If you reside outside of British Columbia you are in a better position when it comes to vehicle insurance. When we moved to Vernon we were shocked at how much more expensive are their insurance coverage. Mainly because it is control by ICBC. Everyone is required to have their vehicle insured with them first and then you have the option to get a private insurance for additional coverage. Lately they have announced that their new policy/procedure will be better in 2021. Although we already have heard that the rates will be ridiculously high. It really doesn't matter if you have a good record or no claim, it will still go up because they are such a bad financial situation. They might have change some of their regulations but they will still have the control because you cannot get to choose or shop for your own. If I am not mistaken, it is the only province that has the monopoly on vehicle insurance. For example our 2019 insurance increased by almost $500, reason just because they increased the rates and didn't even look at your record for the past couple of years. As for our RV which we only insure for six months, the rates were almost 3 times as what we had when it was insured in the USA. I feel really bad for student or young drivers who are slapped with such high premiums that they almost need a loan just to be able to drive. As of May 2021 they are implementing the new no-fault system which includes a one time 20 per cent cut to premiums. Notice the words ONE TIME. So does it mean that in 2021 you will get lower premiums and the following year, they will announce an increase in whatever per cent they feel depending on how their financial situation is. Just venting today, I guess it's what happens when you move, almost anywhere there will be the positives and the negatives. As for this move, of course there are more positives and benefits, but I am sure we are not the only ones venting about this ICBC control. It's been like this for 47 years so I kinda doubt that it will go away. So if you are thinking of moving to BC, remember this 4 letters.
Car owners in the province won't be surprised, but British Columbians are still paying the highest auto insurance premiums in Canada. The General Insurance Statistical Agency released numbers Tuesday showing that British Columbians pay an average of $1,832 for car insurance per year.Aug 13, 2019
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