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Reduce your chances of buying a fraudulently altered vehicle
- bySimon Rai on22nd September, 2009 inAuto Insurance
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When buying a used car, you are often exposed to many risks. That great deal that you find on Craigslist or your local Buy&Sell could be completely worthless under the hood unless you really know what to look for. Recently, ICBC's Special Investigation Unit launched an investigation after receiving a tip that two brothers were buying used vehicles with high mileage and rolling the odometer back, before reselling them at a profit. The investigation determined that the brothers had registered more than 300 vehicles over a time span of three years. Obviously this fraud ring has affected hundres of car buyers across BC, but there could be even more that have unknowingly bought vehicles that were falsely presented at the time of sale. Other types of automobile fraud includes rebuilt vehicles which are sold as normal status vehicles, and even stolen vehicles which have been imported from other jurisdictions and then registered in BC.
To protect yourself as much as possible and reduce the chances of buying a fraudulently altered vehicle, make sure to follow these steps the next time you are purchasing a used vehicle in BC:
1. Inspect the Vehicle Identification Number (VIN): The VIN on the dashboard and the engine firewall should match with the Vehicle Registration form. Check for signs of tampering like loose or mismatched rivets, or scratched numbers.
2. Insist on seeing the original Vehicle Registration form: Don't make do with a photocopy – make sure you have the original document and then check that all the information matches the vehicle you are buying.
3. Take a closer look at the odometer: Make sure the numbers are properly aligned, and there are no marks or obvious signs of tampering. When purchasing an older model car, consider that vehicles travel, on average, about 25,000 kilometres a year. By obtaining the vehicle's registration number you can also check when the vehicle last went through an AirCare testing at aircare.ca. Odometer readings should increase and not do a significant drop.
4. Uncover the vehicle's claims history: Get a Vehicle Claims History report or a more detailed CarProof Verified BC report. Both are available, for a fee, online here
5. Perform a lien search: A lien may have been placed on the vehicle by a person, bank or other entity as collateral for an unpaid debt. A lien is attached to the vehicle, not the owner. A lien search – which costs about $10 – can be performed at any ICBC Driver Service Centre and many ServiceBC offices.
Buying a used car doesn't have to be a shot in the dark if you do your research first!
Simon Rai
Insurance Advisor
BW Insurance, Langley
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Motorcycle Storage Policy
- bySimon Rai on31st August, 2009 inMotorcycle Insurance
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Now that summer is coming to end, it may almost be time to put your motorcycle away for the winter. If your road insurance is running out soon, you may be wondering how to protect your bike while it is not being ridden. A few of the things that could cause a loss to your expensive toy are fire, theft, and even vandalism. Due to these potential risks, a storage policy of some type is definitely recommended.
For motorcycle insurance in bc, you have two major options in terms of storage insurance. If you are with a private insurer like Beacon, Megson & Fitzpatrick, or Chutter Plus then your annual policy will automatically convert to a storage policy once your bike is off the road. This will provide you with protection from damages such as fire and theft until you are back on the road again. If you were insured solely through ICBC, then you have the option of purchasing a storage insurance policy from your local Autoplan broker. An ICBC storage insurance policy for your motorcycle is relatively inexpensive (approximately $30 for 3 months) and provides you with the important peace of mind that you need while your bike is in storage. You can find more information about ICBC Storage Insurance here: ICBC.com/Storage
In most cases, especially if you are an experienced rider, private coverage is a much better value. Right now is actually a good time to get on an annual plan, because not only are you provided with storage insurance throughout the winter, but come riding season next spring, all you have to do is get the basic insurance from ICBC and you're fully insured for the road as well. For more information about a private insurance policy for your information, please contact one of our offices.
Simon Rai
Insurance Advisor
BW Insurance, Langley
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Free immobilizer offer to Ford F-Series truck owners in Lower Mainland
- bySimon Rai on27th July, 2009 inAuto Insurance
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Since Ford F-Series trucks are the most stolen vehicles in B.C., ICBC will be offering a free 2-point passive electronic immobilizer to around 4,000 of the highest-risk Ford F-Series truck owners in the Lower Mainland and Fraser Valley. This installation has a value of $160 and a list of retailers willing to install the device will be provided. Not only will this decrease the chances of your high risk vehicle from being stolen, but it will also qualify you for an "Anti-Theft Discount" on your Autoplan Insurance. If your vehicle qualifies for this offer, you should be recieving a letter in the mail sometime over the next month or two. For more information, contact one of our offices or ICBC Customer Contact at 604-661-2800.
