2 ms·

I think ICBC is worse than the private options available in other provinces. Auto shops are charging them through the nose to fix all these German cars that ge

I think ICBC is worse than the private options available in other provinces. Auto shops are charging them through the nose to fix all these German cars that get in accidents, and then the premiums for those drivers never go up by any significant amount. ICBC had a bunch of money they had collected from premiums, 800 million or so I recall, and the government took it from them to flitter away on whatever, so the surplus paid in insurance premiums becomes another form of tax, Instead of ICBC being able to reduce premiums or needing to compete to offer the best price

dghlsakjg 3y ago
AFAIK the premiums we pay are lower than other provinces. I know that Alberta and Ontario are higher. The BC liberals did loot the ICBC insurance pool of 1.2 billion dollars calling it ‘dividend payments’, which realistically should have been premium refunds. When the NDP regained power they passed legislature to prevent this in the future, and ensure that ICBC operates as a nonprofit, which is why there were several premium refunds throughout COVID. The unfortunate part is that ICBC doesn’t have a very complex premium structure. So you do end up with silly shit like a car with high cost of repair being insured for the same amount as a much cheaper to repair car. As a monopoly they are also required to insure all drivers no matter how bad the risk which means that we all pay to keep people on the road who should not be driving.