Has ICBC’s recent announcement about auto insurance changes got you wondering what accident benefits are?
What are accident Benefits?
ICBC’s accident benefits are automatically included in the basic car insurance coverages from ICBC. Accident Benefits can help recover lost wages and cover medical costs, funeral expenses, and provide death benefits if you are involved in an accident. ICBC recently announced that they will be increasing the coverage for Accident Benefits for medical and recovery costs from a $150,000 to a maximum of $300,000.
Who is eligible for accident benefits?
You can be eligible for accident benefits if you fall under one the following categories when in an accident:
- Occupants of a vehicle licensed and insured in BC
- Owner of Vehicle
- Member of the owner’s household
- Anyone hit by a vehicle while a pedestrian or cyclist
Accident benefits are also a way to help ease the financial stress if you are unable to work because of your accident. If you are currently employed, or were employed in the past six of the twelve months before your accident, you can be eligible for coverage that helps cover lost wages. If you are a homemaker and find yourself unable to perform your household duties, you also may be eligible to hire someone to perform your duties for you.
Coverage limits for wages and homemaker benefits are as follows:
- 75% of average gross weekly income minus weekly total of other disability benefits or $300, whichever is less
- Up to 15 weeks of EI
- Homemaker benefits up to $145 per week to hire a person
If death is the result of an accident, ICBC’s accident benefits provide coverage up to $2,500 for funeral expenses. Additionally, death benefits can be provided to your spouse and dependents to help ease and alleviate financial strain. The amount paid is based on the deceased financial position in the household.
ICBC’s accident benefits limits can also be increased. Talk to one of our experienced insurance advisors today to see how we can help you.