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The ICBC thread...


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#561 tjv

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Posted 06 October 2018 - 07:46 AM

^not disagreeing, but then again a friend was looking at buying a house in the suburbs of Quebec City for 60k (it was somewhere around there I forget I actual number).  Try getting that here in expensive BC

 

When I visited Quebec City earlier this year there were plenty of 10+ year old cars.  Not saying they were spotless, but they were in pretty good shape.  It certainly wasn't 40 years ago when the car was headed to the scrap yard after 5 years

 

Regardless, ICBC is piss poor managed to have the highest insurance rates in the country.  What do you expect when the government manages anything and they have no incentive to keep costs down when they have a monopoly



#562 vortoozo

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Posted 06 October 2018 - 12:58 PM

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

 

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

 

And you don't believe that the source of these numbers is at all the least bit biased?

Numbers are numbers, but when you represent private insurance companies there's definitely a certain picture that you're trying to paint. Manipulating the methodology to show the statistics that you want to show isn't difficult.



#563 tjv

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Posted 06 October 2018 - 03:05 PM

^If you have different numbers I/we would be happy to look at them.  The one I provided is from a private insurer in Alberta.  Speaking to a friend who moved from here to Alberta their insurance rates went down



#564 Bob Fugger

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Posted 06 October 2018 - 04:16 PM

^If you have different numbers I/we would be happy to look at them.  The one I provided is from a private insurer in Alberta.  Speaking to a friend who moved from here to Alberta their insurance rates went down

You really can't rely on one guy and his car to draw such a broad conclusion.  You need to compare many types of drivers, risk profiles, vehicles, location and most importantly, coverages, to come up with a fair comparison.  An anecdote of your buddy who moved to Canmore is hardly a compelling argument.



#565 tjv

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Posted 06 October 2018 - 04:35 PM

^well he had the same coverage and vehicles here and when he and his wife moved to Alberta both of their rates went down.  Ditto to my friend in Quebec City who pays significantly less

 

I've shown and proven we have, on average, the most expensive car insurance in Canada from data from June 2018.  I assume you think that BC has cheap car insurance compared to the rest of Canada?

 

I don't have any data for the high risk Ferrari guy that is constantly doing double the speed limit while texting, etc.  I doubt that data exists.



#566 Bob Fugger

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Posted 06 October 2018 - 07:54 PM

I drew no such conclusion from my personal experience. You did. As for your high risk Ferrari guy, he also exists as an anecdote. I’ve seen and crunched that data: he’s almost literally a one-off. But a very popular (fictional) scapegoat. Indeed, you got most of the tropes, but you did forget to make him under twenty years of age and Asian. Oops.

#567 tjv

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Posted 07 October 2018 - 07:44 AM

The Ferrari guy was a joke and in the insurance world is a statistical anomaly

 

The reality is we have the most expensive insurance in Canada.  We don't get hail, our roads for the most part are free of ice and snow (I'm obviously speaking about the lower mainland and the island where 80% of BC population lives), etc, etc.  On top of that people like Mike and myself pay full insurance for each vehicle we own and solely drive which doesn't happen in other provinces

 

All my vehicles insurance comes up for renewal in a few months. I think I am going to shop around for the optional insurance portion because in the past I have just gone with ICBC for ease



#568 sebberry

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Posted 07 October 2018 - 08:40 AM

All my vehicles insurance comes up for renewal in a few months. I think I am going to shop around for the optional insurance portion because in the past I have just gone with ICBC for ease

 

 

When I renewed my car insurance this year, I asked about moving my optional coverage from ICBC to private, and even by combining a decade and a half of incident free coverage, ICBC was still going to remain the cheaper option.  

 

I've been buying my autoplan and home insurance through Megson Fitzpatrick for the last 15 years. (Intact Insurance) Never made a claim.  Home insurance has doubled just since 2011.  I thought with private insurance it was supposed to remain competitive? Or is it that because private insurance companies function as an oligopoly, when their rates change there's very little shopping around one can really do?

