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The ICBC thread


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#281 jonny

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Posted 24 February 2017 - 11:36 AM

#privatizeICBC

 

Why is it illegal to purchase your first $200,000 worth of automobile liability insurance from a private insurer? You can buy home insurance from whoever the hell you want. You can buy life insurance from whoever the hell you want. Same goes for boat insurance, travel insurance and extended health insurance. It's ridiculous.

 

It's almost as silly as going to a government run liquor store. Gee, why doesn't the government sell gasoline or groceries or clothes too. The government should only provide things that society otherwise wouldn't provide. Society provides insurance pretty well.


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#282 HB

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Posted 24 February 2017 - 12:47 PM

Easy answer...they provide and make it mandatory so that there is a golden pot for them to put their grimy fingers into for the sole purpose of having money whenever they like

Edited by HB, 24 February 2017 - 12:48 PM.

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#283 HB

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Posted 24 February 2017 - 12:49 PM

It's like a cash train....hop on the money is always here

#284 LeoVictoria

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Posted 24 February 2017 - 01:03 PM

#privatizeICBC

Why is it illegal to purchase your first $200,000 worth of automobile liability insurance from a private insurer? You can buy home insurance from whoever the hell you want. You can buy life insurance from whoever the hell you want. Same goes for boat insurance, travel insurance and extended health insurance. It's ridiculous.

It's almost as silly as going to a government run liquor store. Gee, why doesn't the government sell gasoline or groceries or clothes too. The government should only provide things that society otherwise wouldn't provide. Society provides insurance pretty well.


WHy does the government always try to privatize crown corps that provide an essential service like BC Ferries or BC Hydro but hang on to useless failures like ICBC?

#285 HB

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Posted 24 February 2017 - 01:17 PM

Because of the money it's free money for the government bank account
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#286 VicHockeyFan

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Posted 24 February 2017 - 01:26 PM

Also, holding on to it is good for the trial lawyers, that donate to the Liberals.


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#287 LeoVictoria

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Posted 24 February 2017 - 01:30 PM

Yeah those $800 million losses are sure great for the government accounts.



#288 jonny

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Posted 24 February 2017 - 01:31 PM

Easy answer...they provide and make it mandatory so that there is a golden pot for them to put their grimy fingers into for the sole purpose of having money whenever they like

 

Exactly. The government knows that like 99% of people are too lazy to buy their compulsory insurance through ICBC and then buy their optional insurance elsewhere. That's twice as much work and most people simply won't do it.

 

I love how I renew my private insurance by doing essentially nothing. Meanwhile with ICBC, I need to head down to an office, sit in the waiting area for a while until I can see an associate where I basically sign and initial identical documents to the ones I signed last year.


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#289 jonny

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Posted 24 February 2017 - 01:32 PM

WHy does the government always try to privatize crown corps that provide an essential service like BC Ferries or BC Hydro but hang on to useless failures like ICBC?

 

BC Hydro and BC Ferries were privatized? Pretty sure they're both owned by the Province of BC and are heavily, heavily regulated.



#290 LeoVictoria

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Posted 24 February 2017 - 01:33 PM

BC Hydro and BC Ferries were privatized? Pretty sure they're both owned by the Province of BC and are heavily, heavily regulated.

 

I said try.   BC Ferries is partially privatized.   BC Hydro has been forced to privatize sectors of their operation, and forced to buy power from private companies at a guaranteed loss rather than enhancing their own generation.


Edited by LeoVictoria, 24 February 2017 - 01:35 PM.


#291 thundergun

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Posted 24 February 2017 - 01:50 PM

BC Ferries is not owned by the Province but Hydro is (as a crown corporation).



#292 jonny

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Posted 24 February 2017 - 02:11 PM

BC Ferries is owned by the province. It is a corporation whose only shareholder is the Province of BC. Their Board of Directors is appointed by the Province via the BC Ferry Authority. It's not privatized at all. Political interference has been somewhat removed, but not really. It's very heavily regulated.

 

http://www.bcferries...nformation.html

 

BC Hydro is a full on crown corporation owned by the people of BC. I don't know anything about them being "forced" to buy power at a loss, but I'd love to read more. The last research I did on electricity production in BC was that over 90% of our installed capacity is Hydro. I guess a hair brained scheme with wind power like what has gone on in Ontario wouldn't be a shocker.


Edited by jonny, 24 February 2017 - 02:12 PM.


