11 Feb BC Private Auto Insurance
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.
Factors related to Auto Insurance
There are many factors on the basis of which insurance can be purchased. These factors are described here.
- Driving record
- Age and gender of the driver
- Driving experience
- Type of vehicle
- Location of the vehicle and its usage
- Amount selected for coverage
Reason of high rates of insurance in British Columbia
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.
Getting cheap rates of insurance in British Columbia
Here are the ways of getting cheap insurance in British Columbia.
- Premium should be paid on time
- Maintenance of good driving history
- Choosing the right insurance coverage
- Usage of winter tires
- All the vehicles should be insure the same company
- Home and auto insurance shall be done together
Cost of Public Insurance
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.
Disadvantages of Public Insurance
Here are the disadvantages of public or government based insurance
- Customers have a limited choice.
- Customer service is not good.
- All solutions are included in one insurance.
- The deductibles are fixed.
- Competition with private insurance that provide insurance at lower rates.
- New services cannot be included due to the captive market share.
- Product innovation created by private insurance companies like first time accident forgiveness, roadside assistance, and coverage of the replacement cost.
BC Private Auto Insurance
Optional auto insurance provides further protection and peace of mind for risks relating to:
- Specified Perils
- Vehicle in Storage
- Limited Depreciation Coverage
- Replacement Cost Coverage
- Collector & Vintage Vehicles
- Extended Third-Party Legal Liability
- Excess Underinsured Motorist Protection
- Loss of Use
- Vehicle Travel Protection
For an explanation on these insurance options, please visit: Optional Coverage by ICBC
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