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Vancouver Auto Chat 2016 VAC Community Head Moderator: Raid3n

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Old 09-25-2019, 11:06 PM   #426
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dafuq, new drivers pay a 17% premium on full rate?

fuck icbc

wonder what rates on a collector plate looks like once you add 2ndary
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Old 09-25-2019, 11:33 PM   #427
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Yeah they pay a 17% premium, if we're assuming DF = 1 is base rate. I came to that conclusion because we figured out that 1 - DF gives you your discount.

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Old 09-26-2019, 01:28 AM   #428
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Quote:
Originally Posted by twitchyzero View Post
dafuq, new drivers pay a 17% premium on full rate?

fuck icbc
Before saying "fuck ICBC", I'd caution that the relevant question to ask is -- how big of a premium over "full rate" do new drivers pay under private insurance? If it is still 17%, then ICBC is only doing what everyone else in the private sector is doing. If private insurance makes new drivers pay more than 17% premium, then ICBC is doing better. Private insurance asking for less than 17%, then ICBC is doing worse.
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Old 09-26-2019, 07:19 AM   #429
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i'd like to know which other auto insurance in north america charges new driver without accidents $5k annually for a crapbox Altima

ICBC's system is broken af anyways, ALL you have to do is sit on an new driver's license to get discount...i didn't have any insurance records until I was like 9 years in and max discount was applied right away, i could have easily not get behind a wheel once a year, apparently new system still the same deal

https://globalnews.ca/news/5947132/y...ate-structure/
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Old 09-26-2019, 07:48 AM   #430
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Problem is there is no way for them to keep track of how much road time you have to "practice". Some ppl drive 5k a year, some drive 40k.

They can only go by time elapsed without accidents, which makes perfect sense if you try to wrap your head around how you're going to keep track on actual seat time of all drivers. Pretty much all insurance works like that. Boat insurance is not calculated by how much you spend on the water, house insurance is not calculated by how much you like to fire up your Geroge Foreman grill next to the Xmas tree.

Those are factors that are nearly impossible to measure.
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Old 09-26-2019, 07:51 AM   #431
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^ they could, at the very least, track how long you’ve actually insured a vehicle for
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Old 09-26-2019, 08:00 AM   #432
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^ they could, at the very least, track how long you’ve actually insured a vehicle for
Insured doesn't mean you drive it though. Someone that drives 4k a year is way less prone to an accident just via less exposure as opposed to the salesman that drives 40k. Yet on paper, they will get the same discounts.

Insuring without driving to get discounts, is the exact same as not insuring and getting the same discounts. The net product is the same. ICBC is no way of know if you drive 4k a year or 40k a year.

In theory, the person that drives 40k a year without a claim is a better/safer driver than one that drives only 4k a year. But there is no way for ICBC is figure out which is which so they can only go by how long you've gone without a claim.

I see what you're getting at but man, when you see those ultra-low milage grocery getters for sale, you know there are ppl driving like 20km a week.

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Old 09-26-2019, 11:48 AM   #433
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Do other provinces have rate factors as easy to find as ICBCs? I picked TD Alberta just for a reference and made up an 18 year old from Calgary driving a 2010 Nissan Altima 2.5 2dr (I picked the first option). Everything on defaults, no accidents etc etc it's quoting me $440/mo or $5,280/yr.

Adding his 38 year old dad as the primary with the 18 year old occasional it's $307/mo. For just the 38 year old it's $178.92/mo or $2,147.00/yr.

For the hell of it I chucked in my info but with a Calgary address and for the same coverage on my Jeep it's nearly a grand a year more. For my car it's about $600 more. Maybe TD is pricier than most or I picked a sketchy suburb but even still that's a lot more.
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Old 09-26-2019, 12:18 PM   #434
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Insured doesn't mean you drive it though. Someone that drives 4k a year is way less prone to an accident just via less exposure as opposed to the salesman that drives 40k. Yet on paper, they will get the same discounts.
Isn't ICBC offering a discount under 5000km of driving?


