iCrowdNewswire Jan 18, 2021 6:22 AM ET
After an accident, if you are the victim, you will definitely file for a settlement with your insurance company. But sometimes, when you are guilty, and you are the one who was responsible for that accident, ICBC will pay you a minimal settlement.
This settlement is also known as basic coverage because it includes hospital bills, rehabilitation costs, and many more. This payment can vary depending upon your situation. If the case is severe, it will go up to the maximum.
So, how much does ICBC go up after an accident? Keep reading to know.
How much does ICBC go up after an accident?
The accident or incident always affects the insurance rate as the rate will depend on the situation and the seriousness of the accident. A serious accident that made the victim disabled permanently, and an accident will minor injuries cannot be the same.
So, the compensation for the injuries can also vary. The insurance rate determines your fault percentage. If you are 25% responsible for the accident, the amount would determine by this percentage. This is how, if the injuries cause you any serious or permanent disability.
Then the ICBC insurance coverage will pay the maximum. In that case, they can pay you up to $300,000. This amount can be given weekly, monthly, or yearly basis. Because when you will need a monthly hospital bill for your long term treatment. Thus, the insurance company will provide the payment in that way.
Now, let come into the factors that affect the amount of settlement.
What Is Basic Insurance Coverage?
Whether you are guilty or not. If you claim for a settlement to the insurance company, they will still pay you some basic coverage that you needed—for example, medical costs, doctor bills, and so on. After an accident, you need to go through the medication and a lot of things.
In some cases, if your damages or injuries are so serious, you may need a long time to recover from those losses. In simple words, the more serious your injuries or damages are, the more you can expect to get from the insurance company.
After an accident, the losses can be several. Among them, medical expenses and lost income are quite common. So, the coverage for these losses in the following;
· Medical and hospital expenses:
If you are injured in an auto accident, no matter you are responsible for that damages or you are the victim. In both cases, you deserve some amount of settlement from the insurance company. And this settlement is mainly for your medical and hospital costs that you had to go through after the incident.
The amount of your settlement will depend on the seriousness of your injuries. In some cases, when the injuries are so fatal, it requires future treatment or long term treatment. In that case, you will get a long term settlement for your future hospital bills.
ICBC basic insurance coverage for these kinds of situations can pay you up to $300,000. It is tough to determine the exact amount of settlement without knowing the situation. So, this amount can be more or less, depending on the seriousness of your injuries.
· Lost income:
After an auto accident, you may lose some working hours due to lost income or earning. In some cases, it makes you unable to work for a long time. In that time, of course, you have some lost wages and income. Under the ICBC basic insurance, you will get almost $700 per week as lost wages for such cases.
What Is Optional Insurance Coverage?
Besides medical expenses and lost wages, some damages need to be covered in the insurance settlement. Among them, vehicle damages repair cost, asset loss is quite common. That is why there is also some optional insurance coverage.
Optional insurance coverage can be divided into two sections.
One is when you will have collision coverage, and another is when you do not have it.
So first of all, when you will have collision coverage, no matter you are at the guilt or not. The insurance company will pay you for the loss that you had.
That settlement will cover all your damages, repair costs, hospital bills, and many more. On the other hand, when you do not have the collision coverage and responsible for that accident, you have to pay the full costs for repairing the damaged vehicle.
The bottom line:
The circumstances of an auto or motor accident can be several. In some cases, you can be the victim, or sometimes you can be responsible for the accident. No matter what the cases are, you need to inform your insurance company immediately after the accident.
You may need to go through some legal process to obtain the insurance coverage. That is why it is always advisable to seek professional help who can assist you in this claim procedure (i.e., ICBC surrey). Hopefully, you have known about the ICBC insurance company coverage and how much does ICBC go up after an accident from this wiring.