ICBC charges more for EV

[hohohong]

I just returned from Insurance broker. They told me ICBC charges about $600/year more for EV. I didn't get a quote from private company. The collision part costs a lot more.

For max discount at -20 (43%), my model 3 (75 4DR,... that's what listed in the drop down menu) will cost me $2800.

Regular ICE will cost me around 2200.

They said battery costs a lot more to repair.

 

[S'toon]

Aye. Someone mentioned that in another thread.

I don't understand ICBC.
SGI, another crown corporation charges $138/month base price, before good driver discounts.

 

[BEPA400]

I just returned from Insurance broker. They told me ICBC charges about $600/year more for EV. I didn't get a quote from private company. The collision part costs a lot more.

For max discount at -20 (43%), my model 3 (75 4DR,... that's what listed in the drop down menu) will cost me $2800.

Regular ICE will cost me around 2200.

They said battery costs a lot more to repair.

Bizarre, insurance on my 2015 leaf is not expensive at all, totally comparable with my old VW. I doubt that actually applies to ‘all EV’s’ Maybe just brand new Tesla’s are $600 more..?

 

[Vawlkus]

That’s such horseshit. The battery is warranted for 8 years. There is next to ZERO data to back a claim that it costs more for the battery.

 

[rypalmer]

That’s such horseshit. The battery is warranted for 8 years. There is next to ZERO data to back a claim that it costs more for the battery.

What would warranty have to do with a repair claim covered by insurance?

 

[Webeevdrivers]

What would warranty have to do with a repair claim covered by insurance?

Yah you beat meat me to it. Insurance companies are not usually in the extended warranty business. Usually just deal with collisions.

 

[Funkmobile]

I just returned from Insurance broker. They told me ICBC charges about $600/year more for EV. I didn't get a quote from private company. The collision part costs a lot more.

For max discount at -20 (43%), my model 3 (75 4DR,... that's what listed in the drop down menu) will cost me $2800.

Regular ICE will cost me around 2200.

They said battery costs a lot more to repair.

What coverage did you get for $2800?

My Coverage:

• 43% Discount
  
• Rate Class 023 (drive to work less than 15km)
• 10 Year Experience Driver discount
  
• $300 Deductible (Collision and Comprehensive)
• $2 Million 3rd Party Liability
• Road Star Package ($25/year)
  
• Custom License Plate ($45/year)
• Replacement Cost insurance through Aviva

Total per year: $2,553

 

[bwalter]

The cost of ICBC coverage on my M3 AWD is comparable to my 2015 Subaru Outback 2.5i Limited. It is higher, but we're comparing to a car that's 4 years older and cost nearly 1/2 as much.

What ICE vehicle are you comparing to, because your $2200 is lower than my Outback also will full discount. My understanding is the Model S has high repair costs, due to costs of parts and the fact that it's aluminum. Obviously the cost to write it off would also be very high. Did you include replacement cost coverage in your comparison? I know that was a huge amount that I ended up passing on.

 

[hohohong]

What coverage did you get for $2800?

My Coverage:

• 43% Discount
  
• Rate Class 023 (drive to work less than 15km)
• 10 Year Experience Driver discount
  
• $300 Deductible (Collision and Comprehensive)
• $2 Million 3rd Party Liability
• Road Star Package ($25/year)
  
• Custom License Plate ($45/year)
• Replacement Cost insurance through Aviva

Total per year: $2,553

Mine:

• 43% Discount
  
• Rate Class 021 (Pleasure)
• 10 Year Experience Driver discount
  
• $300 Deductible (Collision and Comprehensive)
• $3 Million 3rd Party Liability
• Roadside plus ($48/year)

 

[hohohong]

The cost of ICBC coverage on my M3 AWD is comparable to my 2015 Subaru Outback 2.5i Limited. It is higher, but we're comparing to a car that's 4 years older and cost nearly 1/2 as much.

What ICE vehicle are you comparing to, because your $2200 is lower than my Outback also will full discount. My understanding is the Model S has high repair costs, due to costs of parts and the fact that it's aluminum. Obviously the cost to write it off would also be very high. Did you include replacement cost coverage in your comparison? I know that was a huge amount that I ended up passing on.

My ICE is 2015 Lexus IS250 AWD

I had replacement, but privately thru Optiom.

 

[bwalter]

My ICE is 2015 Lexus IS250 AWD

I had replacement, but privately thru Optiom.

Sorry, I thought you had a Model S (the 75 in the dropdown made me think that). $2800 for a Model 3 sounds a bit on the high side. I forget exactly what my Model 3 LR AWD was, but I thought it was more like $2600.

I guess it also depends on whether you have any drivers with less than 10 years of experience allowed. Now that I think of it, my Subaru is insured to allow drivers with under 10 years experience, but my Tesla is not.

 

[hohohong]

This is the quote. Did I select the wrong car?

 

[Werdna]

This is the quote. Did I select the wrong car?

There is also an option for Model 3 50 4DR. I assumed this refers to battery pack size so the SR+ would most likely be this one. Looks like it makes a difference to the price.

 

[bwalter]

This is the quote. Did I select the wrong car?

So your's is for pleasure use, and mostly it's a bit lower than mine, but I went with $500 deductible for collision. You save over $150/year by being willing to pay an extra $200 in the case of an accident. Seems like a scam to make extra money from people that want the lowest deductible. In fact, it may be worth going even higher on the collision deductible, but I didn't look into those rates.

I was also remembering before the fees, which add another $100.

 

[Funkmobile]

This is the quote. Did I select the wrong car?

I believe it's due to ICBC increasing rates in general on April 1, 2019:

ICBC applies for significant hike on all basic insurance rates in B.C.

My rate was set back in 2018 hence the difference we are seeing.

 

[AdamMacDon]

I'm gonna be paying just over $1800 a year. 10 year safe driver discount, pleasure use, collision and comp, plus 2 mil liability. The replacement insurance was ridiculously expensive (added 500 bucks) so I said no thanks.