Difference between revisions of "ICBC and Basic Compulsory Autoplan Coverage (12:X)"

This insurance indemnifies the insured against liability imposed on the insured by law for the injury or death of another, and/or loss or damage  to another’s property, to a total limit of $200,000 (IVR, s 67), to be shared among the victims of a motor vehicle accident (Schedule 3, s 1). The base limit of liability is $500,000 in claims made for a bus, and $300,000 in claims made for a taxi or limousine. Extended Third Party Legal Liability coverage may be purchased at the insured’s discretion. (See [[Optional ICBC Insurance (12:III) | Section III: Optional Insurance]]). '''If the insured is found legally liable, and no extended coverage has been purchased, he or she is responsible for payment of any claims in excess of the above limits'''.