Traffic accidents are commonplace on Vancouver's busy streets. When we venture out upon the roads, we assume that if we are in a car accident, bicycle accident or pedestrian accident for which we are not at fault, the at-fault driver will have ICBC insurance coverage which will pay our claims for pain and suffering, income loss and other expenses. But will they?
The answer is, "maybe". By law, every vehicle owner must carry a minimum of $200,000.00 in third party liability insurance (insurance to cover claims by other people). Many drivers carry no more insurance than the legal minimum. However, if your injuries are serious and/or you have had to take significant time off work, your claim can easily exceed $200,000.00. In those circumstances, your own ICBC insurance policy (or one held by a member of your household) will increase your coverage to a maximum of $1,000,000.00. Good news, right?
Sure, that is good news. However, if you are permanently disabled by virtue of a brain injury, amputation injury, spinal cord injury or other catastrophic injury and are unable to return to work, $1,000,000.00 may not be enough money to compensate you for your pain and suffering, reimburse you for your expenses, pay for your rehabilitation therapies, cover your legal bills and provide for you and your family financially for the rest of your life.
What can you do to ensure that adequate insurance coverage will be available when you need it the most? Purchase an Excess Underinsured Motorist Protection insurance policy. These policies are available from ICBC or from private insurers at little cost (approximately $25.00 per year) and can increase your Excess Underinsured Motorist Protection coverage by an additional $1,000,000.00 or more.
Ask yourself this question: Do I expect to earn more than $1,000,000.00 in my lifetime? If the answer is "yes" (or even if it's not), you need Excess Underinsured Motorist Protection.
Don't leave your financial security to chance. Take your insurance coverage into your own hands by purchasing an Excess Underinsured Motorist Protection policy. Hopefully, you'll never need it. But if you do, it will be the best $25.00 you've ever spent.