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INSURANCE DISCOUNT FOR FLEETS
ICBC*'s fleetplan rewards safe driving by offering customers a sliding scale of discounts and surcharges based on the fleet's at-fault claims.
What is a fleet?
A fleet is defined as five or more vehicles that are registered or leased to an individual or legal entity. Participation in ICBC's fleet program is optional for fleets with 5 to 19 vehicles, and is compulsory for all fleets with 20 or more vehicles.
Benefits of a fleetplan
• higher premium discounts - up to 63%
• fleet vehicle policies expire on the same date, making administration easier
• a list of claims that have affected the fleet's discount comes with your annual renewal documents
• access to quarterly and four-year claims history reports
• access to claims history reports for new drivers
Insurance rate information for fleets
Discounts and surcharges are based on the cost of at-fault claims of all the vehicles in the fleet over three-year period. The cost of at-fault claims incurred by the vehicles in the fleet is expressed as the fleet's loss ratio.

The loss ratio is the percentage of your total premium (before discounts) that was used to pay for the fleet's claims. For example, if 10% of your total premium is required to pay claims, then the loss ratio is 10%. So, the fewer at-fault claims made against the fleet, the lower the loss ratio and the higher your discounts.

For the purposed of calculating the loss ratio, the maximum dollar amount assessed on any one particular vehicle claim is limited to $7,500 per coverage, ie. $7,500 for collision and $7,500 for third-party liability, for a total of $15,000.

The dollar amount assessed on a claim corresponds to the driver's degree of fault in causing the accident. Therefore, if the driver was found to be 50% at fault, then 50% of the assessed claims costs would apply in calculating the loss ratio.

Only vehicle collsion claims and third-party liability claims are taken into consideration when calculating the fleet's loss ratio. However, with regard to Garage Fleets, any claim made on a customer's vehicles while in your care will be included in the loss ratio calculation.
 
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