Government and ICBC have announced proposed changes to improve the fairness of how Basic insurance premiums are determined by ensuring drivers are held more accountable for their driving decisions. The goal is to ensure drivers pay premiums which better reflect their risk.
How these proposed changes may affect the collector plated vehicles include:
Collector rate classes (as well as motorcycles) will not be eligible for the proposed low kilometre discount (vehicles driven less than 5k km in a year).
- Pricing for rate classes, such as collector vehicles and motorcycles, already reflect low kilometres travelled as most of these vehicle are not used year round.
- Note that the discount eligibility is on the collector rate class, not collector plate. Customers may have a collector plate with a non-collector pleasure use only rate class 001, 021, 005, or a non-collector motorcycle rate class (when owns or jointly owns a collector vehicle and does not own a general transportation vehicle with active licence and insurance).
- Odometer collection will start on Aug 23 for policies that renew Sept 1 onwards or new policies starting Sept 1. Note only annual policies will be eligible for the discount.
Collector vehicle owners will need to list all regular drivers of their vehicles.
- If others periodically drive their collector plated vehicle to events, etc. they will have the option to purchase the ‘unlisted driver protection’, which will start at $50. This protection allow the occasional use of the vehicle by anyone who is not a household member or employee of the registered owner or principal driver (those drivers would need to be listed).
Under proposed changes, collector rate class will see a slight decrease rolled out over 10 years, however collector motorcycles will see a small increase.
We’re also updating the territory factor so depending on where the vehicles are kept can see increases or decreases. Changes to territory would also be rolled out over 10 years.
In addition, under the proposal customers with more years of driving experience and no at-fault crashes would see greater discounts compared to today. The proposed model recognizes up to 40 years of driving experience compared to today where customers stop receiving additional Basic insurance discounts after nine years of crash free driving.
The announcement and the details of all proposed changes can be viewed at icbc.com/change. ICBC is committed to ensuring its stakeholders are prepared for these changes prior to a September 2019 implementation.