ICBC out of luxury game

[w84u2]

80k, have you looked at a new pickup lately?

A well loaded F350 DRW long box $92,000+

Holy Crap Batman!

That's not even taking into account the $500,000 ++++ motor homes.

[django]

An $80K truck doesn't go from 0 to 150kms/hr in less than 20 seconds.

Wrong

[Bsuds]

That's not even taking into account the $500,000 ++++ motor homes.

Top end "A" class can be over 3 mill

[twobits]

80k, have you looked at a new pickup lately?

Sure have. Have you looked at what it costs to repair them? That is the point. If you can pay cash for it, you should be able to pay a real premium to fix it. If you buy it on payments, you have no business owning it and expecting ICBC actuary tables to cover you.
Besides, if ICBC is as chitty as so many seem to say, why would the owner of an 80k plus vehicle have any concerns about going to a private insurer? Of course unless they are concerned that the private insurer will charge them a rate that actually covers the cost of risk on a more refined and individual assessment. That is where ICBC falls short.
That's why kids of rich Asian parents and rednecks in 90k pickups love ICBC.

[w84u2]

That's not even taking into account the $500,000 ++++ motor homes.

Top end "A" class can be over 3 mill

Wouldn't that be considered "a Luxury Vehicle"?

[django]

Sure have. Have you looked at what it costs to repair them? That is the point. If you can pay cash for it, you should be able to pay a real premium to fix it. If you buy it on payments, you have no business owning it and expecting ICBC actuary tables to cover you.
Besides, if ICBC is as chitty as so many seem to say, why would the owner of an 80k plus vehicle have any concerns about going to a private insurer? Of course unless they are concerned that the private insurer will charge them a rate that actually covers the cost of risk on a more refined and individual assessment. That is where ICBC falls short.
That's why kids of rich Asian parents and rednecks in 90k pickups love ICBC.

OK so nobody should have a nice new truck or car. There are thousands of drivers on the road in BC with new vehicles that fall within your parameters and many that have probably never had an accident let alone an at fault one. I don't agree with a blanket policy of not offering coverage, ICBC has the ability to assess each person requesting coverage and then adjust that person's rate accordingly, or refuse them outright.

[w84u2]

How much does a city bus cost? I bet more than $150,000. Are they not going to insure them as well?

[twobits]

How much does a city bus cost? I bet more than $150,000. Are they not going to insure them as well?

Lack of reading skills noted. I said non commercial vehicles in excess of 80k. For clarification, I would also include RV's.

[twobits]

OK so nobody should have a nice new truck or car. There are thousands of drivers on the road in BC with new vehicles that fall within your parameters and many that have probably never had an accident let alone an at fault one. I don't agree with a blanket policy of not offering coverage, ICBC has the ability to assess each person requesting coverage and then adjust that person's rate accordingly, or refuse them outright.

Do you have any stats on the percentage of vehicles over 80k that are not commercial or RV insured by ICBC? I don't either but it would be interesting to see if repair costs for these high end vehicles were proportionate to the number insured in total. Would surmise it is much higher and covered by the rest of the insured that drive 1 to 40k vehicles.
Underwriters for household fire insurance can refuse to insure a property deemed to be a risk they do not want to take. Why shouldn't ICBC be able to do the same?

[w84u2]

How is a $3,000,000 RV not a luxury?

[Bsuds]

What someone can afford to drive or not afford is really their own business and no one elses.

ICBC will still have to cover the basic insurance because it is mandatory. What they won't cover is the collision part of it which the customer will have to get elsewhere if he can. Private insurance can refuse anyone they want as well.

I don't blame ICBC for not wanting to cover expensive cars but I think they are just a drop in the bucket compared to the over all costs involved. If they are so expensive to cover then raise the rates on them to reflect that. Problem solved!

I think ICBC is just trying to deflect everyone away from their real problems.

As far as luxury RV's go how many of those do you see upside down in the ditch on the Coq? I would think the percentage of those involved in accidents is pretty small in comparison to the number on the road.

[LTD]

[quote="Bsuds"

I think ICBC is just trying to deflect everyone away from their real problems.[/quote]

bingo

[w84u2]

What someone can afford to drive or not afford is really their own business and no one elses.

ICBC will still have to cover the basic insurance because it is mandatory. What they won't cover is the collision part of it which the customer will have to get elsewhere if he can. Private insurance can refuse anyone they want as well.

I don't blame ICBC for not wanting to cover expensive cars but I think they are just a drop in the bucket compared to the over all costs involved. If they are so expensive to cover then raise the rates on them to reflect that. Problem solved!

I think ICBC is just trying to deflect everyone away from their real problems.

As far as luxury RV's go how many of those do you see upside down in the ditch on the Coq? I would think the percentage of those involved in accidents is pretty small in comparison to the number on the road.

Unless it was broadsided by a Ferrari.

[LTD]

you can bet the crashes from hundred thousand dollar pickups, mustangs, Camaros, corvettes, and performance Japanese cars outweigh one or two hi end car claims and when is the last time you saw someone get broadsided by a ferarri

[w84u2]

you can bet the crashes from hundred thousand dollar pickups, mustangs, Camaros, corvettes, and performance Japanese cars outweigh one or two hi end car claims and when is the last time you saw someone get broadsided by a ferarri

It doesn't matter what I have seen, it only matters what the statistics prove.