ICBC proposes annual $50 fee for unlisted drivers
'Unlisted driver protection fee' is one of several changes proposed by insurer
If you lend your car to a friend or family member, you might soon see a new charge from Insurance Corp. of B.C. (ICBC) — or face the risk of large penalties if the borrower gets in a crash.
ICBC, the province's public insurer, is proposing an annual $50 "unlisted driver protection fee," one of several changes it has suggested to overhaul the way premiums are calculated.
If approved, the annual protection plan would apply to any driver who intends to lend their vehicle out fewer than 12 times a year to family members and friends
Drivers would be asked to list other people in their households who would be driving a given vehicle.
The premium would be calculated on the driving history of the primary driver, with 25 per cent of the weight given to the highest risk driver on that list.
According to Joanna Linsangan with ICBC, the proposed changes will increase accountability.
"What we're doing now is getting into a driver-based system, so if you get into a crash, that crash follows you as a driver," she said.
"It'll ensure that the level of risk that you do represent is accurately represented in the premiums that you pay."
Linsangan said ICBC's proposals also reward safe drivers.
"A few things we're going to be introducing is a discount for automatic braking technology — if your vehicle has that you get an automatic 10 per cent discount," she said.
"If you have many years of driving experience crash free, you can get up to 52 per cent off your basic insurance."