Run for coverage: new auto insurance policies in effect

If you are like many REALTORS® and office managers that allow an assistant or other colleague to use your vehicle, be aware that there are new auto insurance policies that came into effect September 1, which could impact your insurance premiums.

ICBC auto insurance is no longer as closely associated with the vehicle you drive as to the person driving the vehicle.  This “driver factor” represents a driver’s experience, their age, and accident history, among other things.

The change means that a quarter of your premium will be calculated according to any other drivers registered to use your vehicle. When additional drivers are listed, the highest risk driver among them is the basis to calculate 25 per cent of the basic insurance premium, with the principal driver’s record used for the remainder.

Here are other key factors to consider when you renew your auto insurance:

  • You must list secondary drivers who are expected to regularly use the vehicle. Any number of drivers can use your vehicle as long as they are registered.  
  • If you occasionally want to lend your car to another driver not listed on your insurance, you may purchase Unlisted Driver Protection which can be used up to 12 days in a year, per driver.
  • Learner drivers must be listed for each vehicle, and a learner premium of between $130 and $230 per year will apply to your coverage.
  • If you are the principal driver and someone who is not listed as an extra driver causes a crash while driving your vehicle, it will cost you an extra $50 per year.
  • Registered owners are still on the hook for speeding tickets which may increase in number now that speeding cams are located through parts of the Fraser Valley.

Enjoy your drive!