Bc Car Insurance: Navigating Coverage In British Columbia

Bc Car Insurance: Navigating Coverage In British Columbia – Can car insurance be made fun? Maybe not, but we make a lot of infographics and try to make people think that way.

Whether you’re interested or not, we know that insurance can be a confusing and difficult topic for many people. Things like videos, social media posts, blogs, and of course infographics can help break down complex topics.

Bc Car Insurance: Navigating Coverage In British Columbia

Car insurance in Canada is regulated by the provinces. This means there are different rules depending on the county you live in. Trying to figure out what car insurance you need for new Canadians can be confusing. It can also be confusing for Canadians who move to a new province and need to obtain a new license and change insurance policies. Honestly, almost everything can be confusing.

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Another aspect of insurance that varies from province to province is whether auto insurance is private or public. In some areas, car insurance is provided by the government, so there is only one option. Other states offer private insurance, giving the consumer more choice. Quebec has a mix of public and private options.

This infographic shows the different minimum car insurance premiums required by Canadian province. It also shows whether there is public or private insurance in the area. This infographic does not answer all of the viewer’s insurance questions. Their next step might be to search for terms like “warranty,” “direct indemnity,” and “casualty insurance.” However, this infographic shows the viewer that insurance varies across Canada and that people understand the requirements in different areas.

If you’re looking for car insurance in Canada, it’s best to go to a licensed insurance broker. An insurance broker is an insurance expert, so you don’t have to be! Read about auto, home and business insurance at brokerlink.ca. This post is sponsored by brokerlink.ca. Private insurance lobbyists have been clamoring for decades to profit from basic auto insurance, so recently B.

But B. Only ICBC requires compulsory basic insurance, if they can really offer better rates, why doesn’t everyone consider going with a private insurer for additional insurance? We spoke to an insurance broker to get their perspective.

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Brian is also an independent broker based in Vancouver who specializes in life insurance but helps clients find a variety of insurance products including travel, home and auto insurance. Brian, who has many years of experience in the market, including working for other brokerage firms before becoming independent, speaks from his own experience, not on behalf of the brokerage industry.

In this candid talk, he reveals why brokers don’t quote clients on individual auto insurance options: It’s not good for the driver and it’s not good for the broker.

Adele: Our job is not only to provide you with different insurance options, which means choosing between the different companies you go to, but mainly to explain what you pay and the value of the coverage.

Adele: In some cases, yes, but insurance companies don’t have that option. If you eliminate all brokers completely, that means ICBC would have to hire thousands of people across the province to manage insurance. Private insurance companies will have a harder time doing this. Although some of these insurance companies are large organizations, they may have little local presence, especially in rural areas. Most of the time when you file a complaint with them, you are not dealing with a local person. You will be dealing with a call center operator out of province or even outside of Canada.

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Adele: The main concern is people trying to find cheaper rates, buying enough insurance to cover their needs and leaving them vulnerable. Realtors are fully trained and licensed. It cannot be replaced by an automatic online transaction.

If it’s a simple update with the same coverage as a year ago, you can move it online. One thing online updates can’t do is verify identity. Every time I help a customer renew their insurance, I have to check their ID to make sure who they are buying from. Otherwise, you may run into fraud issues.

If you change any part of your coverage or have questions about what your coverage is, you may want to talk to your broker. Sometimes your life changes. You bought a new car, changed addresses, or changed jobs, and now your commute is different. All of this can affect your premiums, and suddenly it’s not just news.

I remember once helping a new client with an upgrade. When asked why no discount is given to an

experienced driver, they said they don’t know about it. The brokers I used in the past never bothered to check this because they went in and asked for the same coverage. These experienced driver discounts have helped them save hundreds of dollars because they have no previous claims.

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Is an automated online update system appropriate for reviewing various components? If it can’t, you run the risk of being overcharged or overcharged by multiple carriers.

Adele: That’s a good question and it’s different. But overall, as brokers, the arrangement works better for us as a broker or brokerage firm and for our clients to stay with ICBC.

We charge $14 for all major insurances. Where the differences lie and where brokers make money is in the additional coverage.

Our commission with ICBC depends on your driver rating. This is a number that represents your risk level according to ICBC. The lower your number – the minimum is 0.410 – the higher our commission rate. You also get the best price for this low number. If your number is 1000 or more, you will pay more because your risk level is significantly higher, but we will make much less money at this point.

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On the other hand, with private insurance companies, we charge a certain percentage. That fixed percentage isn’t as high as ICBC’s top drivers, but it’s close. It may seem like a good deal for us, especially if we can sell additional insurance to drivers at the top of the risk scale, but in reality these are people that private insurance companies do not accept as clients because they are a huge liability. .

It’s not even a good idea to bring private insurance to these people because they would pay a lot more if they could afford it. I’ve asked private insurance companies for quotes for several clients, and mostly it’s “thanks, but no thanks.”

MoveUP: What about the best drivers? Do you often add these people to your personal supplemental coverage?

Adele: Yes, it’s part of our job, if they wanted to do it, we would pay a small commission even if we were registered. But what we see from these people is that very few people see big money. For many, the rates are the same or better than ICBC. ICBC offers competitive rates that do not select the “best” drivers or the lowest risk drivers.

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Adele: I think you have an answer when you look at other jurisdictions that have their own systems. The cost of claims is also increasing, and the number of people is also increasing. Private insurance companies need to make a profit, so if your risk is too high, they won’t want you as a client. So even though they’re legally obligated to sell you basic coverage, they’re paying it out of pocket. And they can still deny your additional coverage, so they won’t insure you for additional benefits in the event of an accident or collision. So people get desperate and start driving without insurance, or worse, get scammed by fake insurance brokers.

MoveUP: Are there any other issues that prompt brokers not to offer clients personal additional insurance?

Adele: I always tell people to be careful if they want to use the private insurance option and understand the additional complications if they end up with a claim.

There are many challenges involved in making a claim with many insurance companies. Consider health insurance from multiple providers. It’s always a dance between which company pays which part of the claim. Imagine what you would have to go through if you were involved in a car accident.

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Adele: Ask to check.