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Automobile Insurance
1. Why do I have to buy at least some of my automobile
insurance from ICBC?
A: It is the law. In 1973 the Government of British Columbia
passed legislation mandating that the minimum compulsory coverage
required by all BC motorists be purchased from the ICBC. Motorists
then have the option of buying their optional coverage, such as extended
liability, collision and comprehensive, from ICBC or a private company
such as Family Insurance Solutions or Intact Insurance (formerly
know as ING Insurance).
Q: What is the benefit in purchasing optional insurance
from a private carrier?
A: In many cases, a private insurance carrier such as
Family Insurance Solutions or Intact Insurance can offer
comparable or even superior insurance options at a lower price.
In addition, private insurance companies often have more incentives
for their customers such as first-accident forgiveness and higher
discount levels.
Q: What is replacement cost insurance? Who offers it?
A: Replacement cost insurance designed to replace your
vehicle with a brand new one in the event that it is destroyed
or otherwise written off by your insurance carrier. If you do not
purchase this option, you will be compensated on an Actual Cash
Value basis, meaning you will receive from your insurance company
what the vehicle was worth at the time of the loss. This can lead
to problems for you, especially if you finance or lease your vehicle,
because your settlement may not be enough to pay off your obligation
to your finance company, leaving you personally responsible to
make up the difference.
Replacement cost insurance is available from nearly all insurance
companies on vehicles three years old or newer. Some companies,
such as Travelers Insurance, offer insurance for up to five years
from the time of purchase. We have the best replacement cost insurance
policy available through L'Unique General Insurance.
Q: What is Air Care?
A: Air Care is required annually on vehicles manufactured
in 1991 and earlier. Vehicles located in Greater Vancouver up to
Chilliwack are under this program. The cost is $23. Vehicles over
5000kg GVW, Farm,Hybrid,Electric,Vintage,Collector,Motorhomes over
3500kg,Motorcycles and 2003 & newer vehicles are exempt.
Q: How do I change the address or my
name on my BC driver license?
A: You must notify ICBC within 10 days if you change your
name or address. An address change can be done at your insurance
broker's office. To change your name, you must visit any Driver Services
Centre. icbc.com
Habitational Insurance
1. Q: I don’t
own the dwelling I live in. Do I still need my own insurance?
A: Yes. When you rent a dwelling, the owner’s insurance policy
only covers the structure itself and any property such as appliances
that the owner has placed inside the dwelling for your use. A Tenant
policy will protect your own property, as well as provide you with
personal liability coverage in the event of a claim.
2. Q: I own a condo in a Strata property. How does the insurance
work for me?
A: The Strata council for your property will have made sure that the common grounds
and the buildings/residences in your development are insured. As owners, however,
in order to protect your personal possessions, as well as ensure that any betterments
or improvements that you have made to your own unit are protected, a separate
Condominium policy is required. This policy also contains coverage for personal
and contingent liability should the need arise.
3. Q: My child is away at college. Is there any way to extend
our homeowners insurance to cover his property while he is there?
A: Many homeowners policies can be made to extend limited coverage to a dependent
student while they are living away from home. Please contact our office for more
information.
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