Specified Perils coverage

Specified Perils coverage is similar to Comprehensive coverage but has a specific list of the risks that are covered. Therefore it is not as expensive as Comprehensive coverage. Protect your vehicle against risks from weather, theft, fire and more without affecting your Claim-Rated Scale.

What is included

Your vehicle is covered if it is lost or damaged by any of the following:

• weather — lightning, windstorm, hail, rising water
• theft
• stranding, sinking, burning, derailment, upset or collision of a conveyance transporting the vehicle on land or water
• fire, earthquake or explosion
• civil commotion or riots
• falling or forced landing of an aircraft or portion of it

(Risks not covered by Specified Perils include: vandalism, malicious mischief, windshield damage or hitting an animal.)

Specified Perils also comes with a few money-saving extras:

• Deductibles will always be just $300.
• Any claims you make on your Specified Perils will not affect your position on the Claim-Rated Scale.
• You automatically get Loss of Use coverage if your vehicle is stolen.

Coverage begins 72 hours after the theft is reported to police and ends on the earlier of:

• completion of repairs to a recovered vehicle
• ICBC settling or offering to settle the claim
• reaching the limit of coverage, which is up to $40 per day to a maximum of $800

You might also be interested in

You might want to consider Excess Special Equipment coverage. With this endorsement, you can insure non-manufacturer's equipment worth more than $5,000, or sound and communication equipment worth more than $1,000.