[RevRav]

Car insurance rates go down
A reduction for optional rates too

VANCOUVER (NEWS1130) - Good news for drivers, ICBC basic insurance rates go down by 2.4 per cent today. There's also a three per cent reduction to optional rates.
The crown corporation says lower than expected payouts and investments to road safety are the reasons behind the move.
There's no need to rush out to take advantage of the deal if your insurance isn't up for awhile. The break in rates will be in effect until next Halloween.

[BNR32_Coupe]

Rates go down * inflation difference from last year = actual savings

-2.4% * 3% inflation(?) = paying 7.2% less than last year

Amiright?

[Roach]

I'm curious as to whether there would be a refund cheque issued to those people who are currently insured. Or would it be advantageous to cancel insurance and then re-insure?

Edit: The ICBC website alludes to the rate reduction here (http://www.icbc.com/news/2010nov1-01):

Both the basic and optional insurance changes run for a full calendar year so customers will benefit from the reductions when they renew their insurance between now and October 31, 2011.

How do you guys interpret this? Hopefully we have an insurance expert here.

Kev

[GabAlmighty]

Well isn't that nifty!

[RevRav]

I'm curious as to whether there would be a refund cheque issued to those people who are currently insured. Or would it be advantageous to cancel insurance and then re-insure?

Edit: The ICBC website alludes to the rate reduction here (http://www.icbc.com/news/2010nov1-01):

How do you guys interpret this? Hopefully we have an insurance expert here.

Kev

The thing is my insurance expires on November 2...and I paid for it two days ago on Oct 30th, before the rate went down. =S Fml....

[RiceIntegraRS]

So we basically save like $48 on basic and depending on car save like $60 on optional a year. Not too bad

[bartone]

U will just get the discount next year when u insure again
Posted via RS Mobile (http://www.revscene.net/forums/announcement.php?a=228)

[RevRav]

U will just get the discount next year when u insure again
Posted via RS Mobile (http://www.revscene.net/forums/announcement.php?a=228)
It "mightt" be lowered again next year. They lowered it three years in a roll already.

[FN-2199]

http://www.ibabuzz.com/darthraider/wp-content/uploads/2008/01/excellent.jpg

[Lomac]

I renewed my insurance a couple weeks ago. :(

[murd0c]

I've been waiting for this even tho it should be more since ICBC has like 300mill + in surplus.

[dark0821]

my insurance ended in sept =.= fml..

[2 n r]

sweeeeeeeet!! my insurance is almost up

[bartone]

edit

[bartone]

It "mightt" be lowered again next year. They lowered it three years in a roll already.

what i meant was that the same rate will apply throughout the year for those who JUST recently renewed their insurance. They will just get the same discount the next time they renew

[illicitstylz]

-2.5% this year

+5.0% next year
_______________
= WE GET FUCKED

[MG1]

It "mightt" be lowered again next year. They lowered it three years in a roll already.

Definitely on a roll..............

[MG1]

I renewed on the 25th of October.

[StewartJD]

There is always the option of cancelling your current insurance, paying the $18 for a new plate, and renewing with the revised discounts - may still come out on top.

Not sure if this is the best way.

[icemiko]

And I renewed at the end of Sept. :bullshit:

[Edison_Chen]

From what I've heard and learned, not everybody is getting a 3% discount. Some people will get some discount, some might not even see an change on their premiums.

[PiuYi]

There is always the option of cancelling your current insurance, paying the $18 for a new plate, and renewing with the revised discounts - may still come out on top.

Not sure if this is the best way.

your insurance doesn't have to fit WITHIN the span of this discounted year to save "maximum" money

a guy who renews the first day the rates were lowered, and a guy who renews the last day these rates are in effect (Oct 31 2011) save the same amount of money! :thumbsup:

[murd0c]

There is always the option of cancelling your current insurance, paying the $18 for a new plate, and renewing with the revised discounts - may still come out on top.

Not sure if this is the best way.

it costs $60 to cancel so there would be no point in doing that.

[Edison_Chen]

The cancellation fee is $30, and new plate is $18. If you cancel and re-plate the vehicle right away, the broker should be able to waive the $30 cancellation fee.

[lgman]

The cancellation fee is $30, and new plate is $18. If you cancel and re-plate the vehicle right away, the broker should be able to waive the $30 cancellation fee.

You are forgetting the licensing fee. Whole process will come up over $60 on average to cancel and re-start. So unless that 2.5% and 3% will make a bigger impact than $60 I don't suggest you go this route.

[hotjoint]

I renew in mid december :)

[Acuracura]

you guys are making a big deal about nothing.... everyone will save money 1 time so long assuming you renew your insurance for a year term at some point between Nov 2010 and Nov 2011.

