All of our staff recently had the opportunity to attend a seminar dealing with ICBC Liability coverage.  While there, I learned a few interesting facts from ICBC claims files in 2008:

1) 26% of ICBC customers carry $1,000,000 or less of third party liability - this does NOT included those carry only the basic compulsory!

2) ICBC recorded on average 695 crashes a day.  Keep in mind that most crashes involve 2 or more claimants, and this also does not include thefts, fires, etc.

3) Over $2.46 billion was paid in claims - which breaks down to $6.7  million per day!

4)  More than once a week a claim exceeds $200,000.

5) Once recent claim involved a single vehicle colliding with a power pole.  The suprising part was that the final payout exceeded $1,000,000!

What people forget to consider is that there could many claiments.  The power pole case involve power being knocked out to over 800 homes and business.  The resulting power surge knocked out computers, televisions, freezers (think how much you have in your freezer!).  This all falls back onto the responsible driver.

It all serves to underscore the need for higher liability limits.  Many people carry $2,000,000 - is that really enough?  You make that decision.