Salt Spring Island real estate relocation information

Salt Spring Island real estate relocation information.

Car insurance information. If you are moving to BC there are some strange idiocincracies about car insurance in the province. Car insurance was privatized in BC during the NDP (New Democratic Party) era of the early 70. The NDP is a left wing socialist party that thought we where paying to much in car insurance and started ICBC (Insurance Corporation of BC). It is the only company in BC that can sell basic car insurance although you can get your collision insurance though private companies the basic insurance has to be purchased from ICBC.

How it differs from the private companies in Alberta is in the way it charges. In Alberta or any other jurisdiction with private companies the uses pay at a rate that is equal to their risk. As an example if you buy a brand new BMW in Alberta you would pay a higher rate based on the fact that it is an expensive car. ICBC charges everyone a similar rate so your new BMW would pay a lower rate in BC. The down side to the way ICBC charges is if you are like me and believe the only way to make cars pay it to buy quality and drive it until the wheels fall off you will pay more in BC. If you drive a 10 year old vehicle you would pay about the same as someone driving a new vehicle. I pay about $800 a year for my 97 Mazda MPV in Alberta I would pay about $300.

At the end of the day it all works out that I will pay about the same over the course of owning a vehicle from being new to getting old. The people who come out ahead in BC are the ones who buy new or lease every three years.

Well I guess it is going to prompt me to buy new car in a year or two but I'm waiting to see where the hybrids go. Once I can get a plug in and go model it will be worth it. 

Cheers
Scott

Your Salt Spring Island Real Estate expert