subject: Icbc Basic Auto Plan Provides Relaxed State Of Mind [print this page] Vehicle Insurance or auto insurance, purchased for motorcycles, trucks, cars and other road vehicles, provides financial protection for human injury or physical damage caused to the vehicle by traffic collisions and the liabilities which arise there from. The Canadian legal regulations in relation to auto insurance differ from one region to another. The auto insurance plans often contain add on coverage for damage and loss due to theft and other reasons which do not fall in the periphery of traffic collisions. Auto insurance is important for all vehicle owners and adequate steps should be taken to cover all possible losses and financial consequences of the same.
Several provinces in Canada such as British Columbia, Manitoba, Saskatchewan and Quebec, have public auto insurance systems while private players dominate the other locations in the country. The governing bodies of different provinces set the regulations in connection with the benefits, limitations and minimum auto insurance coverage of the basic auto plans. Additional coverage is usually provided for features which are not included in the list of benefits covered by the basic insurance plans.
Most vehicle owners would be aware of the Auto insurance plans of Insurance Corporation of British Columbia, which helps provide coverage in the event of accidents and other unfortunate events. Established in 1973, ICBC is also responsible for vehicle and driver licensing and registration formalities. Car owners in Vancouver drive around with a comparatively relaxed state of mind having the knowledge that their vehicles and drivers are adequately covered with basic auto plans from ICBC.
ICBC autoplan Vancouver provides basic coverage in some of the following areas:
Third party Liability: The application of third party liability comes into force when the vehicle owner or driver is at fault for an accident or crash and the other party makes a claim against him. Buyers of the basic ICBC auto plan are provided coverage for up to $200,000. It is advisable to purchase extended third party liability coverage for getting protection for claims that may go as high as $5 million.
Accident Benefits: These benefits are responsible for covering the financial consequences of the crash or accident.
Expenses connected with the medical care or monetary support of the occupants of the car or third parties is adequately covered by the accident benefits provided by ICBC autoplan Vancouver. The benefits of the plan include rehabilitation and medical care costs, loss of earnings to the extent of $300 per week, coverage for others involved in the crash and death benefits and funeral expenses for the surviving members of the car owners family.
Underinsured Motorist Protection: This protection comes in play in the event of the insurer being involved in a crash and the other person not having enough coverage to pay his claim. The coverage can be increased to claim up to an amount of $2 million per person.
ICBC basic auto plans have been serving car owners and other affected parties in Vancouver for over four decades with the highest levels of reliability and effectiveness.
by: Alice Jonathan
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