British columbia car insurance calculator

When you have an insurance contract to insure a resident of B.C. or a property situated in B.C. Insurance Premium Tax is charged. The tax is charged on premium payments made as consideration for the insurance contract, such as premium deposits, assessments, registration fees and contributions by members.

Insurance premium tax is charged on premiums based on the physical location of the property or the residency of the person being insured, not based on where the business of insurance is conducted. If an insurance contract covers risks located in more than one province, the portion of the premium covering risks located in B.C. is considered the BC premium.

Most insurance products sold in B.C. are purchased from licensed insurers. When insurance is purchased from a licensed insurer, the licensed insurer must file and pay the insurance premium tax.

Unlicensed insurance commonly covers hard-to-place risks. If you enter into an insurance contract with an unlicensed insurer, you’re required to file and pay insurance premium tax.

Related Posts

British columbia social insurance

Get a Social Insurance Number (SIN) as soon as possible after taking up residence in Can...

British health insurance companies

Four British medical insurance companies hold a 90 per cent market share in the UK: Bupa, Prud...

British insurance groups explained

Here, we look at motorcycle insurance groups that bikes are assigned to and what they mean for...

British insurance market cafe

There is an Information Desk in the Entrance Hall where staff can help you with questions abou...

British reserve insurance

VC FUNDING DEALS: Full access to 93,343+ Funding Deals, including break...

Britton insurance iowa

Shomo-Madsen Insurance, Tri-County Insurance and Woythaler Insurance Corp announced last week ...

Broad form products insurance

A business that delivers cargo, such as a trucking or shipping company, purchases an insurance...

Broadform insurance liability

Many business owners are familiar with the term public liability, but what about broadform lia...

Broadform public and products liability insurance

Many business owners are familiar with the term public liability, but what about broadform lia...

Broadgate equine insurance

Hull (Centre), North Humberside, Skidby, Eppleworth, Weel, Low Gardham, Elloughton, Riplingham...

Broadsure motor trade insurance

Schemes and Discounts from the Country's Leading Insurers Dedicated Account Han...

Broadway insurance services blackfalds

By Brian Herrick, Sgt. RCMP NCO i/c Blackfalds Integrated Traffic Services R...