Insurance in BC

I just got a renewal note in Victoria for $2200 with maximum discount, $3M liability, 300 deductible and full replacement.

They had the ICBC agent there to do the transfer and complete the insurance transaction. Easy...

I am wondering if anyone has had any luck with third party insurance for the optional ICBC portion? Or third party new car replacement insurance? I am looking at $2,600 and $600 respectively when I renew, for the lower mainland.

ICBC is such a ripoff and I hope there are some alternatives, however small.

I went with Canadian Direct with a savings of about $1300 because I have my house insured as well. I have used them for years. If you just want the ICBC mandatory portion they won't send an agent but there is a cooperators just on Hastings about 3 mins east. I got a quote from CDI beforehand then when it was transferred into my name I just made a phone call and poof I was insured.

I recently went to renew & Canadian Direct saved me about $1500! Plus they insured me for $1M more than ICBC. They are highly recommended.

I also saved nearly $1000 with CDI. Sounds like an infomercial but my own agent was shocked at the savings!

Has anyone tried with BCAA for insurance? Speaking of insurance, do we just go to the agent with our VIN prior to delivery? Are taxes paid to ICBC at time of registration or to Tesla prior to pick up? Thanks.

Well, finally took delivery today. Had all kinds of problems trying to get insurance from ICBC prior to paying for the vehicle. They wouldn't accept the NVIS that Tesla gave me until all other documents were signed. I initially got a quote of $2100 or $2700 if you want new vehicle replacement. Well, today I had to lower my coverage a little bit, got $2 million, $500 deductible, new vehicle replacement (must be 70% damage, costs $300 more if you want only 50% damage). With my 43% road star discount, it came out to be just under $3100. Their quotes are not valid for more than 1 day. Can't believe it went up nearly $400 in only 2 days. Either way, that's just expensive.

@hpjtv,
I hate to sound like a commercial for these guys but did you try Canadian Direct? When I renewed again this year they saved me another $1,300 again. Last year they saved me $1,500. And for more coverage at that.

Hmmm... I wonder if this means some of our higher end insurance could be lower since in private hands I'm sure there will be less overhead?

ICBC will refuse to offer basic insurance on vehicles worth more than $150,000 once the law is changed next spring, said Stone.

Luxury car owners will have to go to private companies to get basic insurance. ICBC will maintain its monopoly on basic insurance for everyone else.

Until the law is changed, high-end drivers will find their premiums doubled to cover the skyrocketing cost of repairing their vehicles, which Stone said is now being borne by ordinary ratepayers. The change doesn’t apply to limos, trucks, motorhomes or collector vehicles.

It costs up to six times as much to repair luxury cars in an accident as an ordinary vehicle, and the number of luxury vehicles on the road has risen 30 per cent to 3,000 in the past three years, said Stone.

ICBC officials illustrated the situation by pointing out repairs to the bumper on a Ferrari cost $6,000 compared to $390 for a Toyota Corolla, and yet the basic insurance premiums for drivers of both vehicles were comparably priced.

The number of super-high-end exotic sports cars has nearly doubled over the past six years on Metro Vancouver streets, from 1,300 vehicles in 2009 to 2,500 in 2015.

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Paul Carter said:

Hmmm... I wonder if this means some of our higher end insurance could be lower since in private hands I'm sure there will be less overhead?

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I wondered the same thing. I've been using CDI because they gave me a better deal than ICBC... but maybe CDI will use this as an opportunity to jack their rates up while still remaining slightly cheaper than ICBC? I won't be happy if that happens. The S probably represents a much lower insurance risk in terms of human body damage, even if car body risk/cost might be higher. It strikes me that human damage payouts have the potential to greatly exceed car costs, so if anything the rates should be more competitive than comparably-priced cars from other manufacturers.

Effective January 8, 2017

Basic Autoplan insurance will double when you take out a new policy or renew an existing policy for most vehicles over 150k.

And to purchase Autoplan collision, comprehensive, or specified perils coverage you may also need to apply for customized special risk own damage coverage.

Coverage for luxury vehicles

Has anyone renew in the past two days? Please do tell if the customized special risk applies.

Phew! Because I bought the 90D instead of the P90D, I skirted this one!

Of course, this is hilarious because it costs exactly the same to fix the body work on my 90D as it does a P90D or a P100D. So ass backwards and not thought out.

I compared ICBC to 3rd party coverage when I purchased my car last month and the private insurance was substantially more. The difference however is that I live in Victoria and ICBC generally has lower rates for folks who live outside of Vancouver.

I pay $1,700 in Victoria, B.C., but I have all my deductibles set at $1,000. Really helps to bring it down.

My sister owns an insuance agency in Vancouver and when I got her to give me a quote from ICBC for basic insurance and all the optional coverage, it came out to $5600/yr for a XP100D. The deductible for claims will be 1% of the vehicle MSRP or close to $2400/claim on P100D.

My current insurance on my S90D is $2700/yr and my wife and I have the full Roadstar discount of 43%. I switched my order from a XP100D to a X100D the day Tesla announced the release of the X100D (Teslas were not on the luxury car list when I ordered the P100D in December). Luckily, my X was more than 3 weeks out from starting production. If your order is less than 3 weeks from production they will not allow you to make changes (even though MyTesla pages says it is still awaiting start of production) and you will have to cancel and lose your deposit for a re-order.

I won't have free Supercharging for the 100D, but I will enjoy the extended range and a savings about $2900/yr on insurance rates will pay for more than enough Supercharging.

Also, ICBC and Christy Clark's re-election campaign is pushing for legislation to allow ICBC to not cover the premium/luxury vehicles for basic insurance at all...I wonder what the rates will be from private insurers if this does happen. I didn't bother getting an actual quote from a private insurer since it would be more than $5600/yr that ICBC was quoting.

Finally got the approved quote for the optional 3rd party insurance via belairdirect (formally canadiandirect) for a X P100DL. Its great they are covering it at about half of the ICBC quote I got.

Its $ 2,425 / year with $300 deductible for collision and $200 for comprehensive. Includes replacement cost endorsement. Phew. ICBC basic coverage appears to be unchanged.

cmt489 said:

Phew! Because I bought the 90D instead of the P90D, I skirted this one!

Of course, this is hilarious because it costs exactly the same to fix the body work on my 90D as it does a P90D or a P100D. So ass backwards and not thought out.

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It's not only about fixing bodywork. If you write off a P vehicle, it costs the insurer a lot more to replace, whether on a replacement or actual cash value basis. Still, it's a cash grab, and an outrageous one at that. I'm glad to hear Paul Carter found cheaper coverage with a private insurer.

Canuck said:

It's not only about fixing bodywork. If you write off a P vehicle, it costs the insurer a lot more to replace, whether on a replacement or actual cash value basis. Still, it's a cash grab, and an outrageous one at that. I'm glad to hear Paul Carter found cheaper coverage with a private insurer.

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Basic insurance does not replace or give ACV on a vehicle. It is either your optional insurance or the third party liability insurance for the person who is at fault when they hit you. It has nothing to do with the basic insurance on the vehicle that is being insured.

Paul Carter said:

Finally got the approved quote for the optional 3rd party insurance via belairdirect (formally canadiandirect) for a X P100DL. Its great they are covering it at about half of the ICBC quote I got.

Its $ 2,425 / year with $300 deductible for collision and $200 for comprehensive. Includes replacement cost endorsement. Phew. ICBC basic coverage appears to be unchanged.

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I am also with CDI and they gave a great rate for my X.