How to Buy Insurance You can buy home, business and optional auto insurance from private insurers. Products and prices vary from company to company. The Insurance Corporation of British Columbia (ICBC), a government-run insurer, provides mandatory basic auto insurance and also sells optional auto insurance. Insurance protects you and your property against risk by covering unforeseen damage or mishaps. When driving a car, buying a home or establishing a business, you will have peace of mind with insurance. Mandatory Auto InsuranceMandatory basic auto insurance – which includes accident benefits, compulsory minimum third-party liability ($200,000) and uninsured motorist protection – must be bought from ICBC. Learn more about British Columbia auto insurance.Optional Auto InsuranceExamples of optional products include collision coverage, comprehensive coverage, excess third-party liability and excess underinsured motorist protection. Products and prices vary from company to company. Where to Buy InsuranceMost insurance representatives provide some form of home and business insurance. Make an informed choice before you buy. Throughout the province, private insurance companies compete on the basis of price, coverage and service. They offer consumers and businesses choices when buying mandatory auto or optional home or business insurance. Private insurers provide expert guidance on the best value and coverage for your needs.Auto Insurance By law, if you own and drive a car, you must buy auto insurance from a private insurer. Home InsuranceWhile the law does not mandate it, banks or mortgage holders may insist that you purchase home insurance Business InsuranceAlso called "commercial insurance," business insurance is not mandatory in the province. Related ServicesInsurance VendorsInsurance is a significant financial investment so it’s worthwhile to learn about your buying options. You can buy insurance from a broker, agent or direct writer.Seller ScamsPay attention to the details of your insurance contract. Scammers sometimes slightly alter the name of a legitimate company. Licensing of InsurersSimilar to other professions, insurance representatives – including direct writers, brokers and agents – as well as insurance companies, are subject to government regulation.Rights and ResponsibilitiesInsurance companies, brokers and agents are committed to safeguarding your rights when you shop for insurance and submit a claim following a loss. Useful LinksAuto InsuranceRequired by law across Canada, auto insurance covers the owner/driver, passengers, pedestrians and property affected by a vehicle collision.Buying Home InsuranceAs a homeowner, you need to insure your house for replacement costs so that in the event of serious damage or destruction you have adequate coverage. Be sure to keep your home insurance current by reporting material changes or upgrades.Business Insurance CoverageInsurance protects you from losses that may pose a significant threat to your business operations. A major loss to one organization may be a trivial loss to another. When selecting coverage, deductibles and policy limits, there are many factors to consider.