Vulcanoid

I got a truck a few weeks ago, no discount (haven't been driving in the UK for a few years), annual insurance was $1600. Base rate chart showing discounts and surcharges with time/accidents is at http://www.icbc.com/autoplan/costs/Documents/crs.pdf

I was told I could pay monthly but would need all sorts of bank info, so just handed over a debit card (kinda nice to know it's all done for the year). Apparently buying a policy for less than a year involves all kinds of fun surcharges that basically mean paying as much for less cover.

R I C H

Anywhere between $1300ish and $4000ish. Upper end most likely.

What vehicle? What address? Garaged overnight? With commuting? For business and/or pleasure? How much liability cover?

Vulcanoid

Oh yeah, on this topic, you can avoid yourself my slight blush with a little thought - got my insurance, was handed two plates to put on the truck, fixed them on, driving it out the lot, dealer flagged me down. I wondered what was up. He announced the first cop car that saw me was gonna pull me over. That I'd be fine, 'cause I had valid insurance. But the one with the sticker on it really needed to be on the back (it's a date that marks when your insurance is valid until). Agent probably didn't think to mention it because it was obvious to her, whereas I'd never noticed cars had it 'cause we don't do that in Britain

tweed_wearer

Thanks Rich, no idea about the car to be honest. Car choice depends on the insurance and insurance depends on the car choice! Do they have 'insurance groups' for vehicles as we do in the UK, e.g. a Fiat Panda is group 2, Maserati Quattroporte is group 50? That would be a really useful resource when looking at cars. $4,000 is outrageous. I would just plain refuse to drive. $1300 I could live with.

R I C H

No, I'm not aware that in BC cars are grouped like the UK. The make/model/engine size is far less critical in determining your premium compared to your location, experience and no claims history.

scrubbedexpat091

Age doesn't seem to make much difference at all. A 1998 vs 2010 was only 20 difference per month, I almost fell off my chair when she gave us the new price because I was expecting a larger increase.

JonboyE

By far the most significant influence on your premiums is the number of years of at-fault accident free driving. As far as ICBC is concerned, if you can't prove this in the form they require then you will start with none.

The third party liability only type insurance (legal minimum) is about $1,500 at the base rate. Comprehensive insurance with a decent third party liability limit (the TPL policy only has $200,000) is likely to be in the $2,500 + range. These are White Rock rates. It will be a cheaper in rural locations. Make/size/age of car can make a difference but it will be in the order of $100 or so. The premiums will also be a bit higher if you use your car for business on a regular basis.

Aviator

Also included in the calculation is the theft rate of a specific vehicle and repair costs.

We're paying $1600 for a new Pickup and $1200 for an old beater, with $5m liability and comp, 43% discount and Roadstar plus.

tweed_wearer

As well hung for a sheep as hung for a lamb. BMW M5 it is then.

beckiwoo

Good to know. $1600 is better then $4k

I've just done monthly car insurance in the UK and I will never is it again so yes I guess paying for a year up front would be a better plan.

scrubbedexpat091

Payment plan isn't that hard to get set up on, they just need a voided check or a form from the bank with proper account info. RBC for example lets me print a voided check online, so don't even have to buy cheques.

There is some interest added when on a monthly plan, but its not much overall. You do 6 months monthly plans when new to BC and haven't had a payment plan with them, and then eventually you can get moved up to a 12 month plan.

Of course paying in full is an option as well, I just don't know anywhere who does because they don't have the large amount of cash laying around.

beckiwoo

Eh??? If you have a 12 month plan and your insurance is $2,500, would you not just pay the amount via credit/debit card?

scrubbedexpat091

We don't have that large amount laying around to pay by debit card. We could put it on a credit card, but we could not pay it off all at once, and the interest on the CC is higher then what ICBC charges to finance the amount over 12 months.

Our payments per month with interest comes to 125 something per month, or 1,500 per year. 125 per month is doable, 1,500 at once, not doable.

beckiwoo

Apologies I didn't mean to be insensitive or naive. Was just a little confused but I understand what you are saying in regards to the interest

Aviator

The interest rate is relatively low. It helps some folk low income folks budget. Some choose to do it that way. We have several vehicles and pay them all monthly. Very low interest rate spreads out the premium from all going out at once.