REPORT: Comparison of Auto Insurance inBC and AlbertaMarch 18, 2019Prepared for IBC by
Auto Insurance in Canada2
Auto insurance premiums across CanadaAverageSeriesPremium1 Cost 1.800 1,680 1,445 1,500 1,251 1,200 1,132 900 842 793 819NSPEINB 600 300 0ICBCABONNLSource: IBC with data from GISA and ICBC 20173
A comparison of auto insurancein BC and AlbertaIBC commissioned MNP to:1.Compare the BC and Alberta autoinsurance systems2.Better understand the premiumsdrivers are paying in each province.4
Auto insurance systems in BC and AlbertaKey Findings:1As of April 1, 2019, BC’s auto insurance system will besubstantially the same as Alberta’sSIMILARITIES tort-based system with cap on minor injury pain & suffering damages restrictions on the use of experts and expert reports average injury claim size2Drivers in BC pay significantly higher premiums than inAlbertaDIFFERENCEICBC monopoly vs. Alberta’s competitive market5
Determining the price impactof ICBC’s monopoly vs. competitionMNP obtained pricing quotes for the same drivers, using the same vehicles,in similar locations in both provinces.Prices also reflect identical coverage in each province, including: 1 million third-party liability Collision coverage ( 500 deductible) Comprehensive coverage ( 250 deductible) Uninsured motorist protection6
Small-business owner in SurreyBILL, AGE 46Price of Auto InsuranceSurrey 2,058DIFFERENCECalgary 659 1,399No at-fault accidentsDrives a 2014 Ford F-150Business use7
Young couple living in CoquitlamMATTHEW & LISA, AGE 35Price of Auto InsuranceCoquitlam 1,693DIFFERENCENo at-fault accidentsDrive a 2014 Honda CivicCalgaryCommute to work* 1,125 568*less than 15 km one-way8
Young couple living in SquamishJEFF & NATALIE, AGE 35Price of Auto InsuranceSquamish 1,479DIFFERENCENo at-fault accidentsDrive a 2014 Honda CivicAirdrieCommute to work* 1,125 354*less than 15 km one-way9
Young man living in Prince GeorgeSCOTT, AGE 24Price of Auto InsurancePrince George 1,608DIFFERENCEFort McMurray 263 1,345No at-fault accidentsDrives a 2010 Ford F-150Commutes to work**less than 15 km one-way10
Young man living in VancouverDANIEL, AGE 24Price of Auto InsuranceVancouver 2,897DIFFERENCECalgary 688 2,209One at-fault accidentDrives a 2010 Ford F-150Commutes to work**less than 15 km one-way11
Young woman living in BurnabyCAITLIN, AGE 26Price of Auto InsuranceBurnaby 2,369DIFFERENCECalgary 695 1,674No at-fault accidentsDrives a 2014 Honda CivicCommutes to work**less than 15 km one-way12
Young woman living in BurnabyHANNAH, AGE 26Price of Auto InsuranceBurnaby 2,285DIFFERENCECalgary 727 1,558No at-fault accidentsDrives a 2014 Honda CivicPleasure13
Woman living in VancouverJENNIFER, AGE 55Price of Auto InsuranceVancouver 2,129DIFFERENCECalgary 730 1,399One at-fault accidentDrives a 2016 Toyota CamryCommutes to work**greater than 15 km one-way14
Woman living in KamloopsSUSAN, AGE 55Price of Auto InsuranceKamloops 1,573DIFFERENCEMedicine Hat 448 1,125One at-fault accidentDrives a 2016 Toyota CamryCommutes to work**greater than 15 km one-way15
Senior couple living in North VancouverRICHARD & DEBBIE, AGE 68Price of Auto InsuranceNorth Vancouver 1,457DIFFERENCENo at-fault accidentsDrive a 2014 Buick LaCrosseCalgaryPleasure 1,295 16216
Senior couple living in KelownaTOM & JOAN, AGE 68Price of Auto InsuranceKelowna 1,120DIFFERENCENo at-fault accidentsDrive a 2014 Buick LaCrosseRed DeerPleasure 1,125 517
Family with learner living in LangleyFRANK & DONNA, AGE 45Price of Auto InsuranceLangley 2,232DIFFERENCENo at-fault accidentsDrive a 2012 Honda AccordEdmontonCommute to work* 1,395 837*greater than 15 km one-wayOther driver(s)Jane, age 16No at-fault accidents18
Family with learner living in KelownaKEN & LAURA, AGE 45Price of Auto InsuranceKelowna 1,688DIFFERENCENo at-fault accidentsDrive a 2012 Honda AccordRed DeerCommute to work* 1,125 563*greater than 15 km one-wayOther driver(s)James, age 16No at-fault accidents19
Recreational DriversFRED, AGE 50STEVE, AGE 46No at-fault accidentsNo at-fault accidentsDrives a 2010 Class CMotorhomeDrives a 2010 HarleyDavidsonPleasurePleasurePrice of Auto InsurancePrice of Auto InsuranceVictoriaFraser Valley 1,118 2,190DIFFERENCEEdmonton 347 771DIFFERENCESt. Albert 487 1,70320
Competition can help improve affordabilityin BC auto insuranceConclusion: Similarity between the BC and Alberta auto insurancesystems is further evidence of the benefits of competition Introducing competition and choice would save driversup to 325 annually in BC, through improved efficiency,innovation and claims handling Canada’s private insurers stand ready to better servedrivers in British Columbia21
Compare the BC and Alberta auto insurance systems 2. Better understand the premiums drivers are paying in each province. 5 Auto insurance systems in BC and Alberta As of April 1, 2019, BC's auto insurance system will be substantially the same as Alberta's SIMILARITIES
consumer guide to auto insurance contents introduction to auto insurance 1 understanding your auto insurance policy 2 required auto insurance 3 optional types of auto insurance 4-5 getting the right coverage 6 accidents and violations 7 how to shop for auto insurance 8 shopping tips 9 frequently asked questions 10-11 insurance complaints/when you have a problem 12
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