🛡️ What Is ICBC and Autoplan Basic Insurance?

In BC, autoplan basic insurance is mandatory and provided through the Insurance Corporation of British Columbia (ICBC)—a Crown corporation. This coverage includes:

• Third‑party liability
• Underinsured motorist protection
• Accident benefits
• Inverse liability

Basic insurance premiums are regulated by the BCUC and set in cooperation with provincial leadership, not by market forces. Since April 2019, there have been no increases to basic rates, and they’re frozen until March 31, 2026

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💸 Optional (Supplemental) Coverage

Coverage like collision, comprehensive, larger liability limits, and new‑vehicle replacement is optional and can be purchased through ICBC or authorized brokers such as BCAA. These rates reflect vehicle repair costs, claims experience, and model-specific risk profiles

ICBC factors influencing your Optional insurance premium include:

• Vehicle make, model, year and repair cost
• Safety features like autonomous braking (AEB gives a small discount)
• Crash history, geography, mileage, and more
  

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📊 What Impacts Your Premiums?

Key cost factors include:

• Years of driving experience, crash history, and at-fault collisions
• Geographic location—high accident areas (e.g. Surrey Central) may see higher premiums even with clean records
• Vehicle model and age—newer and more expensive vehicles cost more to insure, especially collision/comprehensive
• Low‑kilometre and safety feature discounts
  

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🆕 New 2025 Discount: Distance-Based Optional Coverage

Starting June 1, 2025, ICBC will offer 10–15% discounts on Optional coverage for drivers who log under 15,000 km/year and provide odometer readings one year apart. If you drive under 5,000 km/year, you may also qualify for a Basic insurance discount.

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💰 The $110 ICBC Rebate (2025)

ICBC is issuing a one-time $110 rebate per eligible policy in mid‑March to May 2025, building on previous rebates since 2021, as part of cost-saving reforms and strong performance. Basic rates are frozen again until 2026

Distribution differs based on payment method:

• Monthly payment plan users: rebate applied to your statement
• Credit card: refunded to the card used
• Cash, debit, or cheque: direct deposit (if signed up) or mailed cheque
  

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🧾 Real-World Premium Examples

Reddit users shared insights:

• A Corolla hybrid in Surrey saw a 1% increase year-over-year due to regional risk and rising costs despite no changes in coverage
• A clean-driving policyholder with a Tesla S was quoted $11,000/year (basic + optional), but switching to BCAA pulled combined coverage down to ~$3,800/year
• Others report $1,600–3,000 annually, even with long driving experience and clean records — location and car model matter significantly

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🔎 How to Estimate Your Insurance Costs

You can use ICBC’s online estimate tool or contact an Autoplan broker. You’ll need:

• Your current policy info
• BC Services Card or online banking credentials
• Optional coverage preferences
  

Note: The online estimator may not yet account for AEB discounts—ask your agent if you’re unsure

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✅ Tips to Save on ICBC Coverage

• Drive less to qualify for distance-based discounts
• Ensure your vehicle has AEB or anti-theft features
• Maintain a clean driving record
• Compare brokers (e.g., BCAA for optional coverages)
  

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📝 Summary Table

Coverage Type	Provider	Cost Control Factors
Basic (mandatory)	ICBC only	Driving history, location, use, vehicle risk category
Optional (optional)	ICBC or broker	Vehicle features, mileage, safety tech, repair cost
Discounts	ICBC	Low‑km, safe driver, anti‑theft / AEB features, usage-based
Rebate	ICBC	$110 per eligible policy, processed March–May 2025

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🚗 How This Helps You at Drive with Babar

• When you’re financing a car through Drive with Babar, we help estimate your total ownership cost—including insurance premiums.
• We support clients in identifying safe, low‑insurance vehicles, and help set up appropriate coverage via broker options.
• If you’re leasing, new ICBC rules (effective Jan 2025) allow you to manage insurance transactions directly—even refund cheques—without needing consent from your leasing company

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Final Thoughts

British Columbians benefit from years of rate stability, new distance-based savings, and a modest rebate in 2025. Still, your insurance cost largely depends on your vehicle, driving history, and location. Tools, discounts, and optional coverage choices give you ways to manage and reduce your premiums.

At Drive with Babar, we help make insurance clear so that you can confidently drive away in your next vehicle—knowing exactly how much it will cost.