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Difference between revisions of "ICBC and Compulsory Coverage (12:X)"
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ICBC and Compulsory Coverage (12:X) (view source)
Revision as of 20:32, 12 August 2020
, 20:32, 12 August 2020→3. Extension of Indemnity
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Note that, absent this expanded definition, “insured” would not otherwise cover a member of the insured’s household operating a vehicle not described in an owner’s certificate issued to the insured. | Note that, absent this expanded definition, “insured” would not otherwise cover a member of the insured’s household operating a vehicle not described in an owner’s certificate issued to the insured. | ||
As of September 1, 2019, ICBC requires drivers to list out all the household members who may drive their vehicles, regardless of the number of times they may drive it. In addition, non-household members such as employees who may be driving the insured’s vehicle for more than 12 times a year will also be required to be listed at the time of purchasing the policy. The additional members listed will be factored into the calculation for the premium paid. | |||
See https://www.icbc.com/insurance/costs/drivers-experience-crash-history/Pages/Default.aspx. | |||
If a household member or non-household member, who was not listed on the principal’s policy, gets involved in an accident, ICBC will have the right to impose a financial penalty on the principal’s policy and the principal may also be subjected to a higher premium rate when renewing the policy in the future. | |||
=== 4. Restrictions on Indemnity === | === 4. Restrictions on Indemnity === | ||