What you need to know about Auto Insurance
So you can make an informed decision, here are some basic facts to make things easier.
In Canada a motor vehicle must be insured to be driven on the road. If you own a car or lease one, you will need to buy an automobile insurancepolicy. If you rent a car for a short term, the rental company will offer you coverage, but there may also be a provision in your own policy to extend to the rental. One of our specialized autoplan representatives will help you determine your coverage needs.
Your insurance policy covers you for expenses such as medical treatment and care, possible legal cost, property damage and lost wages if you're involved in an accident. In Brtish Columbia the minimum amount of insurance coverage you must have is $200,000. You may want to purchase more than the minimum to ensure that you are adequately protected from the financial costs of injury or damage to yourself, another person or property. We highly recommend 2-3 million with a maximum being 5 million.
Basic Autoplan Coverage from the Insurance Corporation of British Columbia (ICBC) includes up to:
Even though you are only required to carry the minimum amount of coverage we highly recommend increasing the minimum and one of our specialized autoplan representatives can advise you on what is best.
Basic Autoplan has restrictions. It is important that you understand them so that you don't jeopardize your coverage in the event of a crash.
ICBC may not cover you under your Basic Autoplan if:
There are further restrictions within specific Autoplan coverages. Make sure you understand these too:
Basically, auto insurance is about how much you are willing to pay out of your own pocket versus how much you want the insurance company to cover.
No matter what kind of vehicle you are insuring you can choose various levels of coverage, depending on how much protection you want.
Knowing what you most likely will need is the key to making sure you are appropriately covered.
Endorsements are modifications that can be included in your auto insurance policy. For instance, there is an endorsement that can add coverage for the cost of a temporary replacement vehicle while your vehicle is being repaired after an accidemt. Once an endorsement is added, it takes precedence over the original insurance policy agreement.
The cost of auto insurance (the premium) is calculated for each individual based on the projected cost and probability of making a claim. Your premium may be influenced by a number of factors, which may include:
One of our specialized Autoplan Representatives can help you with any questions you may have.
The best way to reduce your insurance premiums is by being a safe driver and avoiding accidents and traffic tickets. You can reduce your rate by owning a car that is less expensive to insure and by taking a driver's training course.
You can also lower your premium by taking a policy that allows you to pay a higher deductible. This is when you pay a specific amount towards the cost of car repairs when you have an accident. The higher your deductible, the lower your premium may be. When selecting your deductible level, consider how much you could afford in the event of an accident.
For more information on Basic Autoplan Coverage from ICBC click here
1 - 380 Trunk Road Duncan, B.C. V9L 2P6
Tel: 250 748 3242
Fax: 250 748 3212
Toll Free: 1 877 848 3232
Personal Insurance Inquiries:
info@lmg-insurance.com
Commercial Insurance Inquiries:
reception@lmg-insurance.com
Auto Insurance Inquiries:
auto@lmg-insurance.com
Hours of Operation:
Monday - Friday: 8am - 5pm
Saturday: 9am - 5pm
Sunday: Closed
200 - 2640 Beverly Street Duncan, B.C. V9L 5C7
Tel: 250 748 3200
Fax: 250 748 3226
Toll Free: 1 877 848 3232
Personal Insurance Inquiries:
info@lmg-insurance.com
Commercial Insurance Inquiries:
reception@lmg-insurance.com
Hours of Operation:
Monday - Friday: 8:30am - 4:30pm
Saturday: Closed
Sunday: Closed