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      12-07-2009, 03:56 PM   #1
akumetsu
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Insurance ICBC

Hey guys I just want to see how much you guys pay for your car insurance!

My age : 23
Car: 2006 bmw 330i
Full Coverage
Rate : $3700/year or $308/mth

Im an international student so this is first time Im buying car insurance in Canada, I just want to see if I got ripped

Thanks!
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      12-07-2009, 04:01 PM   #2
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Quote:
Originally Posted by akumetsu View Post
Hey guys I just want to see how much you guys pay for your car insurance!

My age : 23
Car: 2006 bmw 330i
Full Coverage
Rate : $3700/year or $308/mth

Im an international student so this is first time Im buying car insurance in Canada, I just want to see if I got ripped

Thanks!
Ouch!! I pay about 950$ a year on a 325xi. Is that normal?
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      12-07-2009, 04:10 PM   #3
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Ouch!! I pay about 950$ a year on a 325xi. Is that normal?
Yes that is normal in Quebec but as for the OP I think that is about what you will pay for your age

I'm paying about $155/month at 27. Full coverage + first pardon + retail value for 2 years blah blah so much features. Oh I'm 6 star driver[been driving since 17] so that helps. My friend is paying $800/month for 325i with DUI
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      12-07-2009, 04:21 PM   #4
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OP, it is normal. Your age, first time driving in Canada plus the car value. So it is normal.
Also it is ICBC and they know you have no choice.
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      12-07-2009, 04:23 PM   #5
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I paid $1800 with 43% discount for my 2008 335i
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      12-07-2009, 04:38 PM   #6
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i am paying $3.7k/yr including taxes in quebec... age - 22. car is a bmw m3 e92. full coverage, $500 deductible.
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      12-07-2009, 05:12 PM   #7
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My age : 28
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Full Coverage, Roadstar status
Rate : $2000/year
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      12-07-2009, 06:30 PM   #8
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My age : 52
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Basic Coverage + Canadian Direct Insurance
Rate : $1380/year
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      12-07-2009, 06:34 PM   #9
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I was quoted 3100/yr for a 328Xi. Im 35 and no driving record. This is BS. Is it the car or how do they base this? Mind you its an online quote
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      12-07-2009, 07:45 PM   #10
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I was quoted 3100/yr for a 328Xi. Im 35 and no driving record. This is BS. Is it the car or how do they base this? Mind you its an online quote
When you say "no driving record" do you mean you have no insurance history in Canada, or that you have no at-fault claims? If the former, then it is perfectly normal. They are treating you just like any other new driver, and statistically new drivers are far more likely to have accidents than experienced drivers.

It will have very little to do with the car. The expensive part of insurance is the liability component, since that is where the real risk to the insurer lies (personal injury claims, damage to other drivers' vehicles, etc.).
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      12-07-2009, 09:40 PM   #11
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I meant no at fault claims
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      12-07-2009, 09:44 PM   #12
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To correct some factual misconceptions ... in BC, it's not age but driving experience/record. In other words, if you have years of accident free driving built up in other jurisdictions (that can be documented) you will enjoy a significant discount. If not, you start at the zero level. If you have an at fault claims history, you start higher. This rate looks like base.

As for the comment from someone who lives in Alberta that you have no choice, that's not correct. You have plenty of choice. You are only obligated to buy basic auto from ICBC. Excess liability, comprehensive, and collision coverage is completely open to competition here. However, if you shop that rate around BC to CDI, Family, ING, CNS, etc ... and I suspect ICBC's the best rate you're going to find. The only people who save money in the private market in BC are those with long track records of clean driving. That ICBC rate does not reflect that.

Car insurance rates in BC are amongst the lowest in Canada. Saskatchewan, Manitoba, and Quebec are in the same ballpark, or lower, however BC is the only one of those jurisdictions that is not no-fault.
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      12-08-2009, 01:27 AM   #13
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No at fault accidents in 24 years and I pay a total of $1,262 with ICBC ($824) and Canadian Direct Insurance ($438) for my 2008 335XI. The $438 through CDI includes a discount for insuring my other car through CDI and also my house insurance is through CDI.......
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      12-08-2009, 02:11 AM   #14
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age : 26
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Rate : $2880/year
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      12-08-2009, 02:12 AM   #15
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Quote:
Originally Posted by teamadobo View Post
I was quoted 3100/yr for a 328Xi. Im 35 and no driving record. This is BS. Is it the car or how do they base this? Mind you its an online quote
are you new to canada?
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      12-08-2009, 02:37 AM   #16
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an alternative solution, is to put the car under one of your relatives name that has a good driving record. And you can be the secondary driver. That way you get a better rate.
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      12-08-2009, 02:40 AM   #17
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an alternative solution, is to put the car under one of your relatives name that has a good driving record. And you can be the secondary driver. That way you get a better rate.
Isn't that insurance fraud?
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      12-08-2009, 03:37 AM   #18
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Is there such thing as adding a secondary driver and a part where you put the name of the secondary driver on the insurance paper? I'm only aware of the principal operator with icbc.
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      12-08-2009, 03:46 AM   #19
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Quote:
Originally Posted by weiweiwei View Post
Is there such thing as adding a secondary driver and a part where you put the name of the secondary driver on the insurance paper? I'm only aware of the principal operator with icbc.
Sorry you I meant put the principal operator as your relative I meant.
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      12-08-2009, 03:49 AM   #20
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Quote:
Originally Posted by SPACEMANRICK View Post
Isn't that insurance fraud?
No idea wss just a thought. In the end if you get into an accident it's your record that suffers no matter who the primary driver is. Based on experience...
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      12-08-2009, 10:15 AM   #21
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an alternative solution, is to put the car under one of your relatives name that has a good driving record. And you can be the secondary driver. That way you get a better rate.
Absolutely not. You are required to declare the principal operator of the vehicle on each ICBC renewal. Under the Insurance (Vehicle) Act, a willful misrepresentation of a material fact on the insurance application is a breach of your policy. Which means that ICBC will pay all claims made against you, will satisfy any lienholder on the vehicle, and will go after you to recover the money they spent. They have a large, and very sophisticated collections department. Remember, they do large chunks of the government's debt collection too.

PO breaches are surprisingly easy to prove and you're taking a huge risk when you do it.

Second, you misunderstand the way ICBC calculates claims history. Claim resides with the plate/policy which means it follows the policyholder. Only when it cannot find a policy to attach will it go looking for the actual driver. As much as you think that sounds odd, remember that ICBC insures the vehicle and the policy is attached to the car. Therefore, it follows the car as long as it can.
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      12-08-2009, 10:42 AM   #22
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