Another ICBC rate increase

[driveangry]

^^^ If what you say here is true, then why aren't the brokers telling anyone this ???

I've been in BC for over 30 years, involved with the auto industry, other than buying optional collision & comp. from private ins. co., ( which is always just a few dollars more), this is the first I have heard of this.

Is this info being kept from us at the request of ICBC or are the brokers for ICBC keeping this info from for personal profit ???

[my5cents]

^^^ If what you say here is true, then why aren't the brokers telling anyone this ???

I've been in BC for over 30 years, involved with the auto industry, other than buying optional collision & comp. from private ins. co., ( which is always just a few dollars more), this is the first I have heard of this.

Is this info being kept from us at the request of ICBC or are the brokers for ICBC keeping this info from for personal profit ???

I'm not sure what you are saying. You've said you buy your "optional collision & comp from private", the only part of insurance you haven't mentioned is the additional public liability (ie, over the mandatory $200,000)

What aren't the brokers telling you ?

[driveangry]

I'm not sure what you are saying. You've said you buy your "optional collision & comp from private", the only part of insurance you haven't mentioned is the additional public liability (ie, over the mandatory $200,000)

What aren't the brokers telling you ?

No I don't buy my optional from private ins., just saying that's all the brokers tell you about.

The brokers mention nothing about buying additional liability from private ins. I was unaware of that option.

[Glacier]

BC has an inordinately high accident rate because of the design of our highways. Kelowna's worst highway intersection has 115 crashes per year (at Spall). West Kelowna's worst location at at Boucherie has 46, which is worse than the busier Kamloops highways. Vernon's worst intersection has 38 crashes per year.

Kamloops' worst highway intersection at the poorly designed Vicars Rd. intersection only has 27 crashes per year. The extremely busy Trans-Canada highway through Chilliwack has no intersection with more than 55 crashes per year, half that of Kelowna, even though it has much faster traffic.

[driveangry]

^^ And there lies the problem with ICBC.

We all have to pay for others incompetence and mistakes

[Glacier]

^^ And there lies the problem with ICBC.

We all have to pay for others incompetence and mistakes

Yup. With no insurance, people would drive a lot safer, but with insurance they can drive like a bat out of hell because it costs very little if things go sideways.

[Even Steven]

I don't understand the logic behind luxury car insurance decision.

If it was me, I'd offer insurance to them all day long, just jack up the rates. This way they can pay for themselves and a little for people who drive normal cars. Out of all people, they can afford it. And it would make the insurance for us normies a bit more affordable.

[my5cents]

No I don't buy my optional from private ins., just saying that's all the brokers tell you about.

The brokers mention nothing about buying additional liability from private ins. I was unaware of that option.

Gotcha.

An insurance agent, is just that, an agent that is supposed to be your agent to help you purchase the insurance you need at a fair price, with the coverage that you need.

They should be giving you all the options, which includes buying own damage from ICBC or private and buying excess liability insurance from ICBC or private.

Very few people stick with just the bare bones $200 G liability insurance. So there's a lot of customers who should be given the options, including more, perhaps, than one private insurer. Not all private are the same either.

There are bad agents, just like any other occupation. What would be wrong, is an insurance agency, who's policy is for their employees (the agent) to push just ICBC without pointing out their customer's option of buying from private. Also wrong for an agency to push private to the exclusion of ICBC.

I've had problems with ICBC agents in the past. For many many years I had a winch on a truck I owned. The coverage on the winch was a separate ICBC policy an "Excess Equipment Endorsement". Every year I received a separate renewal notice from ICBC and every year I faithfully renewed the policy. Then one year somehow the conversation expanded and I was informed that for all those years I was purchasing comprehensive coverage on the winch, which did NOT include collision ! Where is the winch ? ONE THE FRONT of my truck. If I screwed up and hit something, the winch wouldn't have been covered.

The agent said "oh well that type of insurance (excess equipment coverage) is usually bought to insure an expensive sound system, so it's unusual for it to include collision because sound systems don't usually get damaged in car accidents.

So an error in the first instance was replicated year in and year out. Yes, I did have theft coverage, but the real risk to the winch, an at fault collision, wasn't covered for many years.

Every year I ask my agent for a quote for private and for ICBC for all the coverages. If they are close I go with private, only because I hate the fact the government is skimming the profits from the optional. Yes, I know that small amount will be made up by the government in some other way.

ICBC was initially set up to be revenue neutral. The mandatory, the segment so many are opposed to still is. What burns me is seeing ICBC, at times (I think last year) raise the price of the optional coverage, all the while the government is skimming from it.

Of course private insurance probably loves the fact that the government skims profit from the optional as that increases ICBC's rate for optional allowing them to compete easier.

[Noisy Boater]

I am sure it is available somewhere but it would be nice to know what salaries are for the head pigs at the trough are at ICBC. There is no doubt in my mind that they all will receive fat bonuses for coming up with an excuse to raise rates. WE only get what is necessary from ICBC. The bonuses and salaries paid to the pigs are mind numbing. Kinda like the head of the ferries and any other corp like that. I could operate all govt corporations for half the salary. You dont need to know anything just make sure you have reasonably smart lackeys below you. I am ready to be CEO of all Govt Corps. When do I start ??

[madmudder]

http://www.castanet.net/news/BC/184016/ ... ing-up-4-9

What a bunch of lying thieves these BC Liberals are. Stop stealing ICBC money to make your mismanagement of our tax dollars look good. Come on Mr. Stone tell people of BC how much your government took from ICBC coffers this year.

[flamingfingers]

^^^From that article:

The provincial government has directed the B.C. Utilities Commission to approve the rate for next year for the public auto insurer, but it wants to make sure that in the long term, the rates are in line with inflation.

Isn't the BCUC 'supposed' to be an independent body? What's 'the government' doing directing it to do this and that???

[Atomoa]

http://www.castanet.net/news/BC/184016/ICBC-rates-going-up-4-9

What a bunch of lying thieves these BC Liberals are. Stop stealing ICBC money to make your mismanagement of our tax dollars look good. Come on Mr. Stone tell people of BC how much your government took from ICBC coffers this year.

Instead of using the foreign tax money to keep the cost of living down they decided give out 40,000 dollar subprime mortgages to keep housing costs high.

BC Liberals 2016™

[Hurtlander]

Isn't the BCUC 'supposed' to be an independent body? What's 'the government' doing directing it to do this and that???

Yes it is supposed to be an independent body.

http://www.bcuc.com/

[my5cents]

What a bunch of lying thieves these BC Liberals are. Stop stealing ICBC money to make your mismanagement of our tax dollars look good. Come on Mr. Stone tell people of BC how much your government took from ICBC coffers this year.

A reminder - The government steals from optional coverage, this increase is talking about basic.

[flamingfingers]

A reminder - The government steals from optional coverage, this increase is talking about basic.

So does that make their 'stealing' more acceptable?

The ChristyLiberals are the most corrupt, lying government we have yet seen in all of Canada.