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Understanding ICBC

At Tom’s Custom Auto Body, we understand navigating the Insurance Corporation of British Columbia (ICBC) can be daunting so we’ve put together an easy guide for you to follow. If you have any questions, please don’t hesitate to give us a call or go to your nearest ICBC insurance broker.

Basic Autoplan

ICBC Basic car insurance is mandatory in Vancouver and across British Columbia. It helps ensure all British Columbians who own and drive a motor vehicle are protected with some type of insurance. This coverage covers you with five basic components:

  1. Third Party Liability Protects you from claims made by other motorists for injuries or damage if you are found responsible for a crash to a maximum of $200,000.
  2. Accident Benefits Pays for injury costs such as medical expenses, rehabilitation and loss of wages, or even death.
  3. Underinsured Motorist Protection Covers you and your passengers if a motorist causes a crash but has no or very little insurance.
  4. Protection Against Hit-and-Run and Uninsured Motorists. As the name suggests, covers you if you are injured or killed by a hit-and-run or uninsured motorist to a maximum of $200,000.
  5. Inverse Liability Coverage Covers you for damage to your vehicle in other parts of Canada and the U.S. where the law restricts you from recovering your losses from a driver who causes a crash.

Optional Coverage

You can also choose to buy extra coverage for you, your family, and your car with Optional Autoplan products listed here:

  • Extended Third-Party Liability Insurance
  • Collision
  • Comprehensive
  • Road Star
  • Roadside Plus
  • Loss of Use
  • Excess Underinsurance Motorist Protection
  • Vehicle Travel Protection
  • Other Coverage Options

What Affects Your Premiums?

There are basically six different points that affect how much you pay for insurance. For a more detailed explanation visit an automobile insurance broker.

  • What you use your vehicle for
  • Where you live
  • Your claim history
  • Level of protection
  • Your deductible
  • The vehicle you drive

Commercial Insurance

If you use your vehicles for a business, it is usually beneficial to get commercial insurance from ICBC. There are a few different options.


Businesses that can benefit from Fleetplan include transport operations, trades and smaller companies.

Minimum Requirements

  • You have five or more motor vehicles that are registered or leased to you
  • or your company, and the vehicles are primarily used for commercial or business purposes.

Nonfleet Commercial

If you're insuring 5 to 19 motor vehicles, you can choose whether or not to have a Fleetplan. However, if you have 20 or more motor vehicles insured for commercial or business use, Fleetplan is mandatory.

Coverage for Luxury Cars

in British Columbia Certain luxury vehicles are considered to be high-value vehicles and are charged higher insurance premiums. Some luxury vehicles may also require their owner to obtain additional damage coverage, which includes collision, comprehensive, and specified perils coverage.

What is a high-value vehicle?

The demand for luxury vehicle insurance has grown substantially. Porsche, Audi, Bentley, Lamborghini, Ferrari, BMW, Mercedes Benz, Rolls Royce, and other brands are common in Vancouver but need different insurance than other vehicles. That means owners may need review their auto insurance coverage and may have to go to a private insurer.

A high-value vehicle is a B.C. registered, private passenger luxury vehicle with a manufacturer’s suggested retail price of:

  • over $150,000, with a model year that falls within seven years of the current year or
  • over $400,000, with a model year that falls within 14 years of the current year.

For more information give us a call or talk to the specialists at Tom's Custom Auto Body to an automobile insurance broker.

Give Us a Call: 604-931-3441