Simon Rai
Insurance Advisor
BW Insurance, Langley
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The Guide to Motorcycle Insurance in BC
- bySimon Rai on23rd July, 2009 inMotorcycle Insurance
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Like car insurance, you are legally required to purchase basic insurance through ICBC if your motorcycle is going to be on the road. Optional coverages which include Collision, Fire, Theft, and Vandalism can be purchased through ICBC or a private insurer. There are three main private insurers in BC which specialize in providing coverage for Motorcycles (among coverage for other recreational vehicles). These include Megson & Fitzpatrick, Beacon Underwriting, and Chutter. If you are an experienced rider, these companies offer a significant discount over ICBC rates for the optional coverages mentioned above. Most of the time, they also include coverage for your trailer and riding gear as part of the premium. Furthermore, added features such as Emergency Roadside Assistance, Lock Rekeying, and Travel Protection are included at no additional cost. If you have owned a Motorcycle for 5 years or more, you should definitely look into a private insurance company for your optional coverages.
What allows the private insurance companies to offer such low rates is that they ask you to fill out a questionnaire which helps them assess good riders from bad riders. By insuring only the good riders, they have less losses and therefore can keep their rates ultra low (whereas ICBC has to insure everyone). An optional coverage policy through Beacon starts at $325 for a full year of coverage (depending on your experience, where the bike is stored, etc). However, the BC weather usually doesn't allow for a full year of riding so the time that the bike is not on the road, the policy automatically functions as a storage policy to protect your bike in case of fire, theft or vandalism while it's not in use. This means that you only have to purchase the basic ICBC coverage for the time that the bike is on the road, which can be anywhere from 3-12 months. Meanwhile, the private optional coverage stays in effect all year, unless you end up selling your motorcycle.
Hope this information has giving you some insight into your options for Motorcycle Insurance in BC. If you have more specific questions or need a quote, contact us at one of our offices or ask an advisor in our insurance forum.
Simon Rai
Insurance Advisor
BW Insurance, Langley
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ICBC Insurance Explained
- bySimon Rai on21st May, 2009 inGeneral
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If you live in BC there is no doubt that you have dealt with ICBC on many occasions. Since ICBC's creation in 1973, any vehicle registered and driven or parked on public streets in British Columbia must purchase ICBC's Basic insurance package from an independent broker. This basic coverage called "Autoplan" includes $200,000 third party legal liability, under-insured motorist protection, accident benefits, hit-and-run protection, and inverse liability. This is the bare minimum insurance you are required to have in order to be able to drive your vehicle on a public road. In other words, everyone on the road in BC has a minimum of $200,000 legal liability in case they cause any damage to someone (property, injury, etc.).
As opposed to Basic insurance, Optional coverages are not mandatory. They are still very important to have though, because they provide you with greater protection in case of a loss. There are 3 main types of optional coverages:
Extended Third Party Liability - You can increase your legal liability from $200,000 all the way up to $5 million. Most people in BC carry anywhere from $1 million to $3 million of third party liability, but it is always recommended to carry as much as you can afford. In case you or another driver of your vehicle ever injure someone, damages can easily exceed $1 million and the amount that ICBC will cover is limited by how much Third Party Liablity you have purchased.
Collision - Collision coverage is what covers damage to your own vehicle in the case of an accident. It is important to remember that collision coverage only applies if the accident is your fault. In this case you would also have pay the deductible that you have selected (most people have a deductible of $300 but you can raise your deductible to lower your premium). If, however, the accident is the other driver's fault, there own insurance policy that would pay for the damage to your car.
Comprehensive - Comprehensive coverage is another "own damage" option which covers your car in case of fire, theft, and vandalism. If your car is ever damaged as a result of any of these three occurrences, ICBC will reimburse you for any costs associated with fixing your vehicle. Another less costly option is "Specified Perils," which removes vandalism coverage but gives you fire and theft only. You can select either one of these coverages for your car insurance policy, so ask your insurance advisor which is best for you.
If you have questions about your insurance and which coverages you may or may not have, simply register and make a post in our forum where one of our advisors will be able to answere your questions! Ask an Advisor
You can find more in depth information about ICBC Autoplan coverages from the ICBC website: ICBC | Autoplan Insurance
Simon Rai
Insurance Advisor
BW Insurance Langley
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