Insurance Corporation of British Columbia
Provincial crown corporation in British Columbia / From Wikipedia, the free encyclopedia
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The Insurance Corporation of British Columbia (ICBC) is a provincial Crown corporation in British Columbia providing vehicle insurance. ICBC was created in 1973 by the NDP government of Premier Dave Barrett.
Company type | Crown corporation |
---|---|
Industry | Insurance |
Founded | 1973; 51 years ago (1973) |
Headquarters | , |
Products | Vehicle insurance |
Revenue | 5.52 Billion CAD (2021) [1] |
1.538 Billion CAD (2021) [1] | |
Owner | Government of British Columbia |
Number of employees | 5,200 [2] |
Website | icbc.com |
By law, any vehicle registered and driven or parked on public streets in British Columbia must be covered by ICBC's basic insurance package, which can be purchased from independent brokers across the province. This basic coverage, called "Autoplan," includes protection from third party legal liability, under-insured motorist protection, accident benefits, hit-and-run protection, and inverse liability (which provides compensation if a driver is involved in an accident in jurisdictions that forbid drivers from recovering losses incurred from a driver who is at fault in the accident).