ICBC launches online calculator for premiums under no-fault insurance model

Click to play video: 'ICBC unveils online insurance rate calculator' ICBC unveils online insurance rate calculator
Ahead of the May 1st start of ICBC's new insurance premium model, the insurer has rolled out an online calculator to show drivers how much they will pay under that new system. Richard Zussman reports – Jan 26, 2021

The B.C. government unveiled a new website on Tuesday to help calculate ICBC premiums under the new no-fault insurance model coming May 1.

The shift to the no-fault model is expected to save drivers an average of $400 a year.

“In just minutes, drivers will be able to get an estimate of how much less they’ll be paying for auto insurance going forward,” Public Safety Minister Mike Farnworth told a news conference.

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To use the online tool, a customer needs only to log in with their B.C. driver’s licence and licence plate numbers.

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Customers can view and adjust coverage options and calculate an estimate for their upcoming renewal.

If a customer is within 45 days of their renewal date, they can save the information to review it with a broker when it is time to renew and pay.

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The Trial Lawyers Association of British Columbia has argued the switch to no-fault insurance will greatly diminish people’s right to a fair financial settlement.

Benefits for drivers will change dramatically with the new model: Customers will have up to $7.5 million in medical and rehabilitation benefits compared to $300,000 under the current system.

An injured driver will be able to sue if they are involved in a crash with someone charged with a criminal offence or if either a manufacturer or repair facility is found to have done faulty work.

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Customers will be able to use the beefed-up Civil Resolution Tribunal as well, and can challenge decisions if there are concerns about the outcome.

When the no-fault model takes effect, millions of drivers will be owed a one-time, prorated refund of the difference between their current coverage and the new coverage.

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