Bad drivers should absorb this

[my5cents]

I'd imagine a private insurance company that keeps jacking up the rates for the customers that aren't costing them very much money would be losing customers pretty quick to their competitors.

Private insurance companies make their money by keeping low risk customers and rewarding them while penalizing those costing money - penalizing everyone across the board would put them out of business.

Well even in private insurance jurisdictions there are bad years. And you think that when courts award unexpected settlements that private insurance only hikes the high risk customers ?

I suggest that every insurance company create rates based on a base amount with surcharges and discounts.

At some point a private insurance company that has "kept their low risk customers" by rewarding them and has "penalized those costing money", will have lost those "costing money", now what do they do, when awards go up, or claims go up ?

You can be the greatest driver in the world and round a corner on a highway and hit a pile of rocks on the roadway and total your car.

[mexi cali]

Yes you can but in that instance, you have just described an honest and unforeseen accident.

The rest are as you stated, poor driving decisions and not accidents.

Insurance companies need to spread the losses to a degree but there is a line where they need to focus on the records of drivers, good and bad.

While it may be common to share the blame evenly, it doesn't make it right or fair and if the market opened itself up to competition you wanna believe there would be concessions made based on records.

There is no monetary incentive for asssshole drivers to become better but if there were, some of them would quickly smarten the heck up.

It is more than high time (higher?) that fines were set at levels that truly get peoples attention thus persuading them to put their toys away and keep their effin eyes on the road and if they choose not to then hit em hard!

[Dizzy1]

You can be the greatest driver in the world and round a corner on a highway and hit a pile of rocks on the roadway and total your car.

And in many cases, many private insurance companies still won't raise your rates for a single accident after years of safe driving - another perk required to keep customers that aren't costing the private companies.

No offence but given the BC Governments past history putting their hands in the cookie jars I have an extermely difficult time believing that these rate increases are because of more and higher claims especially given the fact the friends next door can insure 2 vehicles for almost the same price it cost them to insure 1 over here

[mexi cali]

Not to contradict you Diz but our friends in Alberta are paying very similar rates to us today. It certainly wasn't that way a few years ago where your example would have been spot on.

[my5cents]

And in many cases, many private insurance companies still won't raise your rates for a single accident after years of safe driving - another perk required to keep customers that aren't costing the private companies.

ICBC does exactly the same.

No offence but given the BC Governments past history putting their hands in the cookie jars I have an extermely difficult time believing that these rate increases are because of more and higher claims especially given the fact the friends next door can insure 2 vehicles for almost the same price it cost them to insure 1 over here

ICBC has to apply to the BC Utilities Commission for the rate increase, you can read the details of the application and the results, if you want. I've heard a lot of "I've got a friend who,,,,, my brother in law in,,,,,,," Usually I find that someone isn't comparing apples to apples.

But if you feel that strongly, move there and get the opportunity to buy car insurance at a fantastic price.

[Dizzy1]

Not to contradict you Diz but our friends in Alberta are paying very similar rates to us today. It certainly wasn't that way a few years ago where your example would have been spot on.

Still is.

[Dizzy1]

ICBC has to apply to the BC Utilities Commission for the rate increase, you can read the details of the application and the results, if you want.

Doesn't change the fact that our rates are subsidizing Government cash shortfalls.

I've heard a lot of "I've got a friend who,,,,, my brother in law in,,,,,,," Usually I find that someone isn't comparing apples to apples.

You're right, out of my experience their apples are usually caramel glazed to ours.

But if you feel that strongly, move there and get the opportunity to buy car insurance at a fantastic price.

I have lived in other areas where I have gotten far better rates for better coverage, but thanks for the advice.

[my5cents]

"my5cents" : ICBC has to apply to the BC Utilities Commission for the rate increase, you can read the details of the application and the results, if you want.

Doesn't change the fact that our rates are subsidizing Government cash shortfalls.

The rates involved in the increase and in the BCUC application pertain to mandatory premiums, that the Govt doesn't touch

"my5cents" : I've heard a lot of "I've got a friend who,,,,, my brother in law in,,,,,,," Usually I find that someone isn't comparing apples to apples.

You're right, out of my experience their apples are usually caramel glazed to ours.

You haven't directly said which jurisdiction you are talking about except to say "next door", but if we're talking apples to apples, Alberta has $30,000 limit on No Fault coverage, BC has a $150,000. Just one example of the comparison.

"my5cents" : But if you feel that strongly, move there and get the opportunity to buy car insurance at a fantastic price.

I have lived in other areas where I have gotten far better rates for better coverage, but thanks for the advice.

Would be interesting to know where you have had better coverage. You can allege a lot about ICBC, but it's pretty well accepted that ICBC's coverage is the best or tied for the best available in Canada. Most of the US is very limited with maximums.

[mexi cali]

Just did an online calculator and while the rate was less, it wasn't by much.

[Smurf]

I have done the same comparison a few times and have never come out with any real difference for COMPARABLE coverage. You have to be very careful what you are comparing. I had a friend tell me how cheap his house insurance was. We compared my more expensive coverage to his and he is now changing to mine at renewal time. It's all in what you want for your dollar.

[mexi cali]

Their liability coverage amounts start low. I have never had less than 3m. You'd pay less for less for sure but then you start rolling the dice.

[my5cents]

Their liability coverage amounts start low. I have never had less than 3m. You'd pay less for less for sure but then you start rolling the dice.

It starts at 200G, basic.