featured image 10th Oct

What is Private Auto Insurance – Extending Beyond ICBC Basic Coverage

We’ve found that quite a few drivers have very little understanding about the relationship between the Insurance Corporation of BC (ICBC) and Private Auto insurance. Private Auto may be used as a companion to ICBC and can be used to embellish and layer on top of ICBC’s basic coverage.

All BC residents are required by law to purchase the Basic Coverage Policy from ICBC. Fortunately, many Insurance Brokers are authorized Autoplan providers and can offer the basic coverage as well as layering on their own extended policies.

What’s Included in the ICBC Basic Coverage

When you purchase insurance from a Private insurance company, part of the overall policy will include the following coverage from ICBC.

  • 3rd Party Liability: This is the core of the plan. It provides a maximum of $200,000 coverage if you are at fault for an accident
  • Underinsured 3rd Party Motorist (UPM): This item provides up to $1million per insured individual if the at fault vehicle had too little insurance, or wasn’t insured at all.
  • Hit and Run: This portion guarantees up to $200,000 towards property damage and personal injury as a result of a hit and run anywhere in B.C.
  • Accident Benefits: This port of the basic coverage ensures reimbursement for up to $150,000 for incidentals including wage loss and medical expenses which might include hospital care, physio therapy, chiropractory, dental work and prescriptions.
  • Inverse Liability: The final policy item in the basic coverage is designed to protect you when local laws keep you from filing claims against the at-fault individual. This is more frequent outside BC and in the USA in particular. It will cover 100% of your vehicle, but will downgrade if proven to be partially at fault.

What does Private Auto Insurance Provide

Private Auto insurance allows you to extend portions of the ICBC basic coverage and add even more layers of protection. Some of the additional features of Private Auto insurance include the following.

  • Excess 3rd Party Liability: This portion extends the minimum requirement of the basic coverage from ICBC. Their minimum requirement is $200,000, Private Auto will allow you to increase that up to $5million.
  • Roadside Assistance: Basic ICBC coverage doesn’t include roadside coverage so this allows the private firms to compete with ICBC on policies that include roadside assistance. For ICBC this would be included in the RoadSide & RoadStar extended policies.
  • Excess Uninsured 3rd Party Motorist: ICBC only covers UPM claims up to $5million. This policy extension comes into play when the at-fault driver either has too little or no insurance at all. This addition would cover you and anyone in your household including pedestrians, cyclists and passengers in other vehicles.

What Harbord Offers for Extended Auto Insurance

Harbord Insurance offers a full range of extended Auto insurance by way of the AutoCover policy. AutoCover is the umbrella insurance policy which provides a whole host of additional comprehensive and add-on insurance for your automobiles and drivers.

Ask us about our Private Auto insurance options and how we may be able to save you money.

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