New ICBC Rates: Who Will Pay More?

[TypeRNammer]

Originally Posted by Badhobz

That’s insane. So they’ll replace material goods but not my potential future loss of income or wages ?! This new system is horseshit

The new system is absolute horse shit and I'm going through it right now from an accident that wasn't my fault.

ICBC acts as a second payer to top up my salary, and to get them to pay you regularly is such a pain in the ass. I've only received 3 weeks worth of payments and still missing about 6 weeks.

[Hehe]

The idea is to make everyone involved whole. If a car was wrecked, they repair or replace the car to the extent that the part is the same.

Of course that’s the idea. Because they do not pay for things like lost value from a car that has been in major accidents. But the idea is that you come out more or less the same after the accident.

And it all comes down to proof. If your profession requires you to perform certain tasks that you are no longer able to perform or at least not at the same level, they would compensate for such. That’s why it’s usually a good idea to involve a legal counsel as they would be able to find you the proof needed (professional assessment, opinions… etc)

[Gerbs]

Originally Posted by TypeRNammer

The new system is absolute horse shit and I'm going through it right now from an accident that wasn't my fault.

ICBC acts as a second payer to top up my salary, and to get them to pay you regularly is such a pain in the ass. I've only received 3 weeks worth of payments and still missing about 6 weeks.

I got owned, I had to take 3 weeks off via sick / vacation. ICBC doesn't cover that has to be unpaid time off.

I was also in a position where no one else could do financial reporting so it's either I do it or it's late and we get fines. + incur another $20 - 40K to contract that quarter out to someone else to do it.

Works well if you're in companies with departmental support / non commission reliant. If you have to worry about getting laid off / fired for taking months off it's no bueno.

[Dbone]

Originally Posted by Badhobz

That’s insane. So they’ll replace material goods but not my potential future loss of income or wages ?! This new system is horseshit

They will cover up to 100k per year of lost wages (from what I read), but I'm not sure of the duration of that coverage.

You essentially now have to go and get more insurance to cover dismemberment. Same is true if you're riding a bike or just walking around and get hit.

But I keep trying find someone who knows to tell me I'm wrong. It seems like ICBC has/is shirking their responsibility because they couldn't deal with predator lawyers and scammers.

[snowball]

Originally Posted by Gerbs

I got owned, I had to take 3 weeks off via sick / vacation. ICBC doesn't cover that has to be unpaid time off.

I was also in a position where no one else could do financial reporting so it's either I do it or it's late and we get fines. + incur another $20 - 40K to contract that quarter out to someone else to do it.

Works well if you're in companies with departmental support / non commission reliant. If you have to worry about getting laid off / fired for taking months off it's no bueno.

Can you imagine if ICBC forced you to take all your banked sick days before paying you for missed days; then a few years down the road you get some kind of serious illness but you wasted your sick days due to someone else causing an accident? I would do everything I could to NOT use my sick days if I had to deal with ICBC.

[Badhobz]

Originally Posted by Dbone

They will cover up to 100k per year of lost wages (from what I read), but I'm not sure of the duration of that coverage.

You essentially now have to go and get more insurance to cover dismemberment. Same is true if you're riding a bike or just walking around and get hit.

But I keep trying find someone who knows to tell me I'm wrong. It seems like ICBC has/is shirking their responsibility because they couldn't deal with predator lawyers and scammers.

so this insurance really doesn’t do jack all for me. If I go on short term disability it’s 80 percent coverage of my wages (plus I gotta fill out a gazillion forums and keep my insurance updated of my every waking moment) then I gotta go fight icbc to claw back the 20%

Not even sure what that would happen if it was a more serious injury and I was unable to ever work again. Then what ?

[MarkyMark]

Originally Posted by Badhobz

Not even sure what that would happen if it was a more serious injury and I was unable to ever work again. Then what ?

You'll get a 3 minute spot on the news and then everyone but you will forget about it.

[TypeRNammer]

Originally Posted by Badhobz

so this insurance really doesn’t do jack all for me. If I go on short term disability it’s 80 percent coverage of my wages (plus I gotta fill out a gazillion forums and keep my insurance updated of my every waking moment) then I gotta go fight icbc to claw back the 20%

Not even sure what that would happen if it was a more serious injury and I was unable to ever work again. Then what ?

