Staying informed about changes in car insurance policies can help you protect yourself from unexpected costs and ensure you’re fully covered when you need it most. In this article, we’ll highlight three crucial updates to car insurance in British Columbia that could affect your coverage and finances. Plus, we’ll show you how easy it is to manage your insurance remotely.

1. Income Top-Up Coverage: Protecting Your Income Under ICBC’s No-Fault System

With ICBC’s introduction of the new “no-fault” insurance model, wage loss claims are now capped at $113,000 annually. This change also removes the right to sue for actual damages. If your annual income exceeds this cap, it’s essential to secure additional coverage to avoid potential financial shortfalls in the event of an accident.

Your Options for Additional Income Protection:

• Employer Disability Coverage: Start by checking if your current employment benefits include disability insurance. This can provide a valuable safety net.
• ICBC Income Top-Up Policy: You can purchase extra coverage in $10,000 increments, up to a maximum of $100,000. This brings your total potential coverage to $213,000 annually.
• Private Disability Insurance: If you need even more protection, consider private disability insurance through a life insurance provider for additional peace of mind.

2. Loss of Use Coverage: Avoiding Out-of-Pocket Rental Costs

Repair delays for vehicles in B.C. are on the rise, with wait times often extending to two months or more to access body shops. This can lead to significant out-of-pocket expenses if you need a rental car while your vehicle is being repaired. Rental vehicle costs can range from $28.52 to $312.80 per day depending on your location and the type of vehicle, potentially adding up to between $2,139 and $23,460 over a 75-day period.

ICBC Coverage Options to Mitigate Rental Costs:

• Roadstar Package: Provides up to $800 in rental vehicle coverage.
• Roadside Plus Package: Offers up to $1,000 in coverage.
• Loss of Use Coverage: Customize your coverage limit up to the maximum available to ensure you’re fully protected.

For detailed ICBC vehicle rental rates, refer to this link.

3. Car Insurance by Phone: Convenient, Remote Service

Managing your car insurance has never been easier. We are pleased to offer the convenience of purchasing or renewing your ICBC coverage over the phone. There’s no need to visit an office—our team is ready to assist you remotely, providing expert guidance on your ICBC and private insurance needs.

Here’s How to Reach Us:

Call us at 1.866.835.4251 or book an appointment with one of our brokers here.

Our dedicated team of car insurance professionals is here to help you navigate your options and ensure you have the right coverage for your needs. Don’t wait until your renewal date to make changes—contact us anytime to modify your policy.

Stay Covered, Stay Informed

Being proactive with your car insurance ensures you’re never caught off guard. Whether it’s protecting your income, avoiding rental costs during repairs, or taking advantage of convenient remote services, we’re here to help you every step of the way.

For more information or personalized assistance, get in touch with our team today.