Insurance Bureau of Canada : ICBC Needs Competition

Re: Insurance Bureau of Canada : ICBC Needs Competition

Postby my5cents » Aug 23rd, 2019, 2:57 pm

jimmy4321 wrote:Co-operators , CAA , and maybe Desjardin , I got 3 quotes at the time not certain of Desjardin
I went with Co-operators they all much less expensive than ICBC and they had the combined saving on top of that.
Anyway with same deductibles and 2million liability and a whole bunch of extra loss of use stuff, funeral, rehab etc it came to exactly $955.
Same vehicle a month later ICBC $1800 out of pocket with 43% off :200: , maybe and hopefully things will work in my favour after their changes ? Not holding my breath. In the short term the only fix is to walk or move to ON


What time frame and which jurisdiction was the $955 ?
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Re: Insurance Bureau of Canada : ICBC Needs Competition

Postby jimmy4321 » Aug 23rd, 2019, 3:07 pm

Kanata 2017/18
My renewal increased but not enough to remember, just under $1000
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Re: Insurance Bureau of Canada : ICBC Needs Competition

Postby my5cents » Aug 23rd, 2019, 4:00 pm

jimmy4321 wrote:Kanata 2018.
My renewal increased but not enough to remember, just under $1000


OK. Well the insurance, as you may or may not know doesn't have the same criteria.

Ontario - Medical, Rehabilitation and Attendant Care : Up to $3,500 for minor injury. Up to $65,000 per person for non minor or non-catastrophic. $1 million for catastrophic

BC - Medical, Rehabilitation and Attendant Care : Up to $150,000 per person

Ontario - Right to Sue for Pain and Suffering : Yes but only if injury meets severity test and subject to deductible. Suit allowed only if person dies or sustains permanent and serious disfigurement and/or impairment of important physical, mental or psychological function. Deductible is $36,905

BC - Right to Sue for Pain and Suffering : Yes, no restrictions

Ontario - Hit and Run Coverage : You have the above Medical, Rehabilitation and Attendant Care, Unless you have purchased coverage your damaged vehicle is not covered.

BC - Hit and Run Coverage : You have the same Medical, Rehabilitation and Attendant Care as above. If not at fault (yes you can be at fault and the other vehicle takes off) All BC resident are covered up to $200,000 in the event of injury, death or property damage. If you do not have collision coverage material damage is subject to a $750 deductible if you have collision coverage subject to that deductible, whichever is less.

So at this time you pay more, but you are also covered for more. Not all auto insurance is the same.
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Re: Insurance Bureau of Canada : ICBC Needs Competition

Postby jimmy4321 » Aug 23rd, 2019, 4:03 pm

Fair enough.
If I can find the policy I will post it, make an interesting read
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Re: Insurance Bureau of Canada : ICBC Needs Competition

Postby my5cents » Aug 23rd, 2019, 5:00 pm

jimmy4321 wrote:Fair enough.
If I can find the policy I will post it, make an interesting read

Yes, it would. The auto insurance world is very misunderstood.

A friend here in BC had private optional coverage and had a minor collision with a concrete wall $1,500 +/-. There was some sort of discussion when he purchased his private insurance regarding "Accident Forgiveness". He was under the impression he had it.

With most private insurance "Accident Forgiveness" is available to good driver, BUT they have to purchase the accident forgiveness rider, even if they are a good risk.

He placed the claim, the truck was repaired and nothing was said, until it came to renew. Both the optional insurance coverage on his vehicle and his wife's vehicle went up.

With ICBC once you've got 13 years without an at fault claim you automatically have accident forgiveness (your premiums don't go up if you have an at fault claim).

Also with ICBC when they pay out a claim they outline to you exactly how it will affect future insurance premiums, giving you the opportunity, if it's financially logical, to pay the claim yourself or not.
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Re: Insurance Bureau of Canada : ICBC Needs Competition

Postby jimmy4321 » Aug 23rd, 2019, 5:53 pm

my5cents wrote:
jimmy4321 wrote:Fair enough.
If I can find the policy I will post it, make an interesting read

Yes, it would. The auto insurance world is very misunderstood.

A friend here in BC had private optional coverage and had a minor collision with a concrete wall $1,500 +/-. There was some sort of discussion when he purchased his private insurance regarding "Accident Forgiveness". He was under the impression he had it.

With most private insurance "Accident Forgiveness" is available to good driver, BUT they have to purchase the accident forgiveness rider, even if they are a good risk.

He placed the claim, the truck was repaired and nothing was said, until it came to renew. Both the optional insurance coverage on his vehicle and his wife's vehicle went up.

With ICBC once you've got 13 years without an at fault claim you automatically have accident forgiveness (your premiums don't go up if you have an at fault claim).

Also with ICBC when they pay out a claim they outline to you exactly how it will affect future insurance premiums, giving you the opportunity, if it's financially logical, to pay the claim yourself or not.


Here are the discounts I recieved

Snow Tires & Multi Product (home Insurance) which was similar to BC
BOTH discounts came to $192

As far as accident forgiveness I'd swear I paid for it or had it cause we talked a lot about it , but can't be definite as I probably didn't care much as I've never had an at fault crash.
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Re: Insurance Bureau of Canada : ICBC Needs Competition

Postby OKkayak » Aug 23rd, 2019, 8:12 pm

my5cents wrote:I've had private insurance as well.

The facts depend on when and where.

