The price of car insurance in British Columbia is based on several factors such as:
Your driving record, i.e. your driving history
Your permanent address: it won’t be the same price if you live in a crowded city or in the countryside.
The sort of vehicle you drive: depending on the vehicle you drive, your premium will increase or not. If it is a really a model that can be taken illegally with facileness, your premium will get higher.
The routines you utilize your vehicle for: are your journeys to and from work daily, for example? Do you use your vehicle for business purposes?
The number of people insured on your car insurance and their driving level
The date you obtained your driver’s license
Third party liability: did you choose $1,000,000 third party liability? More? Less? This changes your premium a lot.
The optional coverage: did you add accident forgiveness for example? Roadside assistance? Same, this impacts your premium.
Before subscribing any car insurance plan in British Columbia, do not forget to compare best car insurance plans and pick the best option for you.
Car insurance quotes British Columbia
On average, car insurance in British Columbia is more expensive than other region in Canada.
British Columbia drivers pay $1,830 on average for their car insurance coverage per year. This is much more than other regions in Canada, and it is due to lack of competition in British Columbia, as car insurance is mainly public.
What are the best discounts offered by car insurances in British Columbia?
British Columbia auto insurers offer many discounts to save money on your insurance. Here are some of the best discounts known:
Young driver discounts
Many insurers offer discounts for young drivers because the insurance premium for young people is quite high.
You can benefit from a discount if you are part of a group, this can be members of an association, employees of the same company etc.
Discount for experienced drivers
You can get a discount if you have a good driving record and are over 50 years old.
Discount for combined policies
You can get a discount by combining your car and home insurance for example, the discount is often between 5% and 15%.
Discount for winter tires
It’s snowing in British Columbia! That’s why insurers often offer a discount if you add snow tires to your vehicle.
You may be eligible for a 15% discount on Accident Benefits
Your loyalty can be rewarded by some insurers, if for example you have been with them for many years without having caused any accidents. You may also be eligible for other discounts depending on the auto insurers in Ontario:
Adding security to your vehicle
15 ways to get cheap car insurance in British Columbia
Whether you live in Quebec (where they enjoy Canada’s lowest insurance premiums) or BC (where the cost of living is no joke), getting the best auto insurance rates from top insurers is on the mind of any driver, especially when it comes to renewal time. There are helpful tips that even seasoned drivers don’t know about.
If you’re getting automobile insurance for the first time, fear not. You may find many or any of the following tips below apply to you as well. Here are our 15 ways you can save on auto insurance.
How to get cheaper auto insurance
1. How much coverage do you need?
Depending on the age of your car, where you live and what your driving habits are like, you may not need a fully-loaded policy. Reviewing your policy annually, how much your car would go for if it had to be written off (collision coverage), etc. and cutting the excess could lower your annual premium.
Of course, find the right balance with what you’re comfortable doing. If you feel better having the coverage “just in case”, then your peace-of-mind may not be worth saving a few extra bucks every month. Just like with a higher deductible, this is all based on your comfort level.
2. What about usage-based insurance?
Usage-Based Insurance (UBI) or telematics is a “pay-as-you-drive” insurance plan that is based on the kind of driving you actually do versus what the insurance company thinks you do.
Thanks to modern technology, UBI can track your distance travelled but also captures how safely (or dangerously) you drive. Drivers with UBI policies can save up to 30% off their yearly premiums. The downsides are the lack of privacy, lack of accuracy in some instances, and penalty fees for the driver if the technology detects reckless driving.
3. Good credit
Your credit history is a fundamental part of your finances, and insurers look at an applicant’s credit score to determine how liable they might be. A low credit score and poor history can affect the rate that you’re quoted, so it’s important to make sure that your credit report is up-to-date and clear of any mistakes.
Before inquiring about car insurance, make sure your credit report is in good shape.
4. Drive safe
Most Canadians don’t know that adding features that improve your road safety, like snow tires or an upgraded alarm system, can reduce your premium! The rules vary province-to-province.
If you regularly change your tires every winter, keep your receipt and tire information when you call your provider. Let your provider know about your winter tire change routine. They may offer a slightly smaller discount for using them.
5. A clean record
Things like traffic tickets, demerit points, and multiple accidents on your driving record can negatively affect how an insurer calculates your coverage. Multiple driving violations could spike your rates, which could mean that you’ll be spending more compared to someone with a clean driving record. How you drive has a huge say on how much your car insurance will be, so not only is it important to keep this in mind when you’re shopping for quotes, but it also means that you must comply with the law if you want to prevent a raise in price.
6. Your car’s safety rating
Vehicles that have excellent crash test ratings, have low-theft scores, are not sporty or attract lots of attention generally get cheaper rates. Sure, it may be fun to drive a hot red sports car, but is it worth the premium? You decide.
7. Bundle policies together
Do you have renters, homeowner, boat, RV, motorcycle insurance? Do you have multiple people in your home that also need car insurance? Some providers offer steep discounts for bundling your insurance services, ranging from 5%-25% per policy.
8. Consider a higher deductible
If you’re comfortable with a greater out-of-pocket cost to you in the event of an accident, then you can consider a higher deductible, say $500, or $1000 as examples. Some companies could let you go higher than that.
9. Shop around
Insurance is not a one-and-done purchase. If you live in Ontario, you probably pay some of the highest premiums in the country.
But if you’re in a high-competition province, shop around for the best rate. Online reviews will help you learn a lot about which providers offer the greatest value.
10. Don’t miss a payment
This may not be something you can do at the onset of finding a new policy, but it’s rather a maintenance approach. If you think you may miss or be late with a payment, be proactive and call before your payment is due.
11. Loyalty pays off
This may sound antithetical to the previous tip, but depending on the company, it may benefit you more to stay with your existing provider.
Some companies do offer nice loyalty discounts when their customers reach milestones. Check in every few years, or call them upon renewal time and ask if they have a loyalty discount.
12. Uninterrupted history
Gaps in insurance history could keep your premium higher.
Even if you don’t have a car right now, see if you can get yourself added as a secondary driver to a family or trusted friend member’s policy to keep gaps off your driving history.
13. Pay your premium all at once
Some insurance companies offer a decent discount on your premium if you pay all at once at your policy renewal time. They may offer a slightly smaller discount if you pay bi-annually, too. Another bonus to this is that you’ll naturally avoid the risk of missing a monthly payment and policy cancellation.
14. Join the club
Being a member of an organization or alumni group can give you a discount on your insurance premiums. When you shop around, write down what you’re a member of and ask the provider if they have group discounts.
15. Shop pre-owned
If your vehicle has lower market value, you may be better off saving the money on collision and comprehensive coverage. This is because your insurance policy only pays out the value of the car if it’s written-off in an accident (totaled) or stolen.
What qualifies as “comprehensive” and “collision” can vary province-to-province, so make sure you check what your policy covers specifically before removing these protections.