Single car accident
 

My wife accidentally hit a pole. The car is insured under my name.

I have max 43% discount for over 2/3 years now. If i claim with icbc . Will it drop my insurance rate?

How is the rate calculated, im curious

Not sure on the % it will drop you, but unless you pay it in full then yes it goes on your insurance and your rates will go up

https://www.icbc.com/autoplan/costs/Documents/crs.pdf

If you've only had the 43% discount for 2-3 years, you're probably at the -10 or -11 level. Claiming from ICBC will probably drop you to the 30 or 35% discount so your rates will go up.

Someone in the -20 level can have 4 at fault accidents before they lose their 43% discount.

Is any of this info valid for predicting your future rates knowing that the whole algorithm to calculate your premium will change soon?

Your best bet, which will save the most money in the long term, would be to pay out of pocket to fix it yourself.

what kind of pole? and how was the damage?

If it ain't a lease and it's just a daily, don't even bother fixing it.

Look at your Claim Rated Scale (CRS), then follow @!LittleDragon's link

Be aware the -43% discount is only on basic coverage. Even if you're at -21 CRS, your basic coverage cost will stay the same but optional coverage cost will increase.

This.

In September this year, I heard any new plate or renewal transaction will be under the new rating system. It will be hard to determine how it will affect future rates and how affect the claim forgiveness component.