The next year if it goes up 5% then all you current complainers will be saying "I'm so glad I renewed on Oct 31!!" When in reality it's all the same. It's just a matter of when you save the money at the beggining or the end of the year

[MindBomber]

ICBC profits $300 million dollars in one quarter, so they give us a 2.5% break on rates?

I'm a student with one accident from the winter of 2008 and no tickets, for me to insure my 2002 Civic it cost me $417 a month! Thats with only 1 million in coverage, a $1000 deductible, and only driving to work and school within 5km of my home. ICBC needs to do more than lower rates by 2.5%, I can barely pay for tuition and books. Get real Gordon Campbell, you've raised every one of my expenses without increasing the minimum wage!


...*sigh*... rant over...

[Tapioca]

ICBC profits $300 million dollars in one quarter, so they give us a 2.5% break on rates?

I'm a student with one accident from the winter of 2008 and no tickets, for me to insure my 2002 Civic it cost me $417 a month! Thats with only 1 million in coverage, a $1000 deductible, and only driving to work and school within 5km of my home. ICBC needs to do more than lower rates by 2.5%, I can barely pay for tuition and books. Get real Gordon Campbell, you've raised every one of my expenses without increasing the minimum wage!


...*sigh*... rant over...

Ahh, to be young, idealistic, and irate - this takes me back to my university days.

You have an accident within the last 10 years - any other insurance company would have raised your premiums. If you want to save money, buy a beater car and only get liability - that's it.

When I was at UBC, I paid 2500/year in tuition, but the Main Library and Buchanan buildings were a mess and would have likely crumbled in an earthquake. I also took the bus for 5 years. Suck it up. Or, get good grades and apply for scholarships and bursaries.

[hotjoint]

just got my renewal notice. I'm saving $88 :thumbsup:

$1800 to $1712 :)

[Presto]

My renewal notice came last week, and I'm saving $180 over last year (up another level on the CRS). Since this announcement came after my notice arrived, does that mean I'll save even more, when I go to renew?

[lgman]

^ Yes, after Nov 1st
Those Renew notices are printed months in advance.

[hotjoint]

My renewal notice came last week, and I'm saving $180 over last year (up another level on the CRS). Since this announcement came after my notice arrived, does that mean I'll save even more, when I go to renew?

sucks that once you're roadstar that you can't go any higher. I've been a roadstar for about 3 years now.

[saveth]

sucks that once you're roadstar that you can't go any higher. I've been a roadstar for about 3 years now.

This is actually wrong. Your basic rate is capped at 43%. However, your optional discount continues to climb.
Posted via RS Mobile (http://www.revscene.net/forums/announcement.php?a=228)

[Edison_Chen]

The optional continues to climb 1% each year to I believe a maximum of 53% of something. I have to check the manual on that.. Where the roadstar does benefit is, if there's an at-fault claim.

[hotjoint]

This is actually wrong. Your basic rate is capped at 43%. However, your optional discount continues to climb.
Posted via RS Mobile (http://www.revscene.net/forums/announcement.php?a=228)

ahh I should've been clearer. I meant basic rate

[RFlush]

ICBC profits $300 million dollars in one quarter, so they give us a 2.5% break on rates?

I'm a student with one accident from the winter of 2008 and no tickets, for me to insure my 2002 Civic it cost me $417 a month! Thats with only 1 million in coverage, a $1000 deductible, and only driving to work and school within 5km of my home. ICBC needs to do more than lower rates by 2.5%, I can barely pay for tuition and books. Get real Gordon Campbell, you've raised every one of my expenses without increasing the minimum wage!


...*sigh*... rant over...

Driving is a luxury, if you can't afford it, then don't. You sound like a little bitch that complains that his abalone is getting too expensive and it's not fair.

If your insurance is too high, then simply don't drive. You have a 2002 civic and in university? Why not get a cheaper car? If your work and school is only within 5km, ride a bike or take a bus, or are you that fucking lazy?

Pathetic

[obselete]

Driving is a luxury, if you can't afford it, then don't. You sound like a little bitch that complains that his abalone is getting too expensive and it's not fair.

If your insurance is too high, then simply don't drive. You have a 2002 civic and in university? Why not get a cheaper car? If your work and school is only within 5km, ride a bike or take a bus, or are you that fucking lazy?

Pathetic

a 2002 is a cheap car

[MindBomber]

Driving is a luxury, if you can't afford it, then don't. You sound like a little bitch that complains that his abalone is getting too expensive and it's not fair.