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Old 09-26-2019, 12:23 PM   #435
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I checked out how much it would be in Downtown Toronto.

Quote from TD came out to $3,928 / year with an Alumni discount for the same coverage as ICBC with 8 years of driving experience. Currently paying $2,400
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Old 09-26-2019, 12:42 PM   #436
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how can someone who's never insured get max discount/deemed low risk? not complaining since I didn't mind it at all but the system is broken

what about evo/car2go? do claims follow the driver?

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Insuring without driving to get discounts, is the exact same as not insuring and getting the same discounts. The net product is the same. ICBC is no way of know if you drive 4k a year or 40k a year.

In theory, the person that drives 40k a year without a claim is a better/safer driver than one that drives only 4k a year. But there is no way for ICBC is figure out which is which so they can only go by how long you've gone without a claim.

I see what you're getting at but man, when you see those ultra-low milage grocery getters for sale, you know there are ppl driving like 20km a week.
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Old 09-26-2019, 02:35 PM   #437
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Isn't ICBC offering a discount under 5000km of driving?


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Old 09-26-2019, 03:27 PM   #438
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Wtf ouch!
I thought my GTR owned me when it came to costs, but its ICBC now.
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Old 09-26-2019, 04:11 PM   #439
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any chance this makes sense to anyone, maybe someone in the insurance field can answer this question, if your driving around with 0 insurance, no liability, no collision, no comprehensive and you get rear ended or your not at fault in the accident why does ICBC cover the damage to the vehicle that has 0 insurance and is technically illegal on the road?
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Old 09-26-2019, 04:16 PM   #440
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^ I do know you'll get a $598 fine for being on the road without insurance.
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Old 09-27-2019, 11:25 PM   #441
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dafuq, new drivers pay a 17% premium on full rate?

fuck icbc

wonder what rates on a collector plate looks like once you add 2ndary
What's the definition of new driver? Is it below a particular number of years insured? Or is it simply having the N sign?
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Old 09-28-2019, 12:12 AM   #442
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say age 20yo, only one year of driving on class 7N
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Old 09-28-2019, 02:10 AM   #443
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What's the definition of new driver? Is it below a particular number of years insured? Or is it simply having the N sign?

The definition as to where I calculated a DF for a new driver coming to a 17% surcharge over base rate, is based off of my 16 year old brother, whom at the time had just gotten his license. I calculated his DF one week after he received his license. I also calculated that each year of clean driving is a reduction of ~ 0.06 (0.057 to be exact) points.
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Old 09-28-2019, 08:36 AM   #444
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Just saw a story about this topic last night. Insurance can cost more than the car itself for a new driver.

https://globalnews.ca/news/5963923/i...river-outrage/
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Old 09-28-2019, 08:46 AM   #445
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ICBC President Nicolas Jimenez claimed private auto insurance in other provinces can be as high as $10,000 to $12,000 for new drivers.
tell us how and where

i'd like to see how anyone is spending way more on insurance than vehicle value

if this is their way to reduce carbon footprint by discouraging more vehicles on the road, it's brilliant though
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Old 09-28-2019, 08:55 AM   #446
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At this rate would it just be cheaper and better for new drivers to rent via car sharing? Since insurance is like $500 a month already
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Old 09-28-2019, 11:06 AM   #447
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I could see this becoming a campaign issue...
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Old 09-28-2019, 10:21 PM   #448
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Can someone post the link to run estimates?
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Old 09-29-2019, 12:17 AM   #449
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Can someone post the link to run estimates?
Here you go.

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If you're within 45 days of renewal, you can use this ICBC tool to find out your new rates. You'll need your driver's license number, driver's license serial number, and plate number.

https://vancouversun.com/news/local-...s-live-tuesday


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Old 09-29-2019, 12:45 AM   #450
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Thanks for the link. I found that one through google, but what if I want to run someone who doesn't currently have a plate?
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