ICBC Autoplan and Private Insurance Options

Since 1974, the Insurance Corporation of British Columbia (ICBC) has been the province’s sole provider of Basic Autoplan coverage. Basic insurance provides the minimum amount of insurance coverage you need to legally operate your vehicle providing you with $200,000 Third Party Liability coverage and, in the event of an accident, covers injury-related medical expenses – no matter who is at fault. Optional coverage which enables you to add to your coverage can now be purchased through ICBC or from private carriers. Both ICBC and private carriers like Family Insurance allow you to increase your Third Party Liability coverage to $5,000,000, increase your Underinsured Motorist Protection to $2,000,000 and add Collision and Comprehensive protection to suit your needs. Depending on the coverage you choose, there are many advantages to purchasing your optional coverage from a private carrier including:

No Penalty or Premium Increase for first-time-at-fault Accidents

Lower Deductibles and Premiums

Replacement Cost Coverage and Gap Coverage for Leased Vehicles

Discounts for Electronic and Mechanical Immobilizers

Assistance with Liability Negotiation when Who is at Fault is in Question

Income Replacement Coverage

Private insurance companies also offer competitively priced features and extra discounts that are not available through ICBC. 

ICBC also has optional income replacement coverage which provides wage loss benefits to people who are unable to work after an accident. This coverage is available to British Columbian residents who are injured in a crash and can’t work. 
  • ICBC will pay up to 90% of the injured person’s net income 
     
  • The maximum annual gross income for coverage is $113,000 
     
  • People who earn more than $113,000 can purchase Income Top-Up coverage 
     
  • Income Top-Up coverage is available in tiers of $10,000, up to a maximum of $100,000 

If you have multiple vehicles, you may also want to explore the benefits of fleet insurance. Before you renew your auto insurance, call us or Ask for a Quick Review and one of our agents will be happy to provide you with the best quotes and coverages available from both ICBC and private carriers.

At LPI, we help insure over 10,000 private and commercial vehicles each year – we’ve got the expertise and experience to make sure you get the best coverage available! 

Call Us Today for your Free Quote: T. 276.2474. We’ll be happy to assist you!