If your insurance is too high, then simply don't drive. You have a 2002 civic and in university? Why not get a cheaper car? If your work and school is only within 5km, ride a bike or take a bus, or are you that fucking lazy?

Pathetic

First of all, fuck you.
Driving isn't a luxury for everyone, its a necessity for some of us. I work almost full-time, go to school full-time, and pay ALL my own bills; I'm far from being an entitled rich kid who, "complains about his abalone getting to expensive". Before you make personal attacks, get your facts straight!

The area I live in has no transit service, my job requires I have a car, and I walk with a cane so biking isn't an option. A Civic is hardly a luxury car, its reliable and efficient thats why I bought it.

[RFlush]

First of all, fuck you.
Driving isn't a luxury for everyone, its a necessity for some of us. I work almost full-time, go to school full-time, and pay ALL my own bills; I'm far from being an entitled rich kid who, "complains about his abalone getting to expensive". Before you make personal attacks, get your facts straight!

The area I live in has no transit service, my job requires I have a car, and I walk with a cane so biking isn't an option. A Civic is hardly a luxury car, its reliable and efficient thats why I bought it.

Driving is a necessity? ROFL. Yes, without driving human life would cease to exist.

Congrats you go to school full time, work almost full time, and pay your bills. You are like the thousands upon thousands of other people out there who do the exact same thing, do you want a cookie?

You live 5km away from a "university" yet there is NO transit? And where would that be that there is no public transit that goes towards a university? If your job requires you to have a car, then they should be subsidizing you for it. Civic is not a luxurious car, but compared to other's it is better off. Why not get a cheaper $5000 car then use the remaining for insurance?

Simply if you don't to pay for insurance or oil prices, don't drive. However you spin it, driving for most cases is a luxury.

[hk20000]

^ the guy walks with a fucking cane. Give him a fucking break. fuck.

it's douchebags like you that need to give your head a shake. It's Vancouver, transits are substandard, it costs more to transit than to pay for gas on a reasonably good on gas car (Civic 2002 being an epitome of "sensible car"). The hours needed to travel by other means by a person that relies on a cane will cripple his life. How can he perform if 4 hours a day is spent on going from A to B to C to A (school + work, amirite?)

Guy has a 2002 Civic he paid himself, he has all the rights to bitch about insurance being expensive, yes it's a privilege to drive but what's wrong with ranting about it? Did it hurt you? Did your eyes bleed reading his post? You know what? You don't have to read it.

If you have nothing nice to say say nothing at all. Have some respect for the disabled....

[RFlush]

^ the guy walks with a fucking cane. Give him a fucking break. fuck.

it's douchebags like you that need to give your head a shake. It's Vancouver, transits are substandard, it costs more to transit than to pay for gas on a reasonably good on gas car (Civic 2002 being an epitome of "sensible car"). The hours needed to travel by other means by a person that relies on a cane will cripple his life. How can he perform if 4 hours a day is spent on going from A to B to C to A (school + work, amirite?)

Guy has a 2002 Civic he paid himself, he has all the rights to bitch about insurance being expensive, yes it's a privilege to drive but what's wrong with ranting about it? Did it hurt you? Did your eyes bleed reading his post? You know what? You don't have to read it.

If you have nothing nice to say say nothing at all. Have some respect for the disabled....
Most respective universities offer a U-pass or discounted transit rates. I don't know one university that does not have any public transit within 5kms, do you?

It's financial retards like you who think driving only includes the car itself without taking into consideration of gas and insurance.

Also if he was really disabled, he would be entitled to an additional 25% on his basic insurance: http://www.icbc.com/autoplan/costs/save-money/disability-discount

And if his work requires him to have a car, then I'm assuming he is on the road quite a bit or needs to drive to certain locations, for his job. That would void his insurance as his insurance does not cover that since he is on a within 5km for school and to work.

[Greenstoner]

school full time, i assumed thats in morning...

working full time, i assumed that would be night shift.

He probably couldnt catch any bus after his shift is over ??

[Presto]

a 2002 is a cheap car

Cheap to buy, but not cheap to insure, especially for someone who's had an at-fault accident. MindBomber should sell the Civic, and get a car that's still good on gas/maintenance, and lower insurance costs.

[MindBomber]

Although I've needed my cane for close to two years I'm not considered permanently disabled, if my next surgery isn't successful then I will be, and I would be eligible for the 25% ICBC discount.
The area I work has no bus service, and aside from that most buses have stopped running when I finish work. The quality of bus service in Langley is no comparison to Surrey or Vancouver.
Normally I drive further than 5km to school, I only have classes at one campus this semester though, so I adjusted my insurance accordingly.
I'm hardly a financial retard, but considering your choice of vocabulary you must be. Seriously, your calling me a retard, are you 14?

