Difference between revisions of "Claims Involving Out-of-province Insurers or Accidents (12:XIII)"
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==VII. IMPENDING CHANGES TO ICBC AUTO INSURANCE== | |||
'''A. NEW ENHANCED CARE COVERAGE''' | '''A. NEW ENHANCED CARE COVERAGE''' | ||
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See [https://www.icbc.com/about-icbc/company-info/Documents/service-plan-2020-2023.pdf?fbclid=IwAR2NQTHCfH_uDtCn5hTpbKM1TeWVxv39JxzGdYag8dV9QGdO3pev_OWAq1k ICBC New Enhanced Care Coverage] for more information. | See [https://www.icbc.com/about-icbc/company-info/Documents/service-plan-2020-2023.pdf?fbclid=IwAR2NQTHCfH_uDtCn5hTpbKM1TeWVxv39JxzGdYag8dV9QGdO3pev_OWAq1k ICBC New Enhanced Care Coverage] for more information. | ||
====B. CHANGING TO A FULL “NO-FAULT” INSURANCE MODEL==== | |||
ICBC aims to decrease the amount of its legal expense by removing the adversarial approach of suing the driver-at-fault for the accident. After implementation of the New Enhanced Care Coverage, in most cases, drivers will not be able to file a lawsuit for damages against the other driver involved in the accident. Instead, drivers will be paid directly by ICBC. | ICBC aims to decrease the amount of its legal expense by removing the adversarial approach of suing the driver-at-fault for the accident. After implementation of the New Enhanced Care Coverage, in most cases, drivers will not be able to file a lawsuit for damages against the other driver involved in the accident. Instead, drivers will be paid directly by ICBC. | ||
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Even though ICBC is transitioning to an almost full “no-fault” system, fault will still be determined in an accident for the sole purpose of increasing the at-fault party’s insurance premium. | Even though ICBC is transitioning to an almost full “no-fault” system, fault will still be determined in an accident for the sole purpose of increasing the at-fault party’s insurance premium. | ||
====C. CHANGES TO PREMIUMS==== | |||
ICBC is proposing an annual decrease of 20% or around $400 to the premium rate once the New Enhanced Care Coverage is implemented. | ICBC is proposing an annual decrease of 20% or around $400 to the premium rate once the New Enhanced Care Coverage is implemented. | ||
====D. CHANGES TO BENEFITS==== | |||
ICBC claims that with implementation of the New Enhanced Care Coverage, the injured parties will be able to receive their recovery benefits and wage loss faster. This will be due to the fact that legal action will be limited in the ICBC process. As a result, the injured parties will not have to wait years for their legal claim to be settled in order to receive that lump sum settlement. | ICBC claims that with implementation of the New Enhanced Care Coverage, the injured parties will be able to receive their recovery benefits and wage loss faster. This will be due to the fact that legal action will be limited in the ICBC process. As a result, the injured parties will not have to wait years for their legal claim to be settled in order to receive that lump sum settlement. | ||