ICBC is rolling in a new driver-based insurance model that will “represent (a driver’s) risk on the road” in Richmond and throughout the Lower Mainland as of September 2019.
This new three-decimal point number is calculated using details of a driver’s experience, crash history, age and even residency.
The scoring system uses 1.000 as a reference point – a lower number than 1.000 means a lower driving risk and a higher number means a higher risk.
Drivers who gain driving experience while remaining crash-free each year will help improve an individual’s factor rating.
Motorists can request their driver factor report by filling out an online form which will then have their score, driving experience and relevant claim history emailed to them.
With the new model, all drivers of a single vehicle must be listed and a combined score will be totaled as a collective risk for that vehicle where "75 per cent of the basic insurance premium is based on the principal driver and the remaining 25 per cent will be based on the driver factor of the listed driver with the highest risk."
Insurance policy will start with a base premium that will increase or decrease based on the driver factor of the individual with the highest risk.
Drivers who are curious about their score can view it online.
https://www.icbc.com/insurance/costs/drivers-experience-crash-history/Pages/driver-factor.aspx
