ICBC Insurance Question Sorry for the vague title, couldn't think of anything better. Last year around May, I got into an accident. I rear ended a BMW and it was 100% my fault. Ended up totaling my TSX (rebuilt status) and damaging her bumper. I managed to find a car, insure it before my insurance rates went up. Now it's time for renewal and my premiums have gone up. I went from paying 280~ a month to now about 400~ a month. From my understanding the accident follows the car. Could I buy a "junk car" switch that to my primary car, insure it for parking insurance and reinsure my current car at my previous rates? |
Won't work since storage insurance doesn't use license plates |
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Caims can only affect 1 vehicle at a time, however they can't affect storage policies. Whatever you do now, will change in September. You COULD buy a junk car and insure it first so the claim will be attached to that, and cancel insurance after but you'll be paying $18.00 for new plate and $28.00 for registration, and $30.00 for cancellation. |
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If you're worried about cost, raise your deductible. It amazes me how many people have their deductible at $300 for collision when a simple raise to $500 nets quite a big savings in total insurance premiums (i saved $400 a year). and remember you only pay $500 collision deductible for an at-fault accident or hit and run. Raising comprehensive tends to not be worth it, $300 is usually the best place to have it as comprehensive (theft, vandalism, scratches, etc) are more likely than at fault collisions if you are a decent enough driver. Plus $200 glass deductible only applies with $300 comprehensive deductible. |
If you want to save money on insurance, just get the basic $200,000 third-party liability and nothing else. It meets the minimum legal requirement , but obviously you risk not getting your car covered by vandalism nor when you are involved in an an-fault accident etc Drive safe (less) , and Good Luck |
Holy smokes $4,800 a year. |
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