832 replies to this topic

[Bob Fugger]

MADD and operation Red Nose are concerned at this change, I also wonder how that plays out if you take your car in for servicing and the mechanic takes it out for a drive.

 

There has to be exceptions to this to make people buy in

This will not apply to them.  I guess I'm different: I HATE when people other than me or my wife drive my car.  Or when I had a truck, people would always bust my chops to borrow it.  No longer!  Now I can tell them that I don't have unlisted driver protection - and if they want to borrow my truck, they can accompany me down to my friendly neighbourhood Autoplan broker and pay the $50 so that they may borrow it.  Which is a FABULOUS disincentive.

Edited by Bob Fugger, 04 October 2018 - 05:18 PM.

[LeoVictoria]

Unpopular opinion: ICBC's financial crisis and high rates are a symptom of decades of unsustainable mass immigration into BC. Particularly lower mainland

 

Hmm.   I think it is clear that they were undercharging drivers of super high end vehicles that then proceeded to crash them.   I believe they recently made some moves to address that.   

[Jason-L]

Hmm.   I think it is clear that they were undercharging drivers of super high end vehicles that then proceeded to crash them.   I believe they recently made some moves to address that.   

And it wasn't helpful that previous governments were looting the ICBC revenue stream to balance the books.

[Bob Fugger]

And it wasn't helpful that previous governments were looting the ICBC revenue stream to balance the books.

 

It wasn't detrimental, either.  The problem was the structural deficit created by the fact that a full tort system in BC today is inherently unsustainable.  We'd have gotten here anyway, we just got here faster by ICBC's shareholder taking a regular dividend out of optional capital reserves.

[PraiseKek]

I doubt the high end vehicle boogey man works out to much money at all. All I know is that in Alberta insurance is much, much cheaper. Actually we have some of the highest rates in the country. 

[Bob Fugger]

I doubt the high end vehicle boogey man works out to much money at all.

 

I've crunched that data personally: it is a way smaller number than people think. Waaaaaaaaaaaay smaller.

[Mike K.]

As an owner of three insured cars I’m throwing in the towel upon renewal. The current rates are becoming ridiculous even with the maximum discount. Why can’t a driver be associated with a plan and not the vehicle? I can only drive one at a time.

[RFS]

As an owner of three insured cars I’m throwing in the towel upon renewal. The current rates are becoming ridiculous even with the maximum discount. Why can’t a driver be associated with a plan and not the vehicle? I can only drive one at a time.

Off the top of my head, because other people can drive it, because it can roll into traffic on its own, because it can be stolen when not in use, because different vehicles have different rates, and finally because they want to make more money off you

[sebberry]

I doubt the high end vehicle boogey man works out to much money at all. All I know is that in Alberta insurance is much, much cheaper. Actually we have some of the highest rates in the country. 

 

Oh the old myth that insurance is cheaper everywhere else.  

 

What most people don't realize is that insurance for younger drivers is often WAY higher than it is here.  Several years ago I got quotes for private insurance in Alberta for the fun of it.  Quotes came back anywhere from 2-6 times what I was paying here at the time.

 

You don't think private insurers nickel and dime you like ICBC is doing now?  You don't think private insurers jack your rate when you move a few blocks across town into a higher risk zone?  

 

We're criticizing ICBCs moves here, but they're really just taking pages from the private insurers playbook.

[LeoVictoria]

I doubt the high end vehicle boogey man works out to much money at all. 

 

Totally agree.  Just responding to RFS's assertion that immigrants are the cause of ICBC's troubles with the only logical mechanism I could think of.

Edited by LeoVictoria, 05 October 2018 - 04:15 PM.

[LeoVictoria]

Oh the old myth that insurance is cheaper everywhere else.  

 

What most people don't realize is that insurance for younger drivers is often WAY higher than it is here.  Several years ago I got quotes for private insurance in Alberta for the fun of it.  Quotes came back anywhere from 2-6 times what I was paying here at the time.

 

You don't think private insurers nickel and dime you like ICBC is doing now?  You don't think private insurers jack your rate when you move a few blocks across town into a higher risk zone?  

 

We're criticizing ICBCs moves here, but they're really just taking pages from the private insurers playbook.

 

Bingo.

It's a tradeoff.  ICBC rates for higher risk drivers are lower so that no one is charged completely exorbitant rates.   The tradeoff is that the rates for a safe driver are higher. 

Of course the safe drivers will complain and the young drivers don't know the difference so they don't speak up about how low their rates are.

[Mike K.]

Off the top of my head, because other people can drive it, because it can roll into traffic on its own, because it can be stolen when not in use, because different vehicles have different rates, and finally because they want to make more money off you

For sure. But 99% of the risk is when the vehicle is rolling down the road.

Why can’t we have insurance applied to the driver, plus a $100/$200 fee for all other passenger vehicles owned by that driver? Paying $1,500/year per vehicle is insane when two of them are not being driven and remain in a garage or a driveway.

In my case I’m the only driver of those vehicles in the household and my insurance stipulates all would-be drivers have at least ten years experience.

[tjv]

As an owner of three insured cars I’m throwing in the towel upon renewal. The current rates are becoming ridiculous even with the maximum discount. Why can’t a driver be associated with a plan and not the vehicle? I can only drive one at a time.

I have the same issue, and no one else drives my cars/trucks.  I believe a friend in Quebec told me their insurance is a plan and you can have 1 plan to cover multiple vehicles.  Just the benefits of PRIVATE insurance.  That's what I love about competition someone wants to sell you their product over the someone else's product so they work hard to earn your business.  ICBC does care because they have a monopoly

[Mike K.]

Yeah, it’s asinine. There’s no reason why I need to insure each vehicle separately. It makes no sense.

[LeoVictoria]

Yeah totally agree. I’m in favour of publicly owned corps where the service is essential and it doesn’t always make business sense but everyone must be served like BC Hydro.

Auto Insurance is not like that. Private is better in order to promote innovative ideas to suit different use cases. This is doubly so when ICBC is failing.

[tjv]

This confirms we have the highest insurance cost in Canada dated June 2018

 

https://www.arcinsur...dian-provinces/

[snub]

Just renewed my insurance today. 21 year old GMC, worth diddly squat. $920.00 last year, $1027.00 this year. And that is with a 43% discount. So roughly, up 10%. But, next month Canada Pension will increase my benefits by $5.00 per month, so I'm in good shape.

[sebberry]

This confirms we have the highest insurance cost in Canada dated June 2018
 
https://www.arcinsur...dian-provinces/

Oh the classic "here's what people pay on average, but we won't tell you what they're paying for" method of proving we're getting screwed.

The "recent quote" bar on the right side of that screen seems to indicate that I'd have to be well into my 40s to pay what I pay here...

The accelerated wear on vehicles from rust alone is more than enough to nullify any cost savings on insurance. My daily driver here is nearly spotless after 14 years and 200,000km. You don't get that in cheap insurance Quebec.

[Bingo]

. My daily driver here is nearly spotless after 14 years and 200,000km. You don't get that in cheap insurance Quebec.

 

And never driven over 40 kph.

[Mike K.]

If their rates are lower AND Quebecers tend to drive newer vehicles then we’re getting doubly screwed. Newer cars are almost always insured with higher-priced packages due to their value and the likelihood of repairs in lieu of a write-off.