#auto insurance price
Compare Car Insurance Quotes to Get the Lowest Rates in BC
Whether you’re heading up the Sea-to-Sky Highway, commuting in Vancouver or touring the Okanagan Valley, driving in British Columbia is undeniably scenic. It’s also expensive – BC drivers pay the second highest auto insurance rates in the country, after Ontario. That’s why it’s so important for British Columbians to shop around for their auto insurance policy.
As you start your search, it’s important to understand how car insurance works in British Columbia and how you can get the best policy at the lowest price. Below you’ll find some tips and other important information on BC insurance so you’ll know the ropes before you buy.
Who sets auto insurance rates in BC?
Unlike most other provinces, BC has a government-run auto insurance market. Drivers must purchase their policy from a Crown corporation known as the Insurance Corporation of British Columbia (ICBC). Since 1973, drivers in BC have had very little choice on where they buy their main auto insurance policy, however they can still purchase non-mandatory coverage such as fire, theft and collision from private insurers.
Is car insurance mandatory in BC?
Yes – you are required to obtain a minimum mandatory level of insurance coverage from the government-run Insurance Corporation of British Columbia (ICBC).
What are the factors that determine auto insurance rates in BC?
Auto insurance rates in BC are determined by a variety of factors, including:
- Your driving experience behind the wheel
- Your driving record
- Use and location of your vehicle
- The type of vehicle you drive
- The amount of coverage you’ve selected
- Your age and gender
How do BC car insurance rates compare to other provinces?
The short answer is, “not well.” As mentioned previously, BC drivers pay the second highest car insurance rates in the country, despite an almost entirely government-run insurance market.
The chart below says it all: