ICBC has new repair guidelines as of May 1, 2021 which is a factor of why your rates are dropping.
The major thing to note is depreciation on parts regardless if it's an at fault or faultless claim. Depreciation applies for anything that is a wearable item ei radiator, tires, battery... If you're in a not at fault claim and your radiator got damaged, ICBC may put a depreciation on it based on age of Vehicle or how new the part is. And that is your responsibility to pay - same applies if your tires are damaged by someone and they are at 60% tread depth, you will be responsible for 40% of the cost to replace a tire.
Also I don't believe hit & run is covered under basic anymore, it is an optional coverage or if you have collision.
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ICBC is introducing Basic Vehicle Damage coverage (BVDC) and Enhanced Care coverage starting May 1, 2021.
It works like this: if you are driving in B.C. and another driver is responsible for crashing into your vehicle, your own Basic Vehicle Damage coverage will cover your repair costs up to the amount you are not responsible. This is a change from today where the insurance policy of the driver responsible for the crash pays for the other driver's vehicle damages.
The introduction of Basic Vehicle Damage coverage will not fundamentally change any ICBC processes for our material damage suppliers. Most customers won't notice any difference when they make a vehicle damage claim, and the change won't impact any Enhanced Care cost savings coming their way.
Basic Vehicle Damage coverage will include a maximum coverage limit of $200,000 for vehicle damages – enough coverage to repair or replace 99% of vehicles insured in British Columbia. Drivers who have purchased ICBC's optional collision coverage will be covered for any vehicle repairs above the $200,000 limit.
Enhanced Care will save most drivers an average of 20% on their ICBC basic and optional auto insurance, while ensuring access to better care and recovery benefits for people injured in crashes.
BVDC highlights for you starting May 1, 2021:
There is no deductible for BVDC and making a claim under BVDC does not impact your customers' insurance premiums.
The BVDC limit of $200K will cover the cost to repair or replace a vehicle, including permanently attached equipment.
If the customer is partially responsible for a claim, BVDC pays up to the amount they are not responsible for the crash. Optional ICBC collision coverage, if purchased, will cover the remaining cost of vehicle repairs.
Expenses for towing, storage and Loss of Use will be included in BVDC and will not be subject to the $200K limit.
Accelerated depreciation will not be covered under BVDC, nor will it be paid out under any other ICBC coverage.
Depreciation will be applied to all vehicle repairs under BVDC, and will not be waived when the customer is not responsible.
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