NDP hikes ICBC rates

[Dizzy1]

Gotta fill that cookie jar so they got something to take out of.

[rustled]

What happened with this?

Government vows to keep hands off ICBC dividends for three years

The B.C. government will not raid the Insurance Corp. of B.C. for dividends for at least the next three years, as it seeks to stabilize the embattled public auto insurer’s finances and avoid future rate hikes for basic auto insurance.

...Penner said he’s confident ICBC can hold basic-auto-insurance rate increases to 4.9 per cent a year, in line with a political cap that Premier Christy Clark set this week.

“Frankly, I’d like to see our rates come in lower than a 4.9 per cent increase,” Penner said. “Maybe I’m optimistic, but I think we’ll find ways to do that.”

November 24, 2016
http://vancouversun.com/news/local-news ... hree-years

[Rwede]

Just to show a surplus.

Ujjal took out $778 million for his fudge-it-budget. Just to show a break even.

[Hassel99]

The solution is to limit the claims and lawyers pushing up payouts higher and higher.


To bad Eby is a lawyer and will look out for his industry/buddies first.

[dontrump]

The solution is to limit the claims and lawyers pushing up payouts higher and higher.


To bad Eby is a lawyer and will look out for his industry/buddies first.

agreed should have claim limits and also more out of court settlements AKA less scum bag greedy lawyers getting rich off the backs of rate payers ;; downgrade top management pay scale ;; privatize the salvage system;; make claim centers more accountable;; Get out of the non insurance programs( road side checks;school programs;; etc etc) as that's for other government departments to be responsible for;; Get tougher on Fraud

[hobbyguy]

The other thing that won't happen is to soften the subsidies paid by older drivers to younger ones. Those are a big deal, and it is younger drivers (mostly) that are driving up the number of claims. That said, don't mind a bit extra to help out younger drivers.

No matter who was in government, this was going to happen, and more to follow if they don't cap claims. It was going to happen sooner or later. Trends in auto insurance all over North America have been significant jumps due to distracted driving. 30% more accidents, and attributed to distracted driving.

More expensive to fix modern cars where even a headlight can cost hundreds $$$. Knocked a mirror off a pick up - in the old days, give the person $50 and all was good. Today? $1,000 for the fancy ones - so a claim and the overhead costs that come with it.

[maryjane48]

This is the ultimate in political suicide.

I hope the BCUC turns this down.

icbc isnt a utility

[my5cents]

icbc isnt a utility

http://www.icbc.com/about-icbc/company- ... -ICBC.aspx

[maryjane48]

since 2003 when the corrupt bclibs took over. still doesnt make icbc a utility . it should be changed back to a non profit the way it was intended

[rustled]

Current submissions to BCUC
There is currently no regulatory proceeding before the Commission.

Hm. Well, I'm sure the NDP will send their proposal to the BCUC, right?

[rustled]

So, as I understand it, Penner said "there's a problem with ICBC and we're going to fix it with a maximum 4.9 per cent increase."

Now Eby's in charge, and:

"Drastic action is needed to fix ICBC's devastating financial crisis, but B.C. drivers should not be forced to pay 20 per cent basic rate hikes today because of mismanagement that goes back years," Eby said.

So first he softens the blow by sharing his plan, which is

Individual policy rates will depend on the age of the vehicle, its value and use, as well as where it is being driven. For an average driver, the changes will amount to about $130 – or eight per cent.

And we should feel ever so warm and fuzzy that we're not paying 20 per cent, when the other guy quoted us 4.9.

NDP math, I guess.

[rookie314]

NDP math! That's hilarious since it's Christie who screwed you.

[Dizzy1]

NDP math! That's hilarious since it's Christie who screwed you.

Sorry, but it was the NDP that screwed us in 1973 with the inception of ICBC

[The Green Barbarian]

since 2003 when the corrupt bclibs took over.

Actually it was 2001 that the corrupt New-Dumbs were punted out 77-2.

[rustled]

NDP math! That's hilarious since it's Christie who screwed you.

LOL.

It is, isn't it?

As I understand it, Eby exaggerates an already big problem left us by the NDP's predecessor, which they had already told us about, and then he only pretends to be doing something completely different to get us out of it than what his predecessor was already planning to do, like he's doing us a huge favour not jacking up rates by 20 percent, and he figures we should be grateful to the NDP, right? Because that's how their math works.

And then, when anyone points out Eby's little smoke and mirrors act is dreadfully unimpressive to anyone using normal math, it's all "Deflect! Deflect! Christie! Christie!" as though we had no clue how any of this happened.

Yeah, we know how we got here. Some of us don't need to be placated with nonsense about how we "shouldn't be forced to pay 20 per cent rate hikes today because of mismanagement that goes back years" as though that was something anyone else was actually planning to do.