ICBC insurance costs - Chevy Bolt EV Forum
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post #1 of 21 (permalink) Old 01-07-2019, 01:54 PM Thread Starter
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ICBC insurance costs

I really gotta go over the insurance papers and figure out where the extra cost is coming from, but was anyone else surprised by how expensive their Bolt was to insure?

I was paying $155/mth on my 10 year old Subaru and about the same on a 5 year old Mazda2. Granted the bolt is quite a bit more expensive than either, but I was not expecting $230/mth for the same coverage. There go 1/3 of my gas savings

2019 Bolt LT - very, very blue.
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post #2 of 21 (permalink) Old 01-07-2019, 02:24 PM
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We didn’t notice anything unexpected. We cancelled 1990 Sprint insurance of about $1200/yr and bought 2018 Bolt insurance for about $1600/yr. We have our optional coverage with a third party insurer. Currently our Bolt ICBC insurance is $1066/yr and our 1996 Golf ICBC insurance is $1022/yr. Optional coverage on the Bolt is just under $600 and on the Golf is about $360. I don’t like ICBCs rate structure or their way of charging people, but I think the relative prices that we are paying for our different vehicles are pretty much in line.

‘79 3B diesel-powered Jeep CJ7
‘85 Yamaha 750 Maxim X
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Last edited by Chwkev; 01-07-2019 at 02:25 PM. Reason: Correct grammer.
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post #3 of 21 (permalink) Old 01-07-2019, 02:25 PM
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Originally Posted by VanVeggies View Post
I really gotta go over the insurance papers and figure out where the extra cost is coming from, but was anyone else surprised by how expensive their Bolt was to insure?

I was paying $155/mth on my 10 year old Subaru and about the same on a 5 year old Mazda2. Granted the bolt is quite a bit more expensive than either, but I was not expecting $230/mth for the same coverage. There go 1/3 of my gas savings

Yeah, I submitted the whole insurance thing without thinking about it, (naively) "expecting" it to be based on the $30k I ultimately paid.

It's based on MSRP, which was over $42k...D'OH!

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post #4 of 21 (permalink) Old 01-07-2019, 02:35 PM
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I was also very surprised at the increase in insurance costs. We went from 2002/2003 Lexus RXs to 2017 Bolt/Volt. Insurance increase from ~$125/mo to over ~$200/mo.
A bit of shopping around has us to $171/month (for both cars).
I think part of it is going from older cars (way less expensive for full replacement) and the additional potential cost for battery replacement.
Yes, I was sad to also give away some of the fuel cost savings. But still way ahead.

2017 Bolt Premier
2017 Volt 2LT
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post #5 of 21 (permalink) Old 01-07-2019, 02:47 PM
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My 2017 Bolt LT replaced my 2010 VW Jetta Wagon, and my insurance only went up a few dollars a year. That’s a brand-new car which stickers at around $39k versus a seven year old car with a book value of about $10k. Go figure.

I long ago gave up trying to figure out why car and home insurance costs increase or decrease. I just shop around every couple of years to make sure I’m getting a decent deal, and I shop right away if there’s a big jump in premiums. I last changed my homeowners and got basically the same coverage for $700/yr less than I was previously paying.

If your new car insurance cost has dramatically increased, shop around. It’s a bit of a pain, but I’ll gladly spend a couple of hours online or on the phone in order to potentially save hundreds of dollars a year.

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post #6 of 21 (permalink) Old 01-07-2019, 04:38 PM Thread Starter
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Originally Posted by Chwkev View Post
We didn’t notice anything unexpected. We cancelled 1990 Sprint insurance of about $1200/yr and bought 2018 Bolt insurance for about $1600/yr. We have our optional coverage with a third party insurer. Currently our Bolt ICBC insurance is $1066/yr and our 1996 Golf ICBC insurance is $1022/yr. Optional coverage on the Bolt is just under $600 and on the Golf is about $360. I don’t like ICBCs rate structure or their way of charging people, but I think the relative prices that we are paying for our different vehicles are pretty much in line.
well, I guess it might be time to look for a 3rd party insurer for the optional stuff. As far as I understand, I have all the discounts I can get (other than low mileage discounts). Mine adds up to $2760/year.

Although I think Chilliwack vs Port Coquitlam probably has something to do with it. I just renewed the insurance on my subaru a couple weeks ago and since it's gonna get scrapped (via scrap-it) I cancelled all the optional coverages and the cheapest I could get was still $1400/yr

2019 Bolt LT - very, very blue.

Last edited by VanVeggies; 01-07-2019 at 04:41 PM.
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post #7 of 21 (permalink) Old 01-07-2019, 07:30 PM
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Originally Posted by VanVeggies View Post
well, I guess it might be time to look for a 3rd party insurer for the optional stuff. As far as I understand, I have all the discounts I can get (other than low mileage discounts). Mine adds up to $2760/year.

Although I think Chilliwack vs Port Coquitlam probably has something to do with it. I just renewed the insurance on my subaru a couple weeks ago and since it's gonna get scrapped (via scrap-it) I cancelled all the optional coverages and the cheapest I could get was still $1400/yr


Postal code is a huge factor as well. I used to live in Surrey 1 city block from the Langley border and my buddy was in Langley 1 city block from Surrey so we were 2 blocks apart and I was paying $200 more per year for same car, same age, etc...

If you look around, BCAA is the best if you are over 40. Belairdirect (used to be canadian direct) now mandates that you use their tracking app which tracks speed, acceleration and deceleration forces, etc..
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post #8 of 21 (permalink) Old 01-08-2019, 01:46 AM
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Originally Posted by VanVeggies View Post
well, I guess it might be time to look for a 3rd party insurer for the optional stuff. As far as I understand, I have all the discounts I can get (other than low mileage discounts). Mine adds up to $2760/year.

Although I think Chilliwack vs Port Coquitlam probably has something to do with it. I just renewed the insurance on my subaru a couple weeks ago and since it's gonna get scrapped (via scrap-it) I cancelled all the optional coverages and the cheapest I could get was still $1400/yr
I knew location made a difference, but I didn’t realize it was that much just within the Lower Mainland.

‘79 3B diesel-powered Jeep CJ7
‘85 Yamaha 750 Maxim X
‘90 Chevy Sprint (sacrificed for the Bolt!)
‘96 VW Golf
‘18 Bolt LT
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post #9 of 21 (permalink) Old 01-08-2019, 02:40 AM
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The ICBC rates for my Bolt don't seem all that steep to me considering the cost of the car compared to the Prius C that I had before. My overall costs probably went up by around 20% to 25% over that car, and that's for a new $50,000 high tech vehicle compared to a 5-year-old car that cost $20,000 to buy as a lease return.

And yeah, you pay an arm and a leg to insure a car in the big city.

When I bought the Bolt last year I went for 3rd-party insurance for the first time in my life because it was a few hundred bucks cheaper. Well this year the 3rd-party insurer raised their rates to within about 50 bucks of ICBC for very slightly poorer coverage, so I just cancelled it and went all in with government insurance.
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post #10 of 21 (permalink) Old 01-08-2019, 04:54 AM Thread Starter
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I knew location made a difference, but I didn’t realize it was that much just within the Lower Mainland.
Checked it earlier and basic insurance turns out to be $1172.. It's all the additional stuff that really cranks it up. I'll try to stop by my insurance broker tomorrow and see what else I can find!

2019 Bolt LT - very, very blue.
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