Vancouver ranks as Canada’s most congested city for driving, according to surveys. While the scenic mountains and calming oceans may provide some respite from the daily commute, they won’t help you get to your destination any faster. The average annual car insurance premium in Vancouver, depending on fluctuations, is in the top 3 most expensive places in Canada.
Car insurance in Canada is required and each province has their own coverage mandates.
For drivers in Vancouver, BC, basic auto insurance is provided through the Insurance Corporation of British Columbia (ICBC), a public insurance company.
Mandatory Vancouver auto insurance coverage includes:
- Third-party liability
- Accident Benefits
- Uninsured motorist protection
However, there also is optional, and highly recommended, coverage available through both ICBC and private insurance brokerages and directly from private insurance companies.
Optional Vancouver car insurance coverage:
- Extended Third-Party Liability
- Loss of Use
- Rental Vehicle Coverage
- New Vehicle Protection
Did you know you can extend the mandatory third-party liability coverage up to $5 million either through ICBC or a private insurer? Be sure to view the table below for more explicit details.
In May of 2021, British Columbia will introduce no-fault insurance meaning you’ll only ever deal with your own insurance provider for claims, not that you can’t be found at fault. It generally limits your ability to sue for pain and suffering beyond what is available in your coverage.