 10-15 mins to process and there's probably 10-15 mins afterwards of admin work after. My insurance agent does reminder calls as well and I know there are ones that will come to you to process.

So $240-360/hr sounds reasonable to you?

[underscore]

edit: double post. plz delete.

[supafamous]

Originally Posted by underscore

So $240-360/hr sounds reasonable to you?

Yup. The money doesn't go straight into the broker's pocket, still gotta pay to run your business.

I'm not sure what insurance brokers make for selling things like home insurance, life insurance etc but it doesn't seem THAT unreasonable.

I'd be curious if the commission has been flat for a long time or not - it may represent an era when administering a plan was more expensive than today. At some point when things start going online I'd guess that the commission will have to come down.

[spacemanrick]

Originally Posted by cococly

This is mine:

ICBC Basic Coverage (43% discount): ~1100
2m : ~220
Collision ($1000 deductible) : ~ 370
Comprehensive ($100, yes $100 deductible) : ~ 220
Replacement Cost Plus: ~180
Preferred Driver Package: $20

Plus 10% off for being a BCAA member.

Disclaimer: Please note that everyone's quote on a different time of the year might be different, please don't quote me on this and ask BCAA for this quote.

I just renewed our optional insurance for our 2017 Acura RDX. For the past 10 years we have used Canadian Direct which is now Belair. Both driver's have 25+ years safe driving + 1 additional driver.

We are changing from Belair to BCAA this year because the BCAA quote for $2,000,000 comprehensive and $500 deductible for collision and comprehensive was $780. Belair was $1,036 and ICBC was around $1,300. That is quite a range depending on who you insure with!

[underscore]

Originally Posted by supafamous

Yup. The money doesn't go straight into the broker's pocket, still gotta pay to run your business.

That's in the range of what engineers and lawyers charge hourly, and they have to run a business too. They've got a fuckload more education though.

[spacemanrick]

Originally Posted by spacemanrick

I just renewed our optional insurance for our 2017 Acura RDX. For the past 10 years we have used Canadian Direct which is now Belair. Both driver's have 25+ years safe driving + 1 additional driver.

We are changing from Belair to BCAA this year because the BCAA quote for $2,000,000 comprehensive and $500 deductible for collision and comprehensive was $780. Belair was $1,036 and ICBC was around $1,300. That is quite a range depending on who you insure with!

I renewed the insurance for my 2016 BMW M3 last month with Belair but thought I would check with BCAA since it was cheaper through BCAA for our 2017 RDX. The optional insurance I paid last month for my M3 was $849 with Belair......the quote I just got from BCAA for the same optional insurance was $2,336!!!!

So obviously with ICBC, Belair, and BCAA the optional insurance cost varies depending on not only your driving history but also your vehicle.

[68style]

Thanks for the research on this, sounds like it’s worthwhile to check them all when renewing.

[fliptuner]

Originally Posted by underscore

That's in the range of what engineers and lawyers charge hourly, and they have to run a business too. They've got a fuckload more education though.

The cost to start an ICBC brokerage is well over $1M.

[quasi]

I got my latest renewal, I thought they said prices wern't going up until April?

2018 Colorado Z71 last year $2,096.00

This year $2,298.00

Went up about 9% for me, insurance due Jan 24th.


I got a quote from BCAA on optional insurance

ICBC
Third Party 2m $271
Collision $497
Comprehensive $251
Roadstar $ 20 (Use this for insurance for rental cars)
$1,031

BCAA
Third Part 1.8m $149
Collision $506
Comprehensive $491
Roadstar (BCAA) $ 20 (Use this for insurance for rental cars)
$1,161

I haven't had any accidents in 20 years and no tickets for 10, I guess I'll be sticking with ICBC for now.

[vexor]

Originally Posted by quasi

I got my latest renewal, I thought they said prices wern't going up until April?

Do you really believe anything ICBC says anymore? I don't


I got my renewal notice as well a couple weeks ago.

2009 Lancer Ralliart - Last Year ~$1,980

This year $2,006 w/ $5 mil liability & 43% discount


by comparison on my bike.

2017 BMW S1000RR

ICBC Basic for 8 months - $666 (legit that's how much it was, lol)

Beacon Comprehensive for 1 year - $1,056

Total: $1,722

[Traum]

Originally Posted by quasi

I got my latest renewal, I thought they said prices wern't going up until April?

2018 Colorado Z71 last year $2,096.00

This year $2,298.00

Went up about 9% for me, insurance due Jan 24th.


I got a quote from BCAA on optional insurance

ICBC
Third Party 2m $271
Collision $497
Comprehensive $251
Roadstar $ 20 (Use this for insurance for rental cars)
$1,031

BCAA
Third Part 1.8m $149
Collision $506
Comprehensive $491
Roadstar (BCAA) $ 20 (Use this for insurance for rental cars)
$1,161

I haven't had any accidents in 20 years and no tickets for 10, I guess I'll be sticking with ICBC for now.

Question -- can we cherry pick which optional insurance we purchase from different insurers, and then only go to that particular party when something under their coverage happens?

For example, in Quasi's case, I've highlighted the cheaper options from both insurers. I'm pretty sure BCAA will allow me to only purchase their $1.8M third party liability insurance. But would ICBC allow me to only purchase collision and comprehensive from them (without purchasing 3rd party liability)?

Claiming is obviously going to be a nightmare lol~ But it'd be $917 vs $1031, which is a good $114 / 10%+ savings.

