Questions and Answers
What is the maximum reimbursement limit for Destination Assistance per occurrence?
What is required for a policyholder to have their deductible waived if their vehicle is stolen?
What types of expenses are covered under Emergency Roadside Expense Repayment?
How many occurrences can a policyholder file claims for under Emergency Roadside Expense Repayment per policy term?
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What is the liability limit for ICBC when a vehicle is insured with own-damage coverage and suffers loss or damage?
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What must the policyholder do after incurring travel expenses for Destination Assistance?
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Which of the following expenses is NOT covered under Emergency Roadside Expense Repayment?
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Which scenario would NOT result in a waiver of the Comprehensive deductible?
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What is the time limit for incurring travel expenses under Destination Assistance?
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What happens if a vehicle becomes inoperable due to reasons not covered by the Autoplan insurance?
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Study Notes
Insuring an Automobile
- Driving poses risks like injury, death, and property loss; auto insurance mitigates financial impacts from incidents like crashes and thefts.
- Auto insurance is required for vehicle rentals and leases, as well as for businesses managing clients' vehicles.
- Provincial regulations significantly affect insurance systems; variations exist across regions like Alberta, Ontario, Quebec, and British Columbia.
Insurance Systems Across Provinces
- Provinces utilize different systems: Alberta and Ontario rely on private insurers; Quebec uses a hybrid model with government and private coverage.
- British Columbia, Saskatchewan, and Manitoba have compulsory government insurance plans, requiring basic insurance for all vehicle owners.
Tort vs. No-Fault Insurance
- Tort-based systems allow victims to sue for damages, necessitating proof of fault.
- No-fault systems prevent lawsuits, with insurers covering medical costs and lost income based on set guidelines.
- Manitoba and Quebec implement pure no-fault systems, while other provinces offer a mix, allowing lawsuits in particular serious injury cases.
British Columbia's Enhanced Care System
- Effective May 1, 2021, ICBC shifted to a no-fault system, limiting lawsuits against at-fault drivers for injury and damage claims.
- Exceptions to lawsuit limitations include specific off-highway incidents involving non-standard vehicles.
Catastrophic Injuries and Benefits
- Survivors of fatal crashes can access benefits such as:
- Death Benefits: One-time payment based on the deceased's age and income; minimum of $72,995 for surviving spouse/partner.
- Funeral Expenses: Coverage up to $9,949 for funeral costs.
- Grief Counselling: Up to $4,161 available for counselling services for family members.
Collision and Comprehensive Coverage Exclusions
- Coverage excludes:
- Tire damage except in specific circumstances.
- Damage from normal vehicle operation.
- Contents of the vehicle.
- Theft by household members or employees.
- Some industrial vehicles.
Hit-and-Run Coverage
- Collision coverage includes damage from hit-and-run drivers; separate hit-and-run coverage available for policyholders without Collision coverage.
- Hit and Run coverage limit set at 200,000witha200,000 with a 200,000witha750 deductible.
Loss of Use Coverage
- Covers car rental, taxi fares, and public transport costs when the insured can’t use their vehicle due to damage.
- Automatic loss of use coverage applies if the entire vehicle is stolen; maximum reimbursement of $800 for associated costs.
Destination Assistance
- Provides transportation back to the original destination if the vehicle is inoperable due to theft, collision, or vandalism; limited to $100 per event.
Theft Deductible Waiver
- In cases of theft or attempted theft, if both Roadside Plus and Comprehensive coverage are held, ICBC waives the deductible for Comprehensive claims.
Emergency Roadside Expense Repayment
- Offers reimbursement for specific roadside assistance costs, such as towing or battery boosting, up to two occurrences per policy term, limited to $50 each.
New Vehicle Protection
- When an insured vehicle suffers loss or damage, ICBC's liability is capped at the vehicle's actual cash value under own-damage coverage.
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Description
This quiz covers the key concepts of automobile insurance as outlined in the specific supplement for British Columbia, replacing Chapters 12, 13, and 14 of the Fundamentals of Insurance textbook. Learn about the importance of insurance in mitigating financial risks associated with driving and vehicle ownership.
