How we set premiums
With individually rated commercial insurance, you buy policies for each vehicle. It's similar to buying regular car insurance.
Insurance premiums are calculated based on factors like
- the
driving experience and claims history of the driver(s) of your vehicle
- your eligibility for any
discounts
- the
business or commercial purpose of your vehicle
-
where it's driven or stored (also called
territory)
Changes to non-fleet commercial insurance as of September 1, 2019
Listing drivers
As of September 1, 2019, you will be asked to list those who drive your non-fleet commercial vehicle(s). The person who operates a non-fleet commercial vehicle the most is now the principal driver, and you should list other drivers who will operate the vehicle. You will need the date of birth and driver’s licence number for everyone you want to list. For more information about listing drivers visit
drivers, experience and crash history, and for more information on a driver’s risk, read about the new
driver factor.
Impacts to employees and drivers of commercial vehicles
Under the new insurance model, crashes will now follow the driver. If your employee is the driver in an at-fault crash, and depending on the rate class of the vehicle involved, then it may affect future policies where they are listed as a driver unless the claim is repaid. Visit drivers of fleet or business vehicles for more information.
Discounts
As of September 1, 2019, two new discounts are available to ICBC customers: low-kilometre discount for vehicles driven less than 5,000km a year and a safety discount for vehicles equipped with factory-installed autonomous emergency breaking.
What are your vehicles used for?
Many of our rate categories align with business or industrial uses.
For example, we have rate categories for farming, fishing, construction, silviculture, taxi and limo use, bus service, and delivery of goods.
Other factors influencing your insurance:
- hauling
dangerous goods
-
gross weight of your vehicle
-
distance operated (for commercial-delivery rate classes)
- passenger carrying
capacity (for buses).
Note: If you're carrying passengers for compensation or hire, your vehicle must meet specific
safety inspection requirements.
Know the value of your vehicle
Unlike most personal vehicles, commercial vehicles are rated by
declared value. You declare the value of your vehicle to your broker. The value may be reviewed at every renewal.
The declared value should reflect the
actual cash value of the vehicle. This is the value a prospective buyer would be willing to pay for the vehicle just before an accident that damaged it.
- Your commercial vehicle has a unique value.
- Its value can't be clustered with others of a similar make and model.