My short term disability only covers my base hours which is 37.5 per week. 100% for the first 9 weeks, 85% the next 8 weeks, then goes into long term at 50%

Because of amount of over time that I do, ICBC is supposed to compensate for it which they're doing a lousy job. Multiple emails and phone calls, very slow to response.

Even my physiotherapist is frustrated with the person handling my case because I require additional treatments in which ICBC hasn't responded yet.

[van_city23]

Originally Posted by Hehe

The idea is to make everyone involved whole. If a car was wrecked, they repair or replace the car to the extent that the part is the same.

Of course that’s the idea. Because they do not pay for things like lost value from a car that has been in major accidents. But the idea is that you come out more or less the same after the accident.

And it all comes down to proof. If your profession requires you to perform certain tasks that you are no longer able to perform or at least not at the same level, they would compensate for such. That’s why it’s usually a good idea to involve a legal counsel as they would be able to find you the proof needed (professional assessment, opinions… etc)

That worked under the old system. Under no fault, there is no right to sue, effectively removing lawyers and courts from the equation.

Wage loss from ICBC is even worse if you own a business. Adjusters only look at T4 income and don't know how to deal with someone that works through a corporation and only pays themselves what they need for tax purposes and leave the remainder in the corp for investment purposes.

My physio said he has less work now because ppl don't want to fight adjusters to get approvals since lawyers are out of the picture.

[mikemhg]

My biggest gripe isn't even the no fault liability, it's the lack of being made "whole" in the event of an accident where you're not liable.

Why do I have to lose out in vehicle equity and value as a result of the damage when some idiot decides to hit my car?

[Badhobz]

^aye that too. the loss of vehicle value resulting from an accident is/was never properly addressed by our insurance (even in the old system, but at least the old system you could have sued the personal individually for diminished value i think). In the states they have this sort of coverage but not up here it seems.

[Traum]

[deleted bcos I am an idiot]

[bcuzracecarz]

Feedback wanted / poll question:

How many people are doing insurance purely through ICBC vs. basic from ICBC with rest through 3rd party (BCAA, Hagerty, etc.) Saving any money for option 2? Better service in the case of incident?

I’m debating going Hagerty for the ability to choose vehicle coverage value plus a few other perks (jk I want the magazine subscription).

[Traum]

Oddly enough, the 3rd party quotes that I got have always been more expensive than the quotes I got from ICBC, but I know that is not the case for a lot of people.

In your case though, I would think that the biggest benefit you get from Hagerty is your ability to specify a declared value for your car. If that isn't something ICBC is able to offer, wouldn't it already be worth your while to go with Hagerty regardless of who is charging you a bit more?

[Badhobz]

wtf wtf. I would love to go with hagerty! I didn’t even know its available in BC

[bcrdukes]

Yes, select agencies are now starting to sell Hagerty, although their branding and marketing hasn't been very strong in BC.

I would advise anyone considering Hagerty to read their policies carefully and make sure you understand what you are getting. If in doubt, pick up the phone can call in to speak to an agent and ask them any question or doubts you may have.

As a disclaimer, I am a Hagerty customer myself and have been satisfied with their product for a few years now where I switched from Intact (because I'm in Ontario) to Hagerty. I saved over $800 on my policy. There are pros and cons with switching to Hagerty.

For me, it was not being allowed to drive to work, or rather, you really shouldn't. The second part is they don't offer a "winter storage" policy unlike most traditional insurance products. You pay a flat rate for the year and it will cover it. If you cancel the product, you're on your own for "storage" insurance, usually through your home insurance or what have you. Last but not least, your policy is based on a declaration of the value of your vehicle in question. If say you insure your vehicle through them and declare it's worth $20,000, and something happens, you get only that. But say if you continue on insuring it as $20K value, and the market for your vehicle is worth $30K, you lose out on the $10K jump. Real life example - Hagerty sent me a letter encouraging me to up my declared value to $26,500 for my 2001 Boxster S. First, I laughed, and second, I saw the modest price jump on my annual policy. I politely declined the offer.

Their policy quotes come up quite attractive, but I feel it's click bait'y. Once you add all their fees and market valuation, club member fees and all sorts of junk, your final costs add up. I personally don't see the value on these frills but if you are really into getting the best market valuation out of you prized vehicle, these products may help.

Also, I should warn you all - not all cars qualify for their insurance product, and they really are for collector use only. Declaring you drive the car to work or if you tell them you take the car to the track will result in denial of a policy and or they will drop you as a customer. [Edit] Hagerty may also decide not to insure you based on how modified your vehicle is, so you need to think twice before going to Hagerty. TL;DR: You have to be 100% confident in your decision to go to Hagerty. ICBC will always cover you no matter what.

If anyone wants a referral to a Hagerty agent in Vancouver/Richmond, you can PM me. I don't buy the product from said agent, but I do have my motorcycle insurance through her agency. (Yes, said agent is a female.)

[mikemhg]

Right now isn't the best time for 3rd party insurance, price wise.

Stratford and a lot of these other 3rd party insurers got hosed with claim costs over the last few years, so their rates tend to be higher than ICBCs.

You won't save anything going 3rd party until those premiums start to calm down.

[Hondaracer]

lol.. so our car got hit Nov 28th as I posted those pics before

The car has still not even been assessed… it only got towed to the shop finally on Friday.

I highly recommend adding that optional “road star” coverage they offer, as this gives you a rental car for as long as it takes to repair. We’ve had a loaner Passat since the day after our car got hit at zero charge to us. If we hadn’t of had it we would have been SOL having to rent a car for over a month until the car finally got towed to the shop and even then, there would be no guarantee the shop would have a courtesy car for us

[EvoFire]

Originally Posted by bcuzracecarz

Feedback wanted / poll question:

How many people are doing insurance purely through ICBC vs. basic from ICBC with rest through 3rd party (BCAA, Hagerty, etc.) Saving any money for option 2? Better service in the case of incident?

I’m debating going Hagerty for the ability to choose vehicle coverage value plus a few other perks (jk I want the magazine subscription).

I was with BCAA for a few years and recently switched everything back to ICBC.

At the peak I saved $1k with two cars as I worked for them and saved an extra 10%. Now it's closer to $500 spread over two cars. It was fine and dandy when you don't need them, but then I had a claim 2 years ago and BCAA wouldn't cover damage that was on the wheels from the accident when it's clear that it was as a result of it. The agent insisted it was a curb mark despite it was not, and also on the left side of the car. I was out $300 to repair the wheels myself. That along with the cost in time of dealing with 2 separate insurance agencies for the repairs and BCAA and ICBC don't talk to each other, it was not worth it imo at the end and I went back to ICBC for the more straight forward process of dealing with claims.

[noclue]

I heard third party insurance is cheaper for teslas but I dont know if thats the case anymore.

[Traum]

Originally Posted by Hondaracer

The car has still not even been assessed… it only got towed to the shop finally on Friday.

I highly recommend adding that optional “road star” coverage they offer, as this gives you a rental car for as long as it takes to repair. We’ve had a loaner Passat since the day after our car got hit at zero charge to us. If we hadn’t of had it we would have been SOL having to rent a car for over a month until the car finally got towed to the shop and even then, there would be no guarantee the shop would have a courtesy car for us

This is quite a good point -- given how screwed up the collision repair industry is right now -- ie. super delayed on replacement parts and long, long backlog. If you need a car to function, it is something worthwhile to consider.

When my brother got into an accident last summer, the collision shop told him they were on at least a 2 month wait before they can look at his car. "Fortunately" for him, his car was still "drivable" despite the damage, but he probably drove around in the smashed up car for a good 2+ months.

[Hondaracer]

Yea we couldn’t even drive our car home, it had to get towed ti the icbc yard and then ultimately towed from the Surrey yard all the way back to a shop in east van..

It was really annoying with icbc as well because they firstly asked us which shop we would like to bring it to, so we said a shop we had used before in est van, they said no availability till January, so we told icbc this and they said ok find another shop. Proceeded to call 3 different shops that had good reviews with all of them saying the exact same thing

So we call icbc back and say tow it where ever it can get fixed we don’t want to have to call around for hours trying to figure this out.. they came back and said ok we will tow it to the original shop in January..

I think thay roadstar thing is only like 70-80 extra a year so that’s just 2 days of a rental car

[mikemhg]

I've always had Roadstar, the other big perk is for car rentals. With Roadstar your car rental in the US (and I believe Mexico, don't quote me) is treated the same as your insurance in Canada, meaning no need to purchase insurance through the rental place.

That alone has saved me tons of money renting cars in the US.

[Hondaracer]

Do you have to bring a copy of your policy?

[bcrdukes]

In my experience, no. You just decline when you are at the counter and tell them you have your own insurance.