As with all provinces in Canada, British Columbia requires insurance on your vehicle if you want to drive or park your vehicle on public roads. However BC is different from most other provinces in that basic insurance is provided only by a government agency ICBC or the Insurance Corporation of British Columbia. ICBC provides the mandatory part of insurance coverage including uninsured motorist protection, third party legal liability, accident benefits, and hit-and-run protection. Formerly ICBC held a complete monopoly but as it stands now private insurance companies can provide optional coverage in a competitive environment as well. Some of the options these private companies provide include extended liability, comprehensive insurance plans, and collision. As can be expected in a monopoly situation, poor management and customer service was found to be rife as a result of the non-competitive environment in which ICBC is found. In 2012 ICBC was found to be the worst in the country as judged by its customers. Not surprisingly the other two public auto insurers in Canada — Manitoba and Sakatchewan — were judged as second and third worst respectively.
Insuring your classic car in BC
- Car must be in excellent condition only changes allowed are safety updates;
- Fill out special forms provided by ICBC;
- Take lots of pictures: outside and inside the car from every angle, include inside the trunk and don’t forget under the floor mats. The original carpets must be in good shape as well;
- Once it has it’s new “collector” plates it must be used only for pleasure not to go to school or work otherwise the insurance is void;
- In order to ensure that you are not using the vehicle for anything other than pleasure, another vehicle must be insured at the same time as your classic car;
- Large savings are realized through having classic car insurance;
- Extra insurance is allowed. For example if the car has a high appraised value you may want extra insurance.