Car Insurance Vancouver

November 3, 2020 | Editorial Team

Car Insurance Vancouver

Did you know that Vancouver is often voted as the most congested city in Canada? So much traffic on the roads results in you spending more time each day in your car. More vehicles on the road can also result in a higher number of road traffic accidents. It is, therefore, important that Vancouver residents have adequate auto insurance. Vancouver ranks among the three most expensive places in Canada for car insurance.

In British Columbia (BC), the government provides auto insurance through the Insurance Corporation of British Columbia (ICBC). Provincial law requires you to purchase liability coverage through ICBC. The British Columbia government mandates that you must have third-party liability coverage of at least $200,000. They also require you to have medical payments coverage, funeral expense benefits, liability income benefits and death benefits. However, many residents also choose to purchase additional coverage. So how do you find the best car insurance, BC?

Best Car Insurance Online

When looking for car insurance in BC, many people find it easier and faster to search for policies online. Most car insurance providers should also help you to set up your ICBC mandatory car insurance. Some of the most popular providers of additional BC car insurance are:

  • BCAA – Based in British Columbia. They offer a 10% discount if you take out their policy. They provide a 24/7 emergency claims team.
  • Belair Direct – Their coverage plans are highly customizable to suit your needs. They often offer discounts for purchasing your insurance online.
  • Westland Insurance Vancouver – They offer private insurance. Lower prices are offered for those who drive low kilometres annually.

Factors that Impact Your Car Insurance Rates

Several factors may affect insurance rates in Vancouver. It may be possible to lower your coverage cost by looking at what may be affecting your premium. Some things you can do to help reduce your cost include taking a safety awareness course. This shows that you are a responsible driver and are aware of the rules and regulations when driving in BC. A safety awareness course could save you money on your monthly premiums.

Also, ensure you maintain a clean driving record. Consider insurance costs before purchasing a particular car and do not include any unnecessary extras in your policy. Below, we will look at some of the factors that may be affecting your premium.

Driver Demographics

One of the most significant risk factors for insurance companies is drivers demographics. In particular, a driver’s age can have a big impact on the policy cost. Drivers below the age of 30 are deemed to be the highest risk, so they will be charged more for their policy. Newly qualified drivers, especially younger ones, will find that the cost of insuring their car is significantly higher than other drivers.

Your gender can also affect your policy cost. Young male drivers are statistically more likely to be involved in a traffic accident. Their higher policy price will reflect this.

Where You Live

Across Canada, people living in cities will pay more for their auto insurance than people living in the countryside. However, the cost of your policy can vary hugely within Vancouver. Living in an area with high crime rates, high reports of car thefts or more vandalism will harm your auto insurance rates.

If you live close to a major road or in an area of high traffic, you are likely to have a higher monthly premium. This is because the more vehicles on the road, the more likely an accident will occur. Generally, living in an area with more traffic accidents will cause you to be seen as high-risk by insurers.

Vehicle Type

Your vehicle information is a key factor that may impact your premium cost. The make, model and engine size are all contributing factors. Car models that are stolen more frequently are viewed as being high-risk. A faster car with a more powerful engine is statistically more likely to be involved in a traffic accident. An insurance provider will also consider the cost of repairing or replacing your vehicle when calculating the price of your coverage.

Driving History

Your own driving history will have a significant impact on your premium rates. An accident where you are deemed to be at fault will stay on your driving record for up to 10 years. Convictions such as speeding tickets will remain on your record for up to three years and can raise your premium rate by up to 40%. A major conviction such as Driving Under the Influence can double your policy cost. You may also be at risk of having your coverage cancelled. Previous insurance claims may also negatively impact your policy price.

Type of Insurance

There are several mandatory requirements in Vancouver. These include third-party liability coverage, accident benefits and uninsured driver coverage. Any optional extras you have in your policy will raise your price. However, do not automatically rule out, including additional coverage. If you ever needed to use them, it could save you a significant amount of money compared to paying out of pocket.

The Bottom Line

Although Vancouver is one of the most expensive cities in Canada for auto insurance, it is still possible to keep your costs low. Searching for your policy online allows you to easily compare quotes from multiple providers. You will also be able to customize your plan to match your driving needs. Keep a clean driving license, and always follow the road safety rules in Vancouver. By following these tips, you should get the level of coverage you require at an affordable price.