Skip to main content

UPDATES ON COVID-19: Situations are evolving rapidly. Get the latest updates here.


Contact us by phone (1.888.741.1010) or WebChat* for banking or insurance related matters Monday to Friday 8am-7pm and Saturdays 8:30am-4pm (Note that call volumes are really high everywhere right now, and we appreciate your patience). 

Please note: The 2020 Board of Directors election runs until March 25th. Be sure to vote.

 
6 ways to save with ICBC

 
December 2, 2019    3 minute read

 
ICBC's new method for determining insurance premiums might mean less money in your pocket. Here's what you can do.

On September 1, 2019, ICBC introduced a change in the way they calculate insurance premiums, with driving experience and crash history now playing a greater role. If you’re looking for ways to lower your insurance costs, then look into these additional savings sources. Here are your options:  

Ways to save on car insurance

  1. Drive less – a new, 10% ICBC discount will apply if you drive less than 5,000 km/year
  2. Don’t drive to work – Take a bus or bike instead because a ‘pleasure use’ rating means a lower premium
  3. Don’t get into accidents – Lower your Individual Driver Factor (IDF) by being a good driver
  4. Purchase an annual policy – it’ll help avoid short-term fees or financing charges
  5. Get your driver’s licence early – When you move from an ‘N’ status, you have more time to drive accident-free, which will positively impact your IDF
  6. Opt for higher deductibles – This is the amount you pay in a claim before ICBC covers the rest. The lower the deductible, the more your insurance will end up costing

As part of ICBC’s driver-based insurance model, every driver in B.C now has a driver factor – a 3 decimal point number that represents your risk on the road. The lower the IDF, the lower the driving risk, the lower the premium.

Want to learn more about Individual Driver Factor and how it impact your ICBC Insurance? Click here to find out more.