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      07-04-2019, 01:15 PM   #1
bmw2791
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2019 BMW X5 Finance - Minimum liability insurance in Canada?

Hi,

I have been talking to few insurance agents in Vancouver, BC regarding insuring my new BMW X5. The third party liability insurance varies from one agent to the other. Can someone throw some light on how much is the minimum third party liability insurance required if the vehicle has been financed not leased in Canada (BC)? 1 million or 2 million?

Last edited by bmw2791; 07-04-2019 at 01:31 PM..
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      07-04-2019, 03:31 PM   #2
AustinV
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Lease requires 2M liability with BMW Canada, financing does not require anything in particular because you own the car so what liability you need is for you to decide. The difference is ~ $100 per year in premiums between 1M and 2M.
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      07-04-2019, 03:40 PM   #3
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Originally Posted by AustinV View Post
Lease requires 2M liability with BMW Canada, financing does not require anything in particular because you own the car so what liability you need is for you to decide. The difference is ~ $100 per year in premiums between 1M and 2M.
100% correct.

Note ICBC is making changes September 1
https://apps.icbc.com/change/default.html
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      07-04-2019, 08:46 PM   #4
bmw2791
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Thank you so much for the information.

Do you think $1000 deductible on collision and $1000 deductible on comprehensive with 1M third party liability and basic BC Autoplan is good to go until September?

After September I will reassess my insurance policy.

The reason I am asking is, it is my first car in Canada so some insight from the locals would be really useful.
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      07-04-2019, 09:10 PM   #5
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Quote:
Originally Posted by bmw2791 View Post
Thank you so much for the information.

Do you think $1000 deductible on collision and $1000 deductible on comprehensive with 1M third party liability and basic BC Autoplan is good to go until September?

After September I will reassess my insurance policy.
Okay after September 1, you will pay much more so don't try and renew then, book this for the year and defer having to pay more until your renewal next year.

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The reason I am asking is, it is my first car in Canada so some insight from the locals would be really useful.
Can you check those numbers again for me. $1000 is what you are going with and not $100? If its the former, the insurance you are planning on purchasing is pretty light. I would imagine since this is your first car in Canada and British Columbia the rates will be punishing...but on the other hand you are buying a brand new BMW X5, so I'm a bit confused on the strategy unless you have a bag of cash that you are planning to use to pay any liabilities from and don't intend to use your insurance.
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      07-04-2019, 10:03 PM   #6
bmw2791
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Originally Posted by Bigtime78 View Post
Okay after September 1, you will pay much more so don't try and renew then, book this for the year and defer having to pay more until your renewal next year.



Can you check those numbers again for me. $1000 is what you are going with and not $100? If its the former, the insurance you are planning on purchasing is pretty light. I would imagine since this is your first car in Canada and British Columbia the rates will be punishing...but on the other hand you are buying a brand new BMW X5, so I'm a bit confused on the strategy unless you have a bag of cash that you are planning to use to pay any liabilities from and don't intend to use your insurance.
Exactly! I am confused in this too. On one hand the insurance rates are murderous on the other hand "IF" anything happens then I am screwed. I spoke to some of the insurance agents, they let me know that since I have a valid driver's license from my home country (Date of issue 21st July 2009) then I would be eligible to get the discounted rates in September 2019. Very confused!

I received my BC driver's license in May 2019.
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      07-05-2019, 06:40 AM   #7
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"Do you think $1000 deductible on collision and $1000 deductible on comprehensive with 1M third party liability and basic BC Autoplan is good to go until September?"

Yes this will do fine. You'll have 1M liability, I have the same for the last 15 years here. It's sufficient for financing. $1,000 deductible means it's all you'll pay IF any accident happen.
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      07-07-2019, 05:51 AM   #8
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Quote:
Originally Posted by AustinV View Post
"Do you think $1000 deductible on collision and $1000 deductible on comprehensive with 1M third party liability and basic BC Autoplan is good to go until September?"

Yes this will do fine. You'll have 1M liability, I have the same for the last 15 years here. It's sufficient for financing. $1,000 deductible means it's all you'll pay IF any accident happen.
Thank you so much!
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