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Difference between revisions of "Introduction to ICBC Automobile Insurance (12:I)"
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Introduction to ICBC Automobile Insurance (12:I) (view source)
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'''NOTE:''' The ''Insurance (Motor Vehicle) Act'' [IMVA] and the ''Insurance (Motor Vehicle) Act - Revised Regulations'' (1984) [IMVA Regulations] were amended and renamed the ''Insurance (Vehicle) Act'' [IVA] and ''Insurance (Vehicle) Regulation'' [IVR] respectively. The IVA and IVR came into force and effect on July 1, 2007. Note that there are transitional provisions governing whether the provisions of the old Act, new Act, or both Acts apply to an individual claim. | '''NOTE:''' The ''Insurance (Motor Vehicle) Act'' [IMVA] and the ''Insurance (Motor Vehicle) Act - Revised Regulations'' (1984) [IMVA Regulations] were amended and renamed the ''Insurance (Vehicle) Act'' [IVA] and ''Insurance (Vehicle) Regulation'' [IVR] respectively. The IVA and IVR came into force and effect on July 1, 2007. Note that there are transitional provisions governing whether the provisions of the old Act, new Act, or both Acts apply to an individual claim. | ||
== | == A. General == | ||
The automobile insurance system in BC is comprised of “no fault” benefit claims and indemnification for claims in tort law. No fault benefits are included as part of the basic (compulsory) insurance coverage offered by the Insurance Corporation of British Columbia (ICBC or “the Corporation”) exclusively. As the name implies, payment of the no fault coverage is given regardless of whether or notany element of fault is attributed to the insured. Optional coverage above and beyond the basic coverage may be purchased from either ICBC or a private insurer under an optional insurance contract (“OIC”). | The automobile insurance system in BC is comprised of “no fault” benefit claims and indemnification for claims in tort law. No fault benefits are included as part of the basic (compulsory) insurance coverage offered by the Insurance Corporation of British Columbia (ICBC or “the Corporation”) exclusively. As the name implies, payment of the no fault coverage is given regardless of whether or notany element of fault is attributed to the insured. Optional coverage above and beyond the basic coverage may be purchased from either ICBC or a private insurer under an optional insurance contract (“OIC”). | ||
