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Home > Property Insurance Coverage > Home Owners Insurance > Insurance Corporation of British Columbia
Insurance Corporation of British Columbia
The Insurance Corporation of British Columbia is a provincial Crown corporation established in 1973 to provide universal auto insurance to BC motorists. In addition, the Corporation is responsible for driver licensing, vehicle registration and licensing.
All motorists in BC are required to buy a basic package of ICBC Autoplan insurance that provides coverage for third party legal liability protection, accident benefits, underinsured motorist protection, hit-and-run and uninsured motorist’s protection and inverse liability. In addition to providing this basic insurance, the Corporation competes with other automobile insurance companies by offering extended third party legal liability and other optional insurance coverage such as collision and comprehensive coverage.
In setting premiums, ICBC does not discriminate on the basis of age, sex or marital status and discounts are provided based on the number of years that a driver has been claims free. The Corporation collects insurance premiums from more than 2.6 million motorists and invests these premiums to provide insurance benefits for customers and victims of crashes.
The Company works with communities and stakeholder groups to help them take responsibility for their road safety challenges. They work with Auto plan brokers to promote safe driving through a series of programs under the umbrella name of RoadSense. They invest in a number of loss-prevention initiatives in pursuit of the financial benefits from reduced crashes, injuries and deaths.
ICBC is unique in the service it provides to British Columbians. Their Road Safety programs, their more than 900 brokers and the active role they play in their local communities, and their affordable and accessible insurance set them apart from other insurance companies.
Insurance is a way to manage risk by providing you with the support to face financial losses due to a tragedy or accident. It involves paying a premium according to the property subjected of insurance and the type of protection you want to give it among other aspects.
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