How Does ICBC Insurance Work?

Jan 18, 2021 11:20 AM ET

iCrowdNewswire   Jan 18, 2021  6:20 AM ET

ICBC refers to the Insurance Corporation for British Columbia, a car insurance company working for public services. They ensure car driving licenses and reparations for the victims in several road accidents.

Sometimes, ICBC insurance policy and their determination of compensation might seem a bit complex and unjustified. Moreover, it has become quite expensive nowadays. Let’s learn in detail about how ICBC insurance works in the next section.

How Does ICBC Insurance Work?

ICBC insurance provides car driving licenses for safe driving, and they offer premiums and other car insurance policies which help you in time of any danger. For example, if you face any car accident and get injured or your property gets damaged, you can claim your reparations to ICBC.

ICBC then appoint an adjuster to review and analyze all the details regarding your report and the accident. Depending upon the seriousness of your injury and damage, ICBC fixes an amount as compensation for your loss. In that case, your ICBC insurance policy or premiums would provide you great support.

In the case of analyzing the accident’s proofs and evidence, the other party might seem partially guilty. And of course, the other driver also possesses an ICBC car insurance policy. So, the party could also claim their compensation against your insurance, although the amount is less.

Basically, when a driver reports a claim to ICBC, they try to connect with the accused driver’s insurance policy and make reparations from that insurance for the victims. Thus, ICBC insurance works for the victims’ welfare in several road accidents and makes the drivers aware of safe driving.

How Is ICBC Insurance Calculated?

ICBC insurance is basically calculated based on the persons who mostly drive or use the vehicle. In case of renewing your insurance or a report being charged against your insurance, you might face the following questions:

  • Your age
  • Your profession
  • Who uses the car most?
  • Have you renewed your insurance ever?
  • A list of the drivers or persons who use the car now and then
  • C. license number
  • Birthdate
  • Vehicle details

For the major portion of your basic insurance premium, ICBC will decide from the driver who mostly uses the vehicle or the main accused driver. The portion can be almost 75% of the total premium. The rest, 25%, will be made from the other listed drivers, based on who is at the highest risk.

Drivers’ insurance coverage mainly depends upon the areas they live in, such as within or outside B. C. According to the IBC(Insurance Bureau of Canada) report, annual coverage for British Columbia drivers is $1,832 on average. If you live within the B.C area, you might have to pay the same coverage annually.

Why Is ICBC Insurance So Expensive?

ICBC insurance policy becomes so expensive nowadays. One of the basic reasons is that it faces a huge loss of almost $1 Billion in recent years. The other cause is that it offers third party liabilities and the premiums or compensations more suitable for the drivers.

No other insurance companies do this normally. Personal injuries and damages, ICBC includes third party liabilities regardless of the two parties involved in a car accident. It offers no-fault benefits for the drivers in which the drivers get huge compensations if they get proven entirely innocent in causing the accident. In that case, the involvement of a third party is merely unjustified.

Again ICBC involves policies that are entirely not related to the insurance policies of the drivers. They do so on behalf of the government free of cost for safe traveling. It enhances the ICBC insurance cost as well.

On the other hand, ICBC ensures the same reparations for all professional persons, which is also unjustified. For example, a student being victimized in a car accident is getting reparations for wage loss, which is just baseless. It increases the expenses from the accused driver’s insurance policies.

What do ICBC Lawyers do?

ICBC policies, insurance, adjuster, and other things, people generally find a bit difficult. You already know that it offers equal compensation to the people of all professions.

So, in that case, if you are guilty, you have to pay more from your car insurance for the victim, but it may not be justified to you. You better contact an ICBC lawyer who can best help you in all the issues.

Moreover, he will try to handle all the things by himself on your behalf. Having a lawyer would lessen your hassle to a great extent.


Finally, you have almost a clear idea about how ICBC insurance works. You have learned both the positive and negative sides of ICBC insurance and also the importance of having an ICBC lawyer.

Hopefully, all this information will help you out the most in your future cases. Overall, ICBC works for the public and especially the drivers to ensure safe driving and life as well.