Difference between revisions of "Introduction to ICBC Automobile Insurance (12:I)"

Premiums are regular payments made by the insured to ICBC Premiums are based on: where the insured lives, how the vehicle is used, the type of  vehicle, and the insured driver’s claim record. Customers can vary their premiums by increasing or decreasing their deductibles, as well as the extent of their optional coverage. Experienced drivers may receive discounts up to 20 percent on optional insurance plans. There is an informal discount review body created by corporate policy to ensure that discounts are appropriately awarded, but this body was not created for the purposes of hearing formal appeals. The point penalty system is authorized by ss 210 and 211 of the MVA. Section 28.02 of the MVA Regulations  outlines the various breaches and/or offences of the MVA and the corresponding point penalties recorded. The number of points, beyond the set  limits, that accumulated during the first year is taken into account when fixing premiums.