Vancouverite M3 Insurance Rates!?

[Alpakka]

Hi everyone,

I'm curious what you guys pay for insurance via ICBC in Vancouver? When I accepted delivery, ICBC quoted me a whopping $4200+- with a clean driving record; received my license in 2013 not sure how much discount I have...

I have 2 million basic for $1300 give or take
$2900 for Optionals (insane)

• Collision for $1700 ($500 deductible)
• Comprehensive ($300 deductible)

When I switched to BCAA, my optionals totaled $1750.

I see some people have such low M3 insurance rates even through ICBC, but my question is how?

I checked my ICBC driver factor, I'm at 0.719. I have no accidents or claims, so why am I at such high driver factor? I see some people with 0.559 even with speeding tickets.

I was also offered Optiom replacement for $500 a year for 7 years commitment, does anyone get replacement for their M3?

 

[The Kapper]

Just over $1600 with the same options and deductibles

 

[camalaio]

First time around in 2019, the difference between ICBC and BCAA was pretty negligible.

At renewal though, it went way up. I guess ICBC realised they're expensive to fix or something, but the price to insure my other car skyrocketed as well. Switched optionals to BCAA, much cheaper.

Note regarding BCAA though, it's highly dependent on postal code. 4 minutes down the road where I used to live, I would've paid something like $1200 more for BCAA. So going with BCAA isn't universally better, not even within the same city.

 

[KenC]

They always charge llamas, double, since they're not native to Canada.

 

[Space_CowBoy]

Wow. That is insane. I'm not sure how the insurance laws differ from Quebec to BC, but I'm paying around 1400$ tax in. Insurance here has gone up in the last few years due to the amount of flooding that occurs in Spring in certain regions. But what you guys have to pay is nearly criminal!

 

[Alpakka]

They always charge llamas, double, since they're not native to Canada.

Haha that was good!

Just over $1600 with the same options and deductibles

Is this just options or options with basic insurance?! Are you solely with ICBC or third party for the Optionals?

 

[The Kapper]

Options with a 3rd party and basic with ICBC.

 

[Alpakka]

Options with a 3rd party and basic with ICBC.

Dang who are you with for Optionals? I'm assuming you have max discount and low driver factor?

 

[The Kapper]

Stratford check them out. The M3 insurance with ICBC was only $2100 and that was back in Sept 2020.

 

[Alpakka]

Ahh you probably have higher discounts and a way lower driver factor then. My insurance with ICBC alone is 4.2k. Stratford quoted me $2.3k for optionals whereas BCAA quoted me $1750.

 

[andrew1039]

Insurance rates in Vancouver are to high imo
Icbc announced they are reducing basic insurance rates -15% by may this year I believe

 

[Oveeus]

About 2k a year with max discount and driving for work/business.

That's with BCAA for optionals.