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Personal PlanningICBC Changes


This article was reviewed by Chris Singer, CFP®.

Is your head spinning from the new changes that ICBC has made to the insurance premium calculations? Don’t get caught in the dark as you may end up with potential gaps or holes in your coverage.

Here are some of the highlights that you should pay attention to. The changes went into effect as of Sept. 1, 2019, so when you renew your car insurance you may notice a difference.

Accidents are now Based on the Driver not the vehicle. It used to be that if someone got in an accident while driving your vehicle that your insurance would take the hit. It is now based on the driver.

Experience Rating for a new driver now starts when they receive their N designation not their L.  Some young drivers delay getting their drivers licenses but it is worth it financially to get them as early as they can so they can start accumulating their years of safe driving and earn premium discounts sooner (as long as they are accident-free).

You now need to List the Drivers that use your car. Even if someone in your household (or an employee) borrows your car once, they need to be listed. For someone that does not live with you, they only need to be listed if they use your car more than 12 times per year.

The driver portion of your Premiums are Calculated based on a blended rate.  75% is based on experience and crash history of the principal driver and 25% is based on the same criteria for the highest risk driver listed on the plan. The other listed drivers do not affect the plan.

Please make sure to review your individual policy with an Autoplan broker as there are a lot of areas that could affect your specific situation.

For more information see ICBC’s website:

Additional Readings: Guide to Insurance in Retirement