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I just renewed at BCAA today, here's the comparison:
Sept '18 - Sept '19:
ICBC Basic: $744
BCAA optional: $720
Sept '19 - Sept '20
ICBC Basic: $732
BCAA optional: $738
So it went up $6. Not bad.
Kelowna area is much cheaper to insure! I did get mine quoted, and it increased by almost $200 to $1,305, including replacement cost option. This is for Sep 13th renewal. I will get an ICBC cost after Sep 2nd with new ICBC rate changes. I will post it up next week.
FYI - the BCAA agent checked what the equivalent optional coverage would be through ICBC instead of BCAA - it was about double! It definitely helps to shop around for optional coverage (BCAA rates are incredible, IMHO).
Good point - does your coverage include a line item called "One Accident Forgiveness"? This is on mine, and gives me a little more peace of mind...BCAA rates are this low because they only serve low-risk drivers. I'm with them as well, but I always got this feeling that I better be extremely careful not to get anything at-fault because otherwise it's buh-bye with BCAA.
Good point - does your coverage include a line item called "One Accident Forgiveness"? This is on mine, and gives me a little more peace of mind...
Which company are you with? How much saving are you getting?
ICBC optional rate came down quite a bit. I just renewed my basic insurance with ICBC at $1050. The with the optional coverage ($3 mil/$500/$500), it came out to $2,143 excluding replacement cost coverage.
That BCAA rate seems high. I have very similar BCAA coverage and pay ~$2300.My Insurance is almost up for renewal,
Relevant Numbers:
My Current Coverage (all ICBC):
- 20+ years Driving Experience
- No at fault accidents in 20+ years
- No speeding tickets in 20+ years (knock on wood)
- Rate Class 023 (drive to work less than 15km)
- $300 Deductible (Collision and Comprehensive)
- $2 Million 3rd Party Liability
- Replacement Cost insurance through Aviva
Current (2018-2019) total per year: $2,553
This year quotes:
Total Renewal (2019-2020) per year (ICBC): $2,646 (+$93 compared to last year)
- ICBC Basic: $1,123
- ICBC Vehicle License Fee: $61
- ICBC Optional: $1,462
- BCAA Optional: $1,655
Total Renewal (2019-2020) per year (BCAA): $2,839
Maybe BCAA takes into account vehicle value. For BCAA, there were multiple selections available for the Model 3. I selected the "4DR 75D AWD" option. For ICBC, my car is listed simply as "TESLA MODEL 3".That BCAA rate seems high. I have very similar BCAA coverage and pay ~$2300.
Yes, that aligns with mine for the SR+. So ICBC would be the way to go if you had a M3P assuming it lumps it in with all other M3s..Maybe BCAA takes into account vehicle value. For BCAA, there were multiple selections available for the Model 3. I selected the "4DR 75D AWD" option. For ICBC, my car is listed simply as "TESLA MODEL 3".
Edit: Looked up a 2019 SR+:
The optional quote for me would be $1,086.08, which means my grand total would be $2,274. So yes, BCAA's rates are different for the various trims of the Model 3
Total Renewal (2019-2020) per year (ICBC): $2,646 (+$93 compared to last year)
- ICBC Optional: $1,462
- BCAA Optional: $1,655
Total Renewal (2019-2020) per year (BCAA): $2,839
I've the exact same situation as you, same amounts and options except for the replacement cost.
The only difference is I'm insuring a late 2018 Model X 75.
The BCAA optional rates a way more expensive than ICBC for me, by about $500 total.
I have the breakdown for my actual insurance rates in 2018, and the 2019 quote from BCAA including BCAA discounts. Comprehensive and Collision are so much more on ICBC.
View attachment 475336
ICBC rates vary greatly by region (most expensive being the lower mainland). I don’t know if BCAA is does the same or not.Just got back from BCAA and got the following quote for 2020 SR+ with $1000 deductibles.
ICBC
Basic $806+40 (underinsured motorist protection)
Third party liability $306
Collision $398
Comprehensive $130
New Vehicle Replacement $718
Total $2398
BCAA
Basic $806 +40 (underinsured motorist protection)
Third party Liability $292
Collision $912
Comprehensive $294
New Vehicle Replacement (ICBC)$718
Total $3062
This seemed like alot to me, I figured BCAA would be less? She also said new vehicle replacement had to go through ICBC does that sound right?
Am I missing something here?