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Wondering how to get car insurance to work for you in a Covid world? ICBC’s latest update has some insights.

November 2, 2020
Auto Insurance, Insurance, News

Wondering how to get car insurance to work for you in a Covid world? ICBC’s latest update has some insights.

On September 10th, ICBC released their Q1 report for the period of April 1 to June 30 (during phases 1 and 2 of BC’s Covid-19 restart plan) So how much is car insurance per month possibly changing? How much is insurance if you decide to store your car? We read through the fine print to get some answers.

Will I get a Covid-19 rebate on my ICBC car insurance?

As a result of people staying home, there were fewer collisions and fewer claims – $329.5 million less than what ICBC had expected for the period. However, ICBC also took in lower revenue as customers made changes or cancelled policies. Options that affect your insurance could include providing a one-time relief payment to customers, rebuilding the financial health of ICBC to stabilize rates in the future, or a combination of both. ICBC says any decisions will be made by the end of the fiscal year.

(link to report: https://www.icbc.com/about-icbc/newsroom/Documents/Impacts-of-COVID-19-q1.pdf )

 How can insurance help you stay home and stay safe?

If you don’t need your car for a while due to increased remote working or just spending more time at home, you may want to consider changes to your policy. Talk with your Allwest broker about the possibilities of changing your coverage to pleasure use only, or about how to properly insure your vehicle if you want to park it for a while. (The first quarter of 2020 saw a 92% increase in British Columbians buying storage insurance, compared to the same time last year!) Contact your Allwest Broker to find out more.

Covid-19 is no excuse for driving uninsured. In a CBC report earlier this year, RCMP Cpl. Mike Halskov made it clear. “”There is no reason [or] excuse…If one fails to renew their insurance when due and continues to drive or is involved in a collision, they are subject to a violation ticket or, in the event of a crash, may not be insured.” Fortunately, it’s easy to get insured with Allwest. We have even dispatched drivers to help motorists get insured right at the roadside!

How much does car insurance cost to be delivered? Still no extra charge, with Door2Door!

At Allwest, we are continuing to help BC drivers stay insured and stay safe. With our Door2Door insurance delivery service, you can renew from the comfort of your home and have your policy and renewal stickers delivered with our touchless process, pretty much anywhere from Lions Bay to Abbotsford.