832 replies to this topic

[DustMagnet]

Yeah, well college is expensive too.  Obviously the solution is Car Insurance Loans (that are exempt from bankruptcy discharge).

[Mike K.]

The article goes on to say that she actually renewed her insurance under the old rate, meaning her new rate will be in excess of $6,400 when she renews next year.
 
What I really don't like about these articles is they almost always fail to break down the costs. Is she a terrible driver with several points under her belt? Has she already caused an accident? Two? Does she have $5 million in liability? Is she paying for optional collision coverage? Other extras?
 
Anyways, the article goes even further to say that despite the high cost, this teenager is still heavily, heavily subsidized based on the collective cost to the system her age group represents:
 

“They’re still being subsidized, though not as much as they were before,” he said, arguing private auto insurance in other provinces would be even more expensive.

Eby said an inexperienced driver like Izabella Bryant would have to pay up to $12,926 for the same insurance coverage in Ontario.
 
“Drivers face completely bizarre premiums — in excess of $10,000 — for similar coverage,” he said.

And then this rebuttal:
 

That brought an incredulous response from the Insurance Bureau of Canada, representing private insurance companies.
 
“No one would purchase from an insurer who supplied that quote,” said vice-president Aaron Sutherland. “They would shop around to find the same coverage for less. That’s the benefit of a competitive market.”
 
Sutherland said he did a quick check of private insurance providers in Alberta, and said Izabella Bryant could find the same policy there for half the price.
 
“I got a quote for the same driver, car and coverage in Calgary, a similar urban area. It came to $3,143,” Sutherland said.

Remind me again what the role of a journalist is? An article about insurance rates with little to no information on why the rates are why they are, bizarre comparisons and no information about what is included in any of the three premiums discussed. We just know the driver's age and the (irrelevant) cost of her car.

[Victoria Watcher]

The article goes on to say that she actually renewed her insurance under the old rate, meaning her new rate will be in excess of $6,400 when she renews next year.
 
What I really don't like about these articles is they almost always fail to break down the costs. Is she a terrible driver with several points under her belt? Has she already caused an accident? Two? Does she have $5 million in liability? Is she paying for optional collision coverage? Other extras?
 

 

 

 

 

the article does say this:

 

Bryant has no accidents or driving infractions, leaving her wondering why her premium could be so high.

Edited by Victoria Watcher, 07 October 2019 - 01:16 PM.

[Mike K.]

If her insurance rate is based on the old rate, and she is paying $5,300 per year for a low-value vehicle, something isn't adding up.

 

At worst with all of the bells and whistles available via ICBC her insurance should be in the $300 range per month, but she's paying nearly $450.

[RFS]

She probably delivers pizzas or something

[sebberry]

The beauty of what we had before Eby (remember, the champion of civil liberties in BC) got his hands all over ICBC was that the tens, hundreds of thousands of mature motorists all paid just a touch more so that new drivers didn't get absolutely clobbered with ripoff rates.  

[Mike K.]

Motorists in BC pay an average of $1,832 per year in insurance, according to ICBC.

 

Ms. Bryant's insurance is literally 3x the average.

 

And her $5,300 annual policy is based on the old rates, which is the subsidized rate before Eby's plan went into effect.

[RFS]

The beauty of what we had before Eby (remember, the champion of civil liberties in BC) got his hands all over ICBC was that the tens, hundreds of thousands of mature motorists all paid just a touch more so that new drivers didn't get absolutely clobbered with ripoff rates.

Right except it wasn’t working because Icbc was still bleeding money like crazy.

[DustMagnet]

Right except it wasn’t working because Icbc was still bleeding money like crazy.

 

Didn't some former provincial government also open the wound somewhat?

http://www.vancouver...7548/story.html

[RFS]

Didn't some former provincial government also open the wound somewhat?

http://www.vancouver...7548/story.html

Yeah that's what I'm saying. The NDP inherited a terrible mess with ICBC so there are hard decisions to make that people aren't going to like but must be done. The claims cap was a really good thing.

[snub]

My insurance went down $225.00 this September. Due to me turning 65 , no accidents or claims in the last 20 years and I drive less than 5000 km per year. $793.00 to insure my 1997 GMC. And I have collision and comprehensive.

[Mike K.]

The TC has now latched on to this story but fails to mention Ms. Bryant's insurance plan was secured prior to the rate changes and represents the old rate, not the new rate.

 

It also fails to dig deeper to enquire why the insurance is over $440 per month, when that level of insurance for a $10,600 car is abnormally high.

 

Here we have an SFU newspaper columnist stating she renewed her insurance in 2018, as a young inexperienced driver, for $3,000. That sounds about right for what novice drivers pay per annum. So Ms. Bryant's $5,300 insurance expense is now even more suspicious.

 

ICBC claims that young, inexperienced drivers are the highest risk, and that right now our premiums are “significantly discounted” compared to the risk we pose. I recently paid just over $3,000 to re-insure my car for another year; I find it hilarious that ICBC regards that as a “significant discount” when I haven’t had an accident – or even a driving citation – in the three years I’ve owned my car.

- https://the-peak.ca/...nsurance-rates/

 

So she certainly has a slight discount for that three years she's been driving, or at least over the span of three years she has insured her vehicle. We can assume that straight out of driving school an 18-year-old would have zero discount, so the insurance would be a little higher than the above $3,000 amount.

[FogPub]

^ that article makes some good points.  The author does not, however, mention the type-age-value of the car she just insured; or whether the listed cost is for just the basic coverage or includes some add-ons.

[m3m]

One of ICBC's recent rule changes deemed unconstitutional:

 

https://biv.com/arti...-saving-measure

[sebberry]

One of ICBC's recent rule changes deemed unconstitutional:

 

https://biv.com/arti...-saving-measure

 

 

Am I the only one who thinks it's sad that the unconstitutional rule changes came at the hands of the former head of the BC Civil Liberties Association? 

Come on David, you can do better than this!

[FogPub]

Surprise, surprise - the cynic in me says this judgment is no more than the legal system making sure there's jobs for the boys......

[Victoria Watcher]

The B.C. government says it won’t be looking at potential ICBC cost savings by modernizing the broker system until the finances at the public insurer are improved.

Attorney General David Eby has left the door open for brokers going online, but says the current uncertainty around the new rate structure makes the in-office brokers essential.

“It hasn’t been a priority. The priority as been getting costs under control. As we start stabilizing ICBC books it is something we will start looking at,” Eby said.

 

 

 

 

 

if it takes these governments 9 years to let uber in i'm sure it'll take at least 20 years to dump the stupid broker system.

 

https://globalnews.c...-is-cleaned-up/

[sebberry]

So...  let's put out the dumpster fire by introducing a rate structure so convoluted that we need thousands of brokers around the province to sell the policies.  

[RFS]

Eh, insurance brokers are found in every US state with private insurance. Not sure brokers are the problem.

[Victoria Watcher]

but americans also have choice.  geico and progressive together sell around 25% of all us auto insurance so online/phone is huge.