BC Financial Responsibility
It is compulsory in British Columbia for vehicles operating on highways within the province to be insured with the following basic minimum coverage:
- commercial vehicles - $1,000,000 third-party liability
- commercial vehicles engaged in transport of dangerous goods - $2,000,000 third-party liability
- taxis - $300,000 third-party liability
- buses - $500,000 third-party liability
All persons or firms entering B.C. under an extra provincial undertaking (commercial enterprise) are required by law to do one of two things. One option is to file proof of insurance coverage (Financial Resposibility Certificate - Form MV23) with the Inter-jurisdictional Licensing Department of ICBC at the cost of $30. This certificate, however, may only be filed by insurance companies authorized to transact automobile insurance and who have Power of Attorney and Undertaking files with the B.C. Superintendent of Financial Institutions. The other option is to obtain the compulsory insurance coverage from the nearest weigh scale upon the purchase of a Non-Resident Commercial Vehicle Permit.
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