Do any of you buy optional coverage from any of the private companies? Do you save much? Any hassle dealing with them instead of ICBC?

I've been fairly good with ICBC over the years. Never really saw the need to look for other providers. But I'm a bit curious anyways. This new deal where they're lowering the optional rates but leaving the basic rates alone seems like they're hammering at the competition but not doing anything to the monopoly rates.

 

The only major private insurer that I can think of is Canadian Direct. There are a few other small private insurers, but they mainly do specialty vehicles like; motor homes, boats, trailers, off road vehicles and exotic cars.

My parents used Canadian Direct for a couple of years before I had my license and they said they only saved a couple a hundred dollars a year. Also they have some major stipulations just to get insurance from them. Like; you must have 10-12 years driving experience, no one under 25 can drive the vehicle or the insurance is void, they also look at your driving record and can deny you coverage if they don’t think you are a good risk.

So they are basically looking for the cream of the crop in drivers, no accidents, no claims in the last five years or so. They are essentially looking for drivers that never use their insurance, so they take your money and give you nothing in return. Not that I have anything against them, it’s the same way I’d run the company if I were in charge.

 

as much as i hate icbc its not worth the hassle for private optional insuance

 

Bascially I agree. I have no real problem with ICBC. On balance was experience with them has been good.