Commercial insurance (provide by rental company):
Generally, it includes collision insurance (Collision Damage Waiver), glass and tire insurance (Windshield and Tire Coverage), and 3rd party liability insurance. The specific rate will vary according to the amount of compensation and the driver’s license. For specific quotations, please contact customer service.
Credit Card Insurance:
Usually includes collision insurance (Collision Damage Waiver) and theft insurance (Comprehensive) but does not include 3rd party liability insurance (3rd Party Liability). Due to the wide variety of credit cards, the specific insurance amount and reporting process needs to be verified with the credit card insurance department.
ICBC Rental Car Insurance:
Usually includes collision insurance with a minimum compensation of $300 CAD, comprehensive theft insurance with a minimum compensation of $300 CAD, and 1 million third-party liability insurance with a minimum compensation of $300 CAD. A condition for purchasing this insurance is that you are a BC tax resident with a valid BC driver’s license. This insurance can be purchased at any ICBC insurance broker for $10 per calendar day.
Third-Party Rental Car Insurance:
A third-party insurance policy is purchased by the insured (first-party) from the insurance company (second party) for protection against the claims of another (third party)., which generally includes Collision Damage Waiver, Comprehensive Theft, and 3rd Party Liability. The significance of third-party insurance is that it offers the insured coverage for injury or damage they have caused. You need to check with the insurance company for the specific amount of coverage and terms.