ICBC refund

[cate1896]

Does anyone remember about six or so months ago, ICBC stating that a bunch of people had been overcharged for their insurance? There was a website that you could put your plate number into and it would let you know if you were one of the people who were going to get a refund. Well, as luck would have it, I was one of the people overcharged but then I haven't heard anything since. Anyone know anything about this? I hate to just let it slide and let them keep more of my money than they're supposed to. Thanks.

[Troy]

According to the news story about this:
http://www.castanet.net/news/BC/113026/ ... k-millions

ICBC will reimburse with interest the approximately 240,000 optional insurance customers who have been overcharged by mid-July, says Mark Blucher the Crown corporation's CEO.

[cate1896]

Well, glad I asked! Thanks for the info!!

[blondewithbrains]

ICBC is just in the process of changing over their system and all agents have started as of July 1/14 to amend the VIN codes to reflect the correct VIC codes in the system. So once this is all in full swing I am sure that they will start issuing the refunds. Just another note,there were also lots of cars that were being undercharged based on the incorrect info in their system but they are not asking for more money from those people, but they will absorb that loss.

[cv23]

Just another note,there were also lots of cars that were being undercharged based on the incorrect info in their system but they are not asking for more money from those people, but they will absorb that loss.

As all the drivers in BC are the share holders of ICBC you mean "WE will absorb that loss"

[Display Guy]

ICBC is just in the process of changing over their system and all agents have started as of July 1/14 to amend the VIN codes to reflect the correct VIC codes in the system. So once this is all in full swing I am sure that they will start issuing the refunds. Just another note,there were also lots of cars that were being undercharged based on the incorrect info in their system but they are not asking for more money from those people, but they will absorb that loss.

There was no loss!!!! The B.C Government is taking another 450 Million surplus from ICBC and putting it in general revenue. Instead of giving customers a rebate for being further overcharged on all premiums!

[Dizzy1]

As all the drivers in BC are the share holders of ICBC you mean "WE will absorb that loss"

Don't share holders usually enjoy dividends? ;)

[blondewithbrains]

There was no loss!!!! The B.C Government is taking another 450 Million surplus from ICBC and putting it in general revenue. Instead of giving customers a rebate for being further overcharged on all premiums![/quote]

I was referring to the rating system that ICBC has been using for 30+ years....lots of vehicles were rated based on incorrect option levels...example is basic model with no options compared to the same vehicle with leather, ac, sunroof etc...the ones that were rated based on the lower model but actually had higher options will now be rated more accurately but will not be asked to compensate ICBC for past premium that they should have been charged for, compared to the ones who were overrated and will now not pay for options they dont have and will get a refund....maybe you need to do some research as there are a few companies that will sell you private insurance for the collision and comprehensive coverages but on average they really arent any better than ICBC with their rates and if you have had an accident within 9 yrs most dont wont let you use them but ICBC is required to cover you no matter what....if you dont like it then maybe you should move to Alberta and get their insurance and dont come back for holidays in BC!!

[rookie314]

Or you get to live in BC, so bend over and take it!

[Bsuds]

...maybe you need to do some research as there are a few companies that will sell you private insurance for the collision and comprehensive coverages but on average they really arent any better than ICBC with their rates

So the $200 per year I am saving (x 2 vehicles) and have saved for several years now is not better?

Sorry but if I could get the mandatory insurance from elsewhere I sure would as well.

[blondewithbrains]

So the $200 per year I am saving (x 2 vehicles) and have saved for several years now is not better?

Sorry but if I could get the mandatory insurance from elsewhere I sure would as well.[/quote]

I did say on average....you are obviously one that it still works for and dont have a young driver on your insurance...also check your wordings as some of them put restrictions on that most are unaware of until its too late, like health issues will void a policy if not disclosed or travelling in the US as a snowbird...But if you have an accident, they could either raise your deductible or decide you arent worth the risk and drop you...seen that happen a few times...One of the reasons that ICBC is higher is the liability, you are able to sue for higher damages in BC and with other provinces that can be limited to what you can get for injuries
Alberta : http://www.ibc.ca/en/car_insurance/ab/M ... verage.asp
BC : http://www.ibc.ca/en/Car_Insurance/BC/M ... verage.asp

[Bsuds]

I did say on average....you are obviously one that it still works for and dont have a young driver on your insurance...also check your wordings as some of them put restrictions on that most are unaware of until its too late, like health issues will void a policy if not disclosed or travelling in the US as a snowbird..

In my case they are aware of all those as I have to sign a form every year claiming medical issues etc.
I guess if they ever do any of the other thing you mention I can always return to ICBC. In the mean time I save big time.
If they can do it why can't ICBC.

[Smurf]

Because as was said ICBC are forced to take on everyone. The private companies pick and choose and therefor greatly reduce their overall costs. It makes complete sense that ICBC would have to charge more. it would be nice if they would make the high risk ones pay the premiums to cover their own risks and give the rest of us a break.

[Bsuds]

Because as was said ICBC are forced to take on everyone. The private companies pick and choose and therefor greatly reduce their overall costs. It makes complete sense that ICBC would have to charge more. it would be nice if they would make the high risk ones pay the premiums to cover their own risks and give the rest of us a break.

While I can't argue your reasoning they still made so much profit the gov't took money from them and is using it for whatever they feel like.

[rookie314]

And what about ICBC going after ICBC? I have seen it in person and no one should have to go through what that person went through. Took 5 years and arbitration to obtain a settlement. The person I know had a lawyer (thank god) or "The Corporation" would have crushed them as the reality is that is their mandate. Break you so you'll sign anything. In Alberta with private insurance You are a customer and treated as such.