SURREY, B.C. - Two neighbours with similar cars can pay noticeably different ICBC premiums, and the reasons are not mysterious. ICBC publishes what determines insurance costs; the list rewards experience, punishes crashes, and quietly prices the people you hand your keys to. Here is the factor list, sorted into what you cannot change and what you can.
The record you carry
Experience is the foundation: ICBC says you earn better Basic insurance discounts with each year of driving experience, up to 40 years. Crash history is the other side of the ledger: the more crashes you cause, the more you pay. Neither can be edited after the fact, which is exactly why protecting the record matters more than shopping tricks. One at-fault crash follows your premium far longer than the repair bill lasts.
The drivers you list
ICBC asks you to list who drives your car, and their experience and crash history are considered alongside yours. A household that hands the keys to a new or crash-prone driver without listing them is both mispriced and exposed; a household that lists accurately at least pays the honest rate and keeps its coverage solid. How you use the car counts too: premiums reflect whether it is driven for pleasure only or for business, and getting that classification right is part of the honest price.
The levers you can pull
ICBC names several discounts directly: vehicles with advanced safety technology or anti-theft devices may qualify for a discount, and if you drive less than 15,000 kilometres a year, you may qualify for one as well. On the optional side, collision, comprehensive and extended liability add to the bill, and the deductible is a dial: the higher your deductible, the lower your premium, provided you could actually pay that deductible on a bad day. Your vehicle’s age, make, model and repair costs also shape the optional premium, which is worth remembering before the next car purchase, not after.
What it means for you
Before your next renewal, do four things: list every regular driver honestly, check whether your annual kilometres fall under the 15,000 threshold, ask whether your car’s safety and anti-theft features are earning their discount, and set your deductible at the highest figure your household could cover in cash without panic. Premiums are individual; an Autoplan broker can run your exact numbers, and ICBC’s own cost page is the reference for what drives them.
(Source: ICBC, “What determines insurance costs?”, accessed November 7, 2026)
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