ICBC or Private Insurance

[zlmmm]

It's time to renew my auto insurance and I am wondering if anone has any information about alternatives to ICBC (the American in me says go private if available).

I know most people insure through ICBC, but I have heard from a few people invovled in large accidents that they have had lots of problems getting settlements out of them, especially when both parties are insured through ICBC.

In addition to the poll I would appreciate some local insight on what are my options (if any) and what are the benefits of each.

Thanks.

 

[rigiddoctor]

You have to purchase your basic Autoplan policy thru ICBC and then have the option to get the "frills" elsewhere...

 

[magoomba]

I get my insurance from ICBC because they put money into road safety. Private insurers just keep the profit for themselves.

While it may be true that better drivers can save a bit with private insurers, this is because they are allowed to pick and choose who to give policies to (cherry picking the best drivers). ICBC is not allowed to do this. Even if you have 5 accidents in one year, they still have to sell you insurance.

Think about it, I've been accident free for 13 years, and over the 13 years, I've paid out average of $1500 per year. That's over $19,000 total. Look at all the money they've made from me. But if I have a single accident and total my $40,000 car, they still end up losing money. So I have no beef with them at all.

 

[Dogster]

man dealing with ICBC can be a pain in the ass,some of there "adjuster,s" could use a serious attitude adjustment,but i dont know if a private insurance adjuster would be any better.

 

[hitrack]

If your like me ya just say "fukk it" and go to ICBC whether ya get hosed or not, I make up the savings on something else.

 

[Yuf]

If I were dealing with people bitching about the service that my company provides and plus the fact that probably half (possible more) of the people you talk to are lying out there asses, i'd be pretty bitchy too.

I say stick with ICBC as I've used private insurance in both England and Toronto and IMO, ICBC is soooo much better!!

 

[LonelyGhost]

when i moved to ontario from bc i had a spotless driving record ... but i couldn't afford a car so i didn't drive for a couple years ... bought car and went for insurance:

was told by ALL the carriers that because i had not driven i was now a beginner and would have to pay between $2600 and $4500 for auto insurance (and that was after their so-called 'discounts') ... the best i could do through a broker was almost $2000 per year!

their logic? hadn't driven so i was back to square one.

my logic? no driving, no tickets, no accidents, no claims!

their counter-logic? i might have been driving someplace else.

my logic? i have been living in ontario! where else would i be driving?

their counter-logic: prove it.

my logic: job, rent receipts, telephone etc ...

their counter-logic: doesn't prove i wasn't driving a car in Saskachewan ...

ugh.

icbc may suck but no worse than the private carriers ... besides which, look at provinces that have private carriers and see how many people drive without insurnace, or inadequate insurance and try dealing with two or more carries in an accident!!!!

AND if the private carriers had to follow the Charter of Rights and NOT discriminate by gender and age, their rates would be double that of icbc ...

 

[Penhold]

I've been accident free for many, many years and would be flattered to be called a "mature" driver instead of an "old" one.

I've checked with private insurers and ICBC for insurance on 3 different vehicles in the last year. ICBC was $350 cheaper on one vehicle last year. I had the other vehicle insured 2 years ago with ICBC, but then switched to Canada Direct when I discovered it was much more than $500 cheaper. A few months ago, however, out of the blue and without my asking for it ICBC reimbursed me much more than $500 and said it had reviewed the rate class for the vehicle based on complaints and discovered a ratings error in that vehicle. This year, the Canada Direct and ICBC rates are only dollars apart.

Oh yes, dealing with Canada Direct was not as hassle free as they'd like you to think. You have to go to ICBC and get some documentation verifying and confirming your driving record and claims experience and send it to Canada Direct. Also, if you materially misrepresent anything in answering the many questions they ask you then you may run the risk of voiding the policy.

Unless the savings was more than a few hundred dollars I'm inclined to simply stick with ICBC. I've had to deal with ICBC on claims on cars when others have run into me. They have been very good at authorizing repairs. This includes authorizing the use of new original factory parts rather than cheaper knock-offs as is a common practice in the U.S. for some private insurers (as discussed in Consumers Reports). Also, when the body shops have discovered any hidden damage that was not picked up by the ICBC claims adjuster there was never a problem getting ICBC to approve repair of the hidden damage as well.

Everyone has a different experience. I recommend you get competitive quotes for your insurance from ICBC, Canada Direct and from some of the other private auto insurers. Ask Canada Direct and the private insurers whether you have to provide anything to them from ICBC. Armed with information, make an informed decision after balancing the price difference and your comfort margin.

Note that if you have a homeowner policy, with some policies you can purchase excess liability insurance that covers all the vehicles that you (and/or your spouse/children) own (assuming they all live in the same place). Typically they require that you have $1 million of underlying liability insurance with ICBC or another insurer, and the excess insurance will cover from $1 million up to whatever limits you choose. You can save up to several hundred dollars this way.

AND DON"T FORGET TO BUY THE UNDERINSURED MOTORIST PROTECTION coverage. It is a separate polciy from ICBC (which I believe attaches to all vehicles you drive), fairly inexpensive, and well worth it if someone else runs into you and they have only minimum insurance coverage. It might also be available from private insurers but is so cheap with ICBC that it may not be worth the hassle of getting it elsewhere.

 

[jmac23]

I have had both and trust me ICBC is a pain in the ass, but still much better than private. I was rear ended last year in Washington State. The insurance company tried to pull well it was dark and rainy and the driver did not see you stop….LMAO.

 

[zlmmm]

Thanks, all.

ICBC seems to be the best choice consensus (some might say the least of two evils). As always, YMMV!

 

[HeMadeMeDoIt]

I only get the most basic portion of my insurance through ICBC and get the rest through Family Insurance. My experience with them has been impeccable. When (not if) my truck gets broekn into all I have to do is make a phone call and they arrange for the vehicle to be picked up takne to a shop while a similar vehicle to what I drive is rented directly by them for me from Discount or Enterprise. I should also add that my comprehensive deductible is only $100 still!