#293 HB

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Posted 24 February 2017 - 02:19 PM

Yeah those $800 million losses are sure great for the government accounts.

what losses there is more coming than going out its a guaranteed slot machine payout for the government each and everyday of the year not only at the end of each month any more

#294 LJ

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Posted 26 February 2017 - 08:18 PM

BC Ferries is owned by the province. It is a corporation whose only shareholder is the Province of BC. Their Board of Directors is appointed by the Province via the BC Ferry Authority. It's not privatized at all. Political interference has been somewhat removed, but not really. It's very heavily regulated.

 

http://www.bcferries...nformation.html

 

BC Hydro is a full on crown corporation owned by the people of BC. I don't know anything about them being "forced" to buy power at a loss, but I'd love to read more. The last research I did on electricity production in BC was that over 90% of our installed capacity is Hydro. I guess a hair brained scheme with wind power like what has gone on in Ontario wouldn't be a shocker.

BC Hydro had to buy power at a huge rate from all those "run of the river" power plants. 


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#295 Bingo

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Posted 13 August 2017 - 08:57 PM

British Columbia's once-celebrated public auto insurer has become a financial train wreck, its critics say, as studies into the beleaguered Crown corporation call for dramatic rate hikes and drastic structural changes to save it from ruin. Eby and other ICBC supporters single out the actions of former Liberal premier Gordon Campbell as marking the beginning of the corporation's troubles.

Campbell required ICBC to keep much higher amounts of backup capital. The resulting stockpile proved irresistible to politicians in 2010 following the global financial meltdown, critics say, when the government began siphoning hundreds of millions of dollars of "excess capital" almost every year.

In all, the Liberals withdrew $1.2 billion from the lucrative optional side of ICBC's business, and also transferred $1.4 billion to offset deficits on the compulsory side providing basic coverage beginning in 2012.

A recent report from Ernst & Young painted a dire picture at the Crown corporation, concluding that rates must increase by 30 per cent by 2019 to cover costs. A separate forecast released last November by ICBC indicated rates would need to increase by 42 per cent over the next five years to make up for expenses.

McCandless pointed to a footnote in the ICBC report that an additional $1.5 billion is required in "capital from other

sources" between 2017 and 2020. He calculated the cumulative rate hike to be closer to 117 per cent over four years.

Scott Hennig of the Canadian Taxpayers' Federation said consumers suffer because of B.C.'s mandatory basic insurance model, which he described as a monopoly that is vulnerable to political interference.

http://www.cbc.ca/ne...4245833?cmp=rss

 



#296 RFS

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Posted 13 August 2017 - 09:16 PM

Will people really accept a 117 percent increase in just 4 years? Would any of you pay more than double what you pay now for car insurance? Obviously something has gotta give

#297 jonny

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Posted 14 August 2017 - 10:08 AM

ICBC is as antiquated as former crown corporations Telus, Petro Canada, Air Canada and CN Rail. I’m sorry, but automobile insurance is not a public service and we should stop pretending it’s a public service. I’m all for public services where appropriate, but this is an area where our government should stop wasting its time and scarce resources. Set up a regulatory regime, cap rates and insurance payouts and open the floodgates to the numerous private insurers that already operate successfully in this country.

 

The Driver’s Licensing side of things would still have to be maintained, but that should be self-funding through fees.


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#298 spanky123

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Posted 14 August 2017 - 10:36 AM

^ Yeah that sounds exactly like the NDP, fire Government workers and replace them with for-profit corporate ones!

 

The Liberal base would LOVE private insurance. Rural, middle-aged, white, homeowners would see big drops in premiums along with the ability to combine insurance. The people who would get slammed on premiums would be young, urban drivers who statistically have much higher claim rates and can't tie in a homeowners policy to get a bundled deal (ie NDP and Green supporters). 

 

To try and keep their own base from revolting, the NDP would then want to try and legislate premiums, force insurers to extend coverage to everyone and streamline the claim process. Sort of what we have now with ICBC yet with the addition of a corporate profit and overhead on top of it.

 

This is nothing more than a scare tactic. The NDP warns of 100% + premium increases and then only raises the rates by 50% so everyone is then happy about it.



#299 VicHockeyFan

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Posted 14 August 2017 - 11:01 AM

Can we start with scrapping the antiquated Autoplan Broker system.  Why do we keep paying commission to all these places when most people just keep insuring their cars with the same coverage every year.  There is a thing called the internet now.


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#300 sebberry

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Posted 14 August 2017 - 11:02 AM

Several years ago I got some insurance estimates from insurers in Alberta to compare with ICBC.  They came back at 2-6 times what I was paying here at the time.  

 

This fallacy that everything would be better with private insurance has to stop.


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