Vehicle Replacement Insurance in BC
As we all know, newly purchased vehicles depreciate quickly. And when your vehicle is totaled, meaning the extent of the damage is so bad that your insurance provider considers it a total loss, our New Car Replacement insurance product will pay to replace your vehicle with a similar one, while protecting you from depreciation or inflationary gaps. With a New Car or Better Car Replacement insurance policy, you get peace of mind knowing you have coverage in place that will do far more than replace your written-off vehicle with an older model of lesser value.
Auto Insurance Renewal
Many drivers in British Columbia are now eligible to renew their car insurance online, provided they meet the ICBC Online renewal criteria. Those individuals with a renewal date of May 1st or later can start this online renewal process 45 days prior to their existing policy expiring.This process is entirely new in BC, as it marks the first time that ICBC policy holders can renew their car insurance online at their own convenience. However, rest assured that as your broker, we are still here to assist you every step of the way. We’ll be reviewing your renewals and answering your questions when you need us to. We’ll make sure your coverage matches your insurance needs.
How Do I Get Auto Insurance in BC?
We have 80 office locations throughout BC that offer ICBC insurance. With most open 6 or 7 days a week, that means there’s always a location nearby to assist you. We also have a number of offices that offer delivery services, so you don’t even have to leave your home to get your car insured.
How does New Car Replacement Insurance Work?
New Car Replacement insurance is an optional coverage designed to complement your comprehensive auto insurance policy. Without proper insurance coverage, an accident can end up costing you more than you might anticipate, even if you are not at fault. The financial gap in your collision and comprehensive insurance could be significant. Your insurer will pay you what’s called “Actual Cash Value” for your vehicle. In most cases, your vehicle’s actual cash value is significantly lower than what you originally paid for it.
Statistics show that simply driving a new car off the lot depreciates it by as much as 11%, and depreciation accelerates to 20% by the end of the first year. For example, you’ve purchased a brand-new vehicle, a 2021 Toyota valued at $40,000. After only a few days of driving it, you get into an accident that writes-off your new car. At the time of the accident, even though your car is only a few weeks old, its value has already depreciated to $36,000, leaving you with a $4,000 shortfall from what you paid for it.
With New Car Replacement insurance, you’ll be reimbursed for a new model of the same vehicle, not just $36,000. If you didn’t have New Car Replacement insurance, you would have to absorb the difference if you want to buy another brand-new vehicle of the same model.
Here are a few additional details to help you understand New Car Replacement insurance:
Coverage is available as long as you have collision and comprehensive insurance. Your basic ICBC auto insurance does not automatically include collision and comprehensive coverage.
Your vehicle must meet age and brand requirements to qualify. Your car is eligible for New Car Replacement coverage if it was made before a certain year and meets the make/model requirements.
We offer Better Car Replacement insurance. With this variation of New Car Replacement insurance, you may get reimbursed with a newer or better model of your car.
Key Features of New Car Replacement Insurance
InsureBC offers industry-leading New Car Replacement insurance that protects you and your vehicle.
Unique Eligibility Criteria
Purchase our product for any vehicle that is 5 years old or newer, regardless of its mileage. Yes, you may qualify even if you’ve been denied by other insurance companies.
Enhanced Total Loss Protection
We will pay the difference between the Actual Cash Value settlement you receive from your primary insurer and the cost of the brand new current model year vehicle the same as what you had previously.
Unlimited Partial Loss Deductible Reimbursement
Increase your collision and comprehensive deductibles with your primary insurer and we will reimburse you for any deductible paid to your primary insurer, saving you money on your primary premium.
Flexible Coverage Terms
Choose the coverage term to fit your needs. With our multi-year policies, your coverage is available for up to 7 years. Pay by credit card or have EFT withdrawals directly from your bank account—whichever you prefer.
Superior Optional Add Ons
Original equipment manufacturer (OEM) parts, Diminished Value and Plus Packages are available as optional add-ons. Simply add these to your policy for added protection.
At InsureBC, we value the relationships we build with our clients. Don't just take our word for it – see what they have to say about their experiences working with our team of expert insurance brokers.
Understand your Auto Insurance Coverage Options
Request an Vehicle Replacement Insurance Quote Online
Tips & Tricks
Check your ability to afford a new vehicle
It’s important to check your financial situation in the event that your car is totaled. How much will you need to pay out of your pocket, and can you afford to do so?
Think about the likelihood of your vehicle being totaled
Typically, a vehicle is considered written-off when it would cost more to repair it than what the vehicle is worth. While you hope it will never happen to you, there may come a day that your vehicle is involved in a collision and is beyond repair. If it were to happen, you should understand the impact it will have on you and your potential insurance payout.
Determine the value of your vehicle after depreciation
Find out the value of your vehicle after depreciation so you have an idea of the difference between how much your primary insurer would pay out and what you would be responsible to pay out of your own pocket.
Understand the cost of New Car Replacement Insurance
The cost of new vehicle replacement insurance varies by insurance company. Our New Car Replacement insurance is priced competitively and gives you affordable coverage. While costs vary, most of our customers pay significantly less than what they would have paid with competing providers, such as ICBC.
Frequently asked Questions
What is the difference between new car replacement insurance and gap insurance?
Can the policy be transferred to a family member?
Can the policy be transferred to a new vehicle?
Is New Vehicle Replacement Insurance worth having on a leased vehicle?
How do I make a claim for my new vehicle replacement policy?
Do I have to buy the same vehicle as I had previously?
Do I have to buy New Vehicle Replacement insurance when I buy my car, or can I get it later on?
Looking to File a Claim?
Our dedicated claims department is committed to making the claims process as smooth and stress-free as possible. Whether you need to file a claim for your home, vehicle, or business, we have the expertise to guide you through the process.