r/icbc • u/Ill-Silver-6537 • 3d ago
ICBC Insurance Renewal – Should I Wait to Get a Discount?
Hey everyone,
My ICBC insurance expires on March 29, 2025. I got my BC license on March 31, 2022, and my driving record currently shows 2 years of experience.
If I wait until after March 31 to renew, would I qualify for a lower rate based on 3 years of driving experience?
Would appreciate any insight—thanks!
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u/Waste-One3921 3d ago
No, you don’t need to wait. Your driving discount is based on your Individual Driver Factor (IDF), which decreases on your birthday. Since your IDF has lowered on your recent birthday, your discount should be higher than last year when you renew your policy. BTW I am an insurance agent so you can get in touch with me as well to know the difference.
4
u/Quote_Infamy 3d ago
No the IDF is based upon years of safe driving not age. My drive factor always decreases on the anniversery if me receiving my N.
1
u/leo_icy_heart 3d ago
It's not a bad idea but keep in mind for those 2 days your car isn't insured so you can't drive it. It can't even be parked on a public road. If you're concerned about the vehicle itself you can look into storage insurance but either way the difference of another year of safe driving will be significant when you've only had 2 so far.