 

 

I asked about moving my optional coverage from ICBC to private, and even by combining a decade and a half of incident free coverage, ICBC was still going to remain the cheaper option.  


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#569 Mike K.

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Posted 07 October 2018 - 09:38 AM

Private insurance is only more competitive in certain circumstances in BC, but generally not. I’m going to look at private options and how they may apply to multiple vehicles. I’ll report back when I’ve got more info.
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#570 Bob Fugger

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Posted 07 October 2018 - 10:45 AM

Private insurance is only more competitive in certain circumstances in BC, but generally not. I’m going to look at private options and how they may apply to multiple vehicles. I’ll report back when I’ve got more info.

 

Don't waste your time.  The primary cost of your Basic Autoplan policy is liability coverage.  That's why even if you are insuring an old shitbox, your Basic plan seems super expensive.  Now, the thing with liability policy is that liability ought to apply to a your personal fleet - rather than on a vehicle-by-vehicle basis.  It's not like you can be liable for a crash in two vehicles at the same time.  And with the change so that at-fault crashes follow the driver, this should make even more sense.  However...

 

This. Will. Never. Happen.  Imagine all of the insurance premium revenues that was just disappear if we could have one liability policy that covers three vehicles.


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#571 Mike K.

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Posted 07 October 2018 - 10:49 AM

Oh I know, it’s just short of a scam.

You monopolize an industry then you make the regulations financially arduous and there’s nothing a customer can do if they have more than one vehicle.

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#572 North Shore

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Posted 08 October 2018 - 09:04 AM

Now there's an interesting policy debate in the making.  Remove liability insurance from the car insurance bundle, and place it on your driver's licence, so that your licence would cost ?$500/year?


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#573 lanforod

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Posted 08 October 2018 - 09:08 PM

I actually like that idea, but people with a license and no car would hate that idea. Car share companies would love it... hmm.

Is it done like that anywhere in Canada?



#574 Bingo

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Posted 09 October 2018 - 04:55 AM

I actually like that idea, but people with a license and no car would hate that idea. Car share companies would love it... hmm.

Is it done like that anywhere in Canada?

 

And then there are those with no car and no license that you would have to put in jail if they steal a car and total it.



#575 tjv

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Posted 09 October 2018 - 07:35 AM

Now there's an interesting policy debate in the making.  Remove liability insurance from the car insurance bundle, and place it on your driver's licence, so that your licence would cost ?$500/year?

They do that in Quebec.  I believe the license handles bodily injury and private insurance deals with damage to property, the vehicles, etc



#576 Jackerbie

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Posted 09 October 2018 - 12:06 PM

^ Quebec has two-tiered insurance and three payments. The SAAQ provides the public insurance, which covers all Quebeckers involved in a vehicle accident in Quebec or anywhere else in the world.

 

The Driver's License is around $80 and must be renewed annually. Most of this money goes into the public insurance pot.

 

The Vehicle Registration is around $200 and must be renewed annually. About half of this money goes into the public insurance pot.

 

Third Party Insurance covers civil liabilities and property damage. My combined vehicle and home insurance was $40/month through Desjardins.


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#577 lanforod

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Posted 11 October 2018 - 10:07 AM

^ is it subsidized, or self-sufficient?



#578 Jackerbie

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Posted 11 October 2018 - 10:30 AM

^ It's supposed to be self-sufficient, but I do not know whether that is true in practice. The SAAQ has been running surpluses lately, but it was coming back from massive deficits.



#579 sebberry

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Posted 11 October 2018 - 06:58 PM

Private insurance is only more competitive in certain circumstances in BC

 

This came up in an unrelated conversation with a coworker today.  He mentioned that he was with Intact and I mentioned I was with ICBC.  He uses the same broker as I do.  It looks like once you get to your 40% roadstar whatever it is with ICBC, ICBC is in fact the cheaper choice.

 

Interesting how private insurers who are supposed to be competitively reducing prices and aren't vying for safe drivers currently holding optional policies through ICBC.  We're low risk, why not offer us cheaper policies?


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