Thanks for the support: Greenstoner, hk20000, obselete and tapioca. Its members like RFlush, who ruin forums for the rest of us.

[MindBomber]

Cheap to buy, but not cheap to insure, especially for someone who's had an at-fault accident. MindBomber should sell the Civic, and get a car that's still good on gas/maintenance, and lower insurance costs.

I've strongly considered selling, and looked into it. My auto-trans is slipping though, so I wouldn't get enough for my car to make it worthwhile. EDIT:vertical posted by accident, sorry pls don't ban!

[lgman]

And if his work requires him to have a car, then I'm assuming he is on the road quite a bit or needs to drive to certain locations, for his job. That would void his insurance as his insurance does not cover that since he is on a within 5km for school and to work.

Umm how does going over 5km for work void ones policy?? I'd really like to know, just one agent to another :).

[ruthless]

Umm how does going over 5km for work void ones policy?? I'd really like to know, just one agent to another :).

if you go to school/work that is further than 15km from your home you have to pay more for insurance, if you don't then you save some money. I think i saved like $90 for 6 months of insurance

look at your insurance policy it should say on there

[lgman]

I don't have to look there. My point is how it's void if its over as Rflush and his MTR says it would.

Having your job require you insurance cover you in a sales position (Business rate) and just going to work because you're limp'in and its far is totally different.

And if your rate is now F*k'd because you now have +1 on your CRS consider just getting basic. paying over +$3.3k/yr on your Collision & Comp is rather silly no? how much is it worth now?

[MindBomber]

I don't have to look there. My point is how it's void if its over as Rflush and his MTR says it would.

Having your job require you insurance cover you in a sales position (Business rate) and just going to work because you're limp'in and its far is totally different.

And if your rate is now F*k'd because you now have +1 on your CRS consider just getting basic. paying over +$3.3k/yr on your Collision & Comp is rather silly no? how much is it worth now?

I was going to get just basic, but I wanted extended third party liability coverage; I`m a careful driver, but if I were in a terrible accident I don`t want to be short on coverage and left with unmanageable debt. I think my policy is pretty stripped down otherwise.. I told the broker I wanted it as cheap as possible..

[Tapioca]

I've strongly considered selling, and looked into it. My auto-trans is slipping though, so I wouldn't get enough for my car to make it worthwhile. EDIT:vertical posted by accident, sorry pls don't ban!

Get rid of the 2002 now (because automatic transmissions aren't worth repairing) and get a Honda from the 1990s. Some will have rust, but if yours is clean, it will run forever. Forget the comprehensive and just get $2 million liability. It shouldn't cost you more than 2K a year to insure.

[sebTeggy]

not to be a dick but my insurance for my car is 102$ a month and I got the same shit hahaha. It's probably because ur discount is low (accident) or they charge Asian people or Honda civics more hehe

ICBC profits $300 million dollars in one quarter, so they give us a 2.5% break on rates?

I'm a student with one accident from the winter of 2008 and no tickets, for me to insure my 2002 Civic it cost me $417 a month! Thats with only 1 million in coverage, a $1000 deductible, and only driving to work and school within 5km of my home. ICBC needs to do more than lower rates by 2.5%, I can barely pay for tuition and books. Get real Gordon Campbell, you've raised every one of my expenses without increasing the minimum wage!


...*sigh*... rant over...
Posted via RS Mobile (http://www.revscene.net/forums/announcement.php?a=228)

[sebTeggy]

Just made a fool of yourself....

Driving is a luxury, if you can't afford it, then don't. You sound like a little bitch that complains that his abalone is getting too expensive and it's not fair.

If your insurance is too high, then simply don't drive. You have a 2002 civic and in university? Why not get a cheaper car? If your work and school is only within 5km, ride a bike or take a bus, or are you that fucking lazy?

Pathetic
Posted via RS Mobile (http://www.revscene.net/forums/announcement.php?a=228)

[MindBomber]

Get rid of the 2002 now (because automatic transmissions aren't worth repairing) and get a Honda from the 1990s. Some will have rust, but if yours is clean, it will run forever. Forget the comprehensive and just get $2 million liability. It shouldn't cost you more than 2K a year to insure.

I'm going to drop my the broker tomorrow and see how much I would save without comprehensive, thanks for the advice guys!

not to be a dick but my insurance for my car is 102$ a month and I got the same shit hahaha. It's probably because ur discount is low (accident) or they charge Asian people or Honda civics more hehe


Posted via RS Mobile (http://www.revscene.net/forums/announcement.php?a=228)

Less than 10 years experience + 1 accident = HUGE PREMIUMS.