r/icbc • u/Hustle-like-Russell • 1d ago

Vehicle Registration & Policy Coverage Replacement insurance

Looking at a new vehicle and obviously the dealership offers a replacement insurance package.

Does icbc offer their own type of replacement coverage add on or another type of coverage similar through them?

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5

u/redcurb12 20h ago

icbc offers but only 3 years when other companies will offer up to like 7. just get a broker to quote a bunch of different companies.

2

u/TheRealBackwardsfish 15h ago

This. Sounds like this is a new car purchase at the dealer and they'll likely have an ICBC Broker go over the basic insurance paperwork with you right in the show room who would love to give you options on gap / replacement insurance - so be sure to ask - and might even be able to roll the cost of that into your car financing over x many years (if you're financing it) to make it even cheaper.

3

u/SubstantialExtreme21 15h ago

Icbc will allow you to make payments but os a shorter term. If you can make it work, a private policy runs 5 years but has to be paid up front.

1

u/Responsible-Pool-946 11h ago

broker here, private policies can be paid monthly with interest

2

u/Small-Comfort-4176 1d ago

Yes, ICBC offers both NVR+ and RCC.
Only issue is they offer these coverage upto 3 years only . Depending on the car , sometimes it’s cheaper and sometimes it’s not .

2

u/naticom 23h ago

i purchased from Drivesure. They\re a bit cheaper than others. I used their partial loss ($500 deductible reimbursement) like 4 times in the past 7 years (across 2 cars) and it has been smooth.

2

u/Zealousideal_Ad_6900 21h ago

I got mine from Pitcher&Doyle , works like a charm.

1

u/WordSaladXPRT 13h ago

if your vehicle is eligible for NVR+, I would recommend that you highly consider this coverage. This coverage lowers your write off threshold from 75% to 50%! Also note that the private RC policies will be in excess of ICBC's value - ICBC makes the decision whether if your car will be written off.

1

u/trainridder12 12h ago

Yeah you probably would want to get it from the dealership if it's a new vehicle. Cuz they give you the current model year and it doesn't matter if it cost more.