ICBC

So we're expected to pass Ontario soon and have the highest car insurance in the country. 

As a relatively new driver that still has a "N"erd stamp (class 5 test coming up next month) and a shiny new car I already feel like I'm paying through the nose and have trouble stomaching the thought of paying much more. If rates continue to rise I'll likely have to sell the thing and buy something cheaper and older and arguably less safe if I want to continue driving. Not really complaining just more stating the reality of mine and others situation. 

What should be done? Do we deserve the high rates? Should anything be done? Are texting drivers to blame or the bc liberals for allegedly pilfering over a billion dollars from them over the years? Both?

The first step is we shouldn't let corrupt politicians use crown corporations as a bank to fund whatever fucking "projects" they feel like throwing money at.

second step would be to put a cap on injury claims and possibly move to a no-fault system. rates are going up in large part due to everybody and their dog suing for injuries when they get into an accident. a lot of other provinces have no-fault policies that limits payout on injury claims.

How many lawyers contributed the to BC Lib's?  How many to the NDP?  If none donated to the NDP, maybe we'll see that.

Posted by: syncro

second step would be to put a cap on injury claims and possibly move to a no-fault system. rates are going up in large part due to everybody and their dog suing for injuries when they get into an accident. a lot of other provinces have no-fault policies that limits payout on injury claims.

This is why I don't want to complain. Getting hit by cars on my bicycle and suing the driver was practically my 2nd job in my early 20's. I've contributed to this.

I'm not a big fan of no fault systems.  It can unjustly penalize drivers that are very good drivers, but simply had the bad luck to be in two or three accidents in a short time period.  Other, poor drivers can get away with cheap premiums because they've been lucky enough to avoid accidents, or the accidents they cause didn't affect them (think: cutting someone off, causing an accident but not hitting the car the cut another off).

Posted by: KenN

I'm not a big fan of no fault systems.  It can unjustly penalize drivers that are very good drivers, but simply had the bad luck to be in two or three accidents in a short time period.  Other, poor drivers can get away with cheap premiums because they've been lucky enough to avoid accidents, or the accidents they cause didn't affect them (think: cutting someone off, causing an accident but not hitting the car the cut another off).

I agree, but the flip side is litigation costs are killing ICBC and there are probably a lot of people who see a car accident  as a winning lottery ticket which further drives up costs.

No fault isn’t necessarily no fault. If someone is rear ended, the rear driver is considered at fault even under a no fault system and while the damages of person who was hit are fixed by their own insurance co, they will go after the at fault insurance co and get refunded. A no fault accident on your record does not count as an accident under a no fault system. 

<span style="-webkit-text-size-adjust: 100%;">I find it outrageous that there’s no alternative for basic insurance than ICBC because while I had the same insurance co for over two decades in ON, the ability to move around provided at least some competition. I e shopped around a bit here for the extra coverage for my cars and they’ve been roughly the same as ICBC  </span>

<span style="-webkit-text-size-adjust: 100%;">I find my car insurance here the same as it was in Toronto, which was almost 3x what it was on Ottawa (based only on a postal code change). </span>

A big part of the problem is injury claims filed through a lawyer. The lawyers take roughly 2/3rds of the settlement so amplify damages beyond what is required significantly. Instead, they should charge a flat fee

Posted by: syncro

second step would be to put a cap on injury claims and possibly move to a no-fault system. rates are going up in large part due to everybody and their dog suing for injuries when they get into an accident. a lot of other provinces have no-fault policies that limits payout on injury claims.

Government regulation (ie creating a monopoly) has caused the problem, so you suggest more regulation? 

My insurance in the US is about $800/yr for full coverage. It went up this year from $730 because high auto theft rates in vegas have fucked the rest of us in NV. 

Open insurance to the free market. Get government out of the insurance business and you can't blame them for stealing crown corp $$.

Ontario had a free market for auto insurance all the way up to the mid-90s.  They went to the no fault system because prices were skyrocketing and making it unaffordable.  Sorry, but your free market evangelism is just wrong.

Posted by: Farmer

My insurance in the US ...

I wouldn't look south of the border for a shining model...

Posted by: Farmer

Posted by: syncro

second step would be to put a cap on injury claims and possibly move to a no-fault system. rates are going up in large part due to everybody and their dog suing for injuries when they get into an accident. a lot of other provinces have no-fault policies that limits payout on injury claims.

Government regulation (ie creating a monopoly) has caused the problem, so you suggest more regulation? 

My insurance in the US is about $800/yr for full coverage. It went up this year from $730 because high auto theft rates in vegas have fucked the rest of us in NV. 

Open insurance to the free market. Get government out of the insurance business and you can't blame them for stealing crown corp $$.

Apparently before ICBC all the private insurance providers in BC were colluding to set the rates high and people were getting gouged much worse than they are today. 

Since the libs have been taking money from ICBC for 16 years to spend on things not related to auto insurance I wouldn't mind seeing the NDP decide to put some back in. Cancel site C and give ICBC a couple bil of the money saved.

ok so Obviously the libs were pond scum but  did they spend the money on something you never used ?

Posted by: Fast-Orange

Apparently before ICBC all the private insurance providers in BC were colluding to set the rates high and people were getting gouged much worse than they are today.

15 years ago, this was a problem in New Brunswick. Rates had gotten so high that new drivers (mostly kids) couldn't afford to get insurance. The government looked at the ICBC model, but decided that they didn't want to get into the insurance business. Instead, they established a review board that could cap the rates that companies could charge as well as the awards for minor injuries. As far as I know, that system is still in place.

I know that when I was in Toronto from 96-99, the rates for essentially the same coverage could vary by 50%, or more, between different companies. It was definitely worth spending an afternoon calling around to get quotes from 3 or 4 different places.