[Jmac]

Originally Posted by quasi

I got my latest renewal, I thought they said prices wern't going up until April?

2018 Colorado Z71 last year $2,096.00

This year $2,298.00

Went up about 9% for me, insurance due Jan 24th.


I got a quote from BCAA on optional insurance

ICBC
Third Party 2m $271
Collision $497
Comprehensive $251
Roadstar $ 20 (Use this for insurance for rental cars)
$1,031

BCAA
Third Part 1.8m $149
Collision $506
Comprehensive $491
Roadstar (BCAA) $ 20 (Use this for insurance for rental cars)
$1,161

I haven't had any accidents in 20 years and no tickets for 10, I guess I'll be sticking with ICBC for now.

Mine went up about 9% as well (renewed in October).

I dug into it a bit and BCUC approved a 6.4% hike for basic and 9.6% for optional starting April 2018.

ICBC applied for another 6.3% hike for basic to start April 2019, I'd imagine it will likely be approved by BCUC.

And the big changes to ICBC's rate structure, payouts, etc. will start September 2019 (news articles say April 2019, but ICBC's website says September 2019).

[cococly]

At this rate, it might be better of to just rent cars from those big car rental companies.

They have their own ICBC coverage, and as long as your credit card has rental collision coverage, you are largely okay.

Of course, you would responsible for any other damages that may have caused if you crash, but hey, if you didn't crash your car under your own insurance policy, why would you need to extensive insurance coverage?

$2000/yr for a compact car just on insurance (with max. 43% discount already) + depreciation + maintenance Vs ~$100/week at Budget.

[underscore]

^ so $5200/yr from Budget, take away the $2000/yr for your insurance (I'm paying much less than that, but I drive older vehicles) and you're at $3200/yr for depreciation and maintenance. Idk what you drive but I would hope most of us are paying/losing a lot less than that.

[bomberR17]

Originally Posted by underscore

^ so $5200/yr from Budget, take away the $2000/yr for your insurance (I'm paying much less than that, but I drive older vehicles) and you're at $3200/yr for depreciation and maintenance. Idk what you drive but I would hope most of us are paying/losing a lot less than that.

$3200/yr is really $266 a month. That's less than most lease payments.

[twitchyzero]

are there any rental cars worth driving more than a week?

[cococly]

Originally Posted by underscore

^ so $5200/yr from Budget, take away the $2000/yr for your insurance (I'm paying much less than that, but I drive older vehicles) and you're at $3200/yr for depreciation and maintenance. Idk what you drive but I would hope most of us are paying/losing a lot less than that.

All of the rental cars available at YVR are less than 2 years old, some are fully spec-out with all the options, some are even brand new with less than 50km.

For $260/month, you can't even lease a base barebone 2018/2019 Honda Fit DX including Taxes.

Anyway, my point is ICBC is forcing all of us to pay way too much.

[68style]

On the rental car front, I’ve been surprised to see all the major companies now don’t allow you to go out of province without massive surcharges.

I remember back in the day I rented from Avis for 3 weeks and did a loop around North’s America 16,000kms in total, paid $600 total for the rental hahaha now you can’t even leave Washington state without a massive surcharge or cross over into Alberta in some cases!

.... then again people doing what I did are probably why they changed things...

[Funnel]

Where can I rent a car for ~$100/week?

quickly search budget rent-a-car online, it shows ~$286/week..

[twitchyzero]

Originally Posted by 68style

now you can’t even leave Washington state without a massive surcharge

i've never heard of this before
and i've dropped off a car in a different state quite a few times now

it was only expensive in Europe if you drop it off in another country (say picked up in France but dropping it off in Spain)

[68style]

Avis for example has this restriction:
"28 Days maximum rental allowed."

But then Budget has a long term rental program.

For the travel thing, I wasn't talking about dropping it off somewhere else, I was talking about rental companies (admittedly I only know of 2 that do this) who would rent you a vehicle in Vancouver and actually have in the fine print that if you go farther than Washington or Alberta in your unlimited mileage that there's a (significant) surcharge... even if you are bring it back to the original location. They basically limit your "unlimited mileage" to a zone where you can drive. I am unsure how/if they verify it with GPS though. Europe does something similar too, many rental cars are not permitted in various countries and it depends on the make/model... ie: SixT won't let you take one of their BMW's to Slovenia... but they will let you take a Ford.

[bomberR17]

Originally Posted by 68style

On the rental car front, I’ve been surprised to see all the major companies now don’t allow you to go out of province without massive surcharges.

I remember back in the day I rented from Avis for 3 weeks and did a loop around North’s America 16,000kms in total, paid $600 total for the rental hahaha now you can’t even leave Washington state without a massive surcharge or cross over into Alberta in some cases!

.... then again people doing what I did are probably why they changed things...

I know Budget charged that. Avis allows driving to US and Canadian provinces with exception of Alaska. So does Enterprise and Hertz. I always rent with Avis anyways as their vehicles are often newer and they have a nice pick up and leave member program.

Vehicles at this location can be driven throughout the Canadian Provinces with no restrictions. Based on availability; One-way rentals may be allowed to some Canadian cities. Vehicles at this location can be driven throughout the continental US with no restrictions. Based on availability; One-way rentals may be allowed to some US cities.

Vehicles at this location are not allowed to travel into Alaska. One-way rentals are also not permitted.

Vehicles at this location are not allowed to travel into Mexico. One-way rentals are also not permitted.

https://www.avis.ca/en/locations/ca/bc/richmond/yvr