An Overview of Upcoming Changes to Auto Insurance Rates for B.C

On September 1, 2019, the Insurance Corporation of British Columbia (ICBC) will be making significant changes to the province's auto insurance rates with the aim to make rates fairer for all drivers. If you have car insurance in Prince George, then you need to be aware of these changes. The Prince George insurance agents at Nauroth & Associates Insurance Brokers Ltd. are here to help you prepare with an overview of what to expect.

What Will Determine My New Rates? 

When the new changes come into effect, your new auto insurance rates in Prince George will be determined by three main factors.

• Driving experience and record 

A driver's experience and at-fault crashes currently only affect their premiums in a limited way. After September 1st, these two factors will have a much greater impact. Up to 40 years of driving experience will be recognized, and drivers with no at-fault crashes will see much larger discounts. Conversely, drivers with at-fault crashes will see steeper premiums. Crash records will now also follow the driver, not the owner of the vehicle involved.

Important note:  To more accurately reflect risk, you will need to list all other drivers who regularly use your vehicle. The additional driver with the highest risk will reflect 25% of your total premium. If an unlisted driver is involved in a crash using your vehicle, you may face up to an additional $5,000 for a claim.

• Where and how you use your vehicle 

Population density, infrastructure, and traffic density all influence the likelihood of getting into a car accident, so your territory (where you live) and your rate class (how you use your vehicle), will both be used to determine your premiums. These changes will be rolled out over the next decade as ICBC collects up-to-date information.

• Policy discounts and add-ons 

Seniors' discounts and disability discounts, both of which are available today, will continue to be available for qualifying drivers. The insurance rate changes will also introduce two new possible discounts:
• A 10% discount on vehicles driven less than 5,000 km a year
• A 10% discount on vehicles with an original equipment manufacturer automatic emergency braking system

Two new optional add-ons will also be introduced:
• Unlisted driver protection for those who occasionally lend their vehicle to drivers not listed on their policy, starting at $50 a year.
• A learner's premium that will help cover the cost of accidents caused by a learner, ranging from $130 to $230 per year based on location.

Affordable, Flexible Auto Insurance in Prince George

With the insurance landscape changing, it is more important than ever to have a Prince George insurance company that you can trust. Nauroth & Associates Insurance Brokers Ltd. offers personalized car insurance in Prince George so that you know you are fully covered for all of your driving needs. We'll help you get the best rates now and when the new changes are introduced.
For any more questions about auto insurance in Prince George, don't hesitate to contact the team at Nauroth & Associates Insurance Brokers Ltd. today.