07-04-2019, 01:15 PM | #1 |
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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.. |
07-04-2019, 03:31 PM | #2 |
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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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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 |
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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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07-04-2019, 10:03 PM | #6 | |
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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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