What you need to know:

ICBC & other disability benefits.

  • Before my collision, could I have purchased from ICBC more than its basic disability benefit?
  • Yes, before your collision you could have purchased ICBC's optional "Income Replacement Policy Including Death Benefits. " Instead of being entitled to up to only $1,300 per month from ICBC, you could have then been entitled to up to an additional $650, $1,083, $1,515 or $1,732 per month in tax free disability benefits for up to 104 weeks if you had met the conditions. As of November, 2010, the cost of this additional coverage was only $33 to $84 per year.

    It is too late for you to buy this insurance policy for the collision you were in; however, you should tell your family and friends about it and consider purchasing it in the future.

    The maximum you are entitled to receive in ICBC disability benefits is 75% of your pre-accident average gross weekly income during the one year period before your collision.

    This policy would likely be of no value to people who receive generous disability benefits through their employer or through private insurance, but it may be very valuable to people who earn about $2,300 or more per month and who do not have disability insurance. These people would receive $1,725 per month tax free (75% of $2,300).

    Self-employed contractors who do heavy physical work may benefit greatly from this insurance. Because of the strong likelihood that they would be unable to work for a lengthy period after a collision, these people cannot afford most other disability insurance plans.

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