Car Insurance in Victoria: All You Need To Know in 2024

In Victoria, as in the rest of British Columbia, ICBC provides mandatory car insurance required by law. You can also choose extra coverage from private insurers to customize your car insurance in Victoria.

Wondering how it all works? We've got you covered.

In this guide on car insurance in Victoria, we'll simplify everything for you, covering mandatory insurance, add-ons, costs, and tips to lower premiums for the best deals.

How does car insurance work in Victoria?

In Victoria, British Columbia, car insurance is a government monopoly, provided by the Insurance Corporation of British Columbia (ICBC). ICBC offers basic mandatory insurance (Autoplan) and optional coverage.

• Autoplan covers medical expenses, rehabilitation costs and some vehicle damage for those at fault or not at fault in an accident.
• Optional coverage can be purchased through ICBC or private brokers for things like collision, fire, theft and vandalism.

ICBC sets the insurance rates in BC, which can be influenced by factors like your driving record, location, type of vehicle and coverage options. We will discuss them in detail shortly.

Before you choose any car insurance policy, make sure to compare it with multiple options. You might get a better deal elsewhere and save some money.

You can use our free tool below to explore car insurance options in Canada concerning your province. Get free car insurance quotes online based on your unique needs.

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What is mandatory coverage for car insurance in Victoria? 

Mandatory car insurance in Victoria, BC is called ICBC Basic Autoplan. It provides a basic level of financial protection for drivers and those on the road. Through ICBC, you can get:

• Third-party liability: Covers injuries and damages caused to others (people and property) if you're at fault in an accident. Minimum coverage is $200,000.
• Accident benefits: Covers medical and rehabilitation costs for you and passengers in your car, regardless of fault.
• Basic vehicle damage: Up to $200,000 to repair your vehicle if the other driver is responsible for the accident.
• Underinsured motorist protection: Covers the difference between the at-fault driver's insurance coverage and your medical expenses if they don't have enough insurance. Up to $1 million is included.
• Inverse liability protection: Covers you for damages if you're a passenger in a car with minimal or no insurance, and the at-fault driver has insufficient coverage.

What optional coverage can you get for car insurance in Victoria?

While Autoplan offers basic protection, it may not cover everything. For example, if your car is worth more than $200,000 or gets damaged when you're at fault, you'll need additional coverage.

Optional car insurance in Victoria, BC goes beyond the basic protection provided by ICBC Autoplan. It allows you to customize your coverage and get financial protection for situations not covered by mandatory insurance.

Types of optional coverage

• Collision: Covers repairs to your vehicle if it's damaged in a collision with another object or vehicle, even if you're at fault.
• Comprehensive car insurance: Protects your car against theft, fire, vandalism, hail, floods and other specified perils.
• Extended third-party liability: Increases your liability coverage beyond the mandatory $200,000 minimum, protecting you if you cause significant damage or injury in an accident.
• Loss of use: Covers the cost of a rental car while your vehicle is being repaired after a covered claim.
• Rental vehicle coverage: Covers damage you cause to a rental vehicle.
• New vehicle protection: Provides enhanced value coverage for newer vehicles in case of a total loss.
• Specified perils: Provides coverage for specific events not covered under comprehensive insurance, such as falling objects or earthquakes (depending on the policy).
• Additional optional packages: Some insurers offer packages combining various coverages at a discounted rate.

How much can car insurance in Victoria cost? 

British Columbia has a government-run insurance system, so the Insurance Corporation of British Columbia (ICBC) sets the base rates.

It takes several factors into account to decide your final premium, including:

• Driving record: A history of accidents or tickets will increase your rates.
• Location: Where you live in Victoria (urban vs. rural) can affect rates.
• Type of vehicle: The make, model and year of your car impact costs.
• Coverage selected: The type and amount of optional coverage you choose will significantly affect the price.
• Age and experience: Younger drivers and those with less experience typically pay more.

The average cost of car insurance in British Columbia is around $1,832 annually or roughly $150 per month. This average is just a starting point — your actual cost will vary depending on your circumstances.

For a more accurate idea of what you might pay, it's best to get a quote directly from ICBC or an insurance company in Victoria.

You can compare coverage from car insurance companies and get personalized quotes for provinces like Ontario and Quebec using our free tool below.

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Which companies offer the cheapest car insurance in Victoria?

Since ICBC sets the rates for mandatory coverage, it's technically the cheapest option for basic car insurance.

For optional coverage that goes beyond Autoplan, several private brokers in Victoria can help you compare quotes from various providers. Alternatively, you can directly reach out to insurance companies an explore your options.

Here are companies that may offer more competitive rates than ICBC for optional coverage.

1. Intact: Known for comprehensive coverage including liability, collision and comprehensive protection. Offers optional add-ons like accident forgiveness and rental car coverage.
2. TD Insurance: Offers customizable coverage options including liability, collision and comprehensive coverage. Provides additional features like accident forgiveness and enhanced rental car coverage.
3. Pafco Insurance: Specializes in providing coverage for high-risk drivers, offering tailored options such as non-standard auto insurance with flexible payment plans.
4. Aviva Canada: Offers comprehensive coverage options with additional benefits such as accident forgiveness, new car replacement and roadside assistance, catering to various driving needs and preferences.

How to save on car insurance in Victoria

Here are some ways to save on car insurance in Victoria, BC:

Minimize mandatory coverage costs (ICBC Autoplan)

• Maintain a good driving record: Avoid traffic violations and accidents. A clean driving history translates to lower premiums.
• Choose the right vehicle: Opt for a fuel-efficient, safety-rated car with a lower risk profile. Younger, high-performance vehicles typically cost more to insure.
• Increase your deductible: Raising your deductible lowers your premium, but make sure you can comfortably afford the upfront cost if needed.
• Consider usage-based insurance (optional): If offered by ICBC, programs like telematics track your driving habits and reward safe drivers with discounts.

Optional coverage

• Shop around and compare quotes: Don't just stick with ICBC for optional coverage. Use a broker in Victoria to compare rates from various private insurers like Intact and TD. They might offer better deals.
• Bundle your insurance: Consider bundling your car insurance with home or other insurance policies offered by the same company for potential discounts.
• Look for discounts: Many insurers offer discounts for things like low mileage, having additional security features on your car, being a student with good grades or belonging to certain professional organizations.

General cost-saving tips

• Park securely: Keeping your car in a garage or secure lot overnight can reduce your theft risk and potentially lower your premium.
• Review your coverage needs regularly: As your car ages or your driving habits change, re-evaluate your coverage needs. You might be able to reduce coverage or deductibles as your car depreciates.

Striking a balance between cost and coverage is key. Don't skimp on coverage so much that you're left financially exposed in case of an accident. And don't rush into making a decision. Take your time and compare your options.