The only "fact" is that the Government should not have their fingers in an insurance business. Full. Stop. Period. :up:
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Re: Insurance Bureau of Canada : ICBC Needs Competition

Postby 0mni » Aug 23rd, 2019, 10:34 pm

second that
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Re: Insurance Bureau of Canada : ICBC Needs Competition

Postby my5cents » Aug 24th, 2019, 10:25 am

OKkayak wrote:The only "fact" is that the Government should not have their fingers in an insurance business. Full. Stop. Period. :up:


You sound like you're not quite sure. [icon_lol2.gif]
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Re: Insurance Bureau of Canada : ICBC Needs Competition

Postby OKkayak » Aug 24th, 2019, 10:29 am

my5cents wrote:You sound like you're not quite sure. [icon_lol2.gif]

Oh, I assure you, I am very sure, but thanks for your concern :up:
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Re: Insurance Bureau of Canada : ICBC Needs Competition

Postby ninetyninepct » Aug 25th, 2019, 11:27 pm

Take a close look at your vehicle insurance premium. I have a 2017 KIA and pay almost $1500 / year AFTER the almost $1000 so called safe driving / senior's "discount". My actual premium is about $2500 . Our friends in Lethbridge with the identical car (except colour) are *bleep* off that their premium just jumped to over $900 for virtually the same coverage.

ICBC keeps losing money. No wonder, when we have a claim and have to pay our lawyers as well as the ICBC Lawyers. They keep doing the same thing over and over, hoping that the result will be different next time. Horgan claims to have $1.5 billion budget surplus so how about pay off the perpetual ICBC incompetence and turn insurance over to private companies. They would soon weed out the bad drivers that ICBC simply rewards.

The Political party that promises fast action on dumping ICBC gets my vote.

PS: Any bets the surplus came from fraud payroll taxes and the useless damaging Horgan Carbon Tax?
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Re: Insurance Bureau of Canada : ICBC Needs Competition

Postby my5cents » Aug 26th, 2019, 9:45 am

ninetyninepct wrote:Take a close look at your vehicle insurance premium. I have a 2017 KIA and pay almost $1500 / year AFTER the almost $1000 so called safe driving / senior's "discount". My actual premium is about $2500 . Our friends in Lethbridge with the identical car (except colour) are *bleep* off that their premium just jumped to over $900 for virtually the same coverage.

ICBC keeps losing money. No wonder, when we have a claim and have to pay our lawyers as well as the ICBC Lawyers. They keep doing the same thing over and over, hoping that the result will be different next time. Horgan claims to have $1.5 billion budget surplus so how about pay off the perpetual ICBC incompetence and turn insurance over to private companies. They would soon weed out the bad drivers that ICBC simply rewards.

The Political party that promises fast action on dumping ICBC gets my vote.

PS: Any bets the surplus came from fraud payroll taxes and the useless damaging Horgan Carbon Tax?


People keep comparing their vehicle …."I have the exact same <fill in the blank (vehicle)> as my <fill in the blank> in Somewhere Alberta.

OK, to compare you have to compare the coverage. By coverage, yes the deductible and collision and comp but the BIG one is the way our tort laws are in BC. Alberta has a cap on minor tort claims, also there are different maximums for no fault coverage, many little things. For example nobody in Alberta has glass coverage, but I'll bet you do in BC.

Overall you don't have the same coverage, you may have the same vehicle, but the basic way claims are litigated in BC is way different, until next month.

You say "they keep doing the same thing over and over". Be patient another few weeks and we will have a similar cap on tort as Alberta.

Also all your optional coverage including third party liability over the basic $200,000 is available from the private sector, so why didn't you buy it from a private carrier ? Likely because it's about the same price.

So, how come the private sector when selling optional coverage isn't way way less ???? There's competition and the efficiency that everyone is talking about ????

The reason our rates are high is the first $200,000 third party liability format. Wouldn't matter if there was full competition or not those claims are out of control.

Why has it gone on so long ? Ask the provincial Liberal party they are the ones who ignored and hid the problem.

PS: Oh,,, and the "Horgan carbon tax" ? That was implemented in 2008, by the same Liberal party.
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Re: Insurance Bureau of Canada : ICBC Needs Competition

Postby jimmy4321 » Aug 26th, 2019, 11:13 am

I got a 10yr old 2wheel drive truck and after full discount which I believe is 43% I pay about $1800, that *bleep* kills me.
I'm fine with my5cents explanation but honestly it's good enough for probably over half this countries population to have private auto insurance, it's good enough for me.

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Re: Insurance Bureau of Canada : ICBC Needs Competition

Postby my5cents » Aug 26th, 2019, 11:57 am

jimmy4321 wrote:I got a 10yr old 2wheel drive truck and after full discount which I believe is 43% I pay about $1800, that *bleep* kills me.
I'm fine with my5cents explanation but honestly it's good enough for probably over half this countries population to have private auto insurance, it's good enough for me.


The basic $200,000, with the full discount, plus tax and plates etc. should be around $600 or so.

So that means you are buying your optional coverage from ICBC.

If they are so bad, you could in the least buy almost 2/3'ds of your insurance from private. So why not ???

Alberta already has tort reform and their auto insurance premiums are skyrocketing. The AB government has put a cap on premium increases (why ?) and the auto insurance companies are crying. They are limiting their sale of policies to only good risk clients, many many are having a real tough time even finding a company that will sell them insurance.

To limit their losses auto insurance companies are refusing to allow all but their very best (low risk) clients to pay on payment plans, they want all the premiums up front for the full term.
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Re: Insurance Bureau of Canada : ICBC Needs Competition

Postby 1791 » Aug 26th, 2019, 12:17 pm

Lets just stop paying people who get hurt.
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