Driving in BC is like no other place in Canada, due to the variety of scenery. One thing to note is that driving in British Columbia requires mandatory basic autoplan insurance. The rate of purchasing insurance is costly is one of the highest in Canada. There is also the option to purchase optional Private auto insurance in BC.
The owner must be aware of what type of policy he has to choose and should also know about the working of the insurance policy. The owner has to choose best policy at a lowest possible price. Here are the tips related to the insurance, which one should keep in mind before purchasing the insurance.
There are many factors on the basis of which insurance can be purchased. These factors are described here.
One of the reasons for the high rates of insurance is due to fraud. Another reason for the high premiums is due to the strict minimum liability regulation and benefit laws related to accidents. Less number of competitors is another reason for high insurance rates.
Here are the ways of getting cheap insurance in British Columbia.
The cost of insurance includes taxpayer subsidies, which is required, due to insufficient funds for startup and or mandatory low premiums and drivers require subsidies in this case. Another thing regarding the cost is a reduction in private-sector investment. These investments include corporate shares, bonds, and real estate.
Here are the disadvantages of public or government based insurance
Optional auto insurance provides further protection and peace of mind for risks relating to:
For an explanation on these insurance options, please visit: Optional Coverage by ICBC