832 replies to this topic

[RFS]

No, absolutely not.

But what they are doing is the wrong thing. They are opening up British Columbians to civil suits, if I’m understanding the new regulations, which may be frivolous. This is totally the wrong way to go about insurance. Otherwise what are we paying for if insurance isn’t actually insurance?

 

What you could sure for would be extremely limited, as per the link.  Manitoba literally has this exact system with their public insurer.  Ontario has it with private insurers.  It's not that crazy.  ICBC bleeds court costs and payouts like no other insurer, billions of dollars a year.  You can debate as to why that is, and say that its all legitimate, but either way something has to change.

[Mike K.]

I would assume the costs are bled because the whole thing is ICBC vs ICBC, and unless you lawyer up “your” adjuster has about as much incentive to fairly award you as the company they work for does, ie as little as possible. ICBC loves to blame accidents on a 50/50 scenario or other splits. That way nobody gets anything, or reduced payouts based on the blame ratio.

[FogPub]

How well the lawyers are doing in the current system will be measurable by how much bleating they do about the proposed new one.

 

Even the move to limit minor injury payouts produced a spike in the number of lawyer ads during the hockey games on TV (and the tone of those ads doesn't exactly help ICBC's image any)

[m3m]

How well the lawyers are doing in the current system will be measurable by how much bleating they do about the proposed new one.

 

Even the move to limit minor injury payouts produced a spike in the number of lawyer ads during the hockey games on TV (and the tone of those ads doesn't exactly help ICBC's image any)

 

I'd say lawyers have every right to complain.  Many of them will be out of jobs as they do exclusively injury cases.  I don't imagine it's easy to shift from one entire practice area to another on 1 year's notice. Especially after Eby has explicitly promised many times in the last 3 years that he would not be bringing in this system and barely gave the system he introduced as a compromise any time to take hold. 

 

The main thing I'm very concerned about in this new system is if I'm injured in an accident and I cant work for an extended period of time or if I can't continue my career at all. Under the new system, wage loss benefits are capped at $1,200 per week.  I would bet a large number of people on this forum make more than that.  For me, I already do, and my highest wage earning years are ahead of me. I've got about 30 years before I retire. Under the old system, I could hire a lawyer and get every cent of the money I would be expected to earn in my lifetime. 

 

Of course, I'm sure ICBC will come out with an option to purchase additional coverage options. But I have 3 problems with that too:  1) Now I'm paying for that additional coverage whereas under the previous system, i wouldn't have to; 2) Who even knows whether ICBC will even offer adequate coverage at reasonable prices; and 3) No lump sum payment. 

[sebberry]

Thanks NDP!  Just renewed my car insurance.  Rate jumped a little over $300 with no changes to my policy.  

 

I'm now at $1,515 for a 16 year old car and a perfect driving record since I got my license some 19 years ago.  

 

The only 'dumpster' fire is the money now burning a hole in David Eby's pocket.  

[RFS]

Hardly the NDP's fault, They have done more to fix the problem in the last 3 years than libs did in 10 

[vortoozo]

Thanks NDP!  Just renewed my car insurance.  Rate jumped a little over $300 with no changes to my policy.  

 

I'm now at $1,515 for a 16 year old car and a perfect driving record since I got my license some 19 years ago.  

 

The only 'dumpster' fire is the money now burning a hole in David Eby's pocket.  

 

What mostly changed in this year was the pricing on optional coverage. Did you shop that around?

You'll see the reduction discussed recently on your next renewal.

[Victoria Watcher]

Hardly the NDP's fault, They have done more to fix the problem in the last 3 years than libs did in 10

I more or less agree. it’s not really rocket science it’s premiums in and payments out.

[shoeflack]

My wife and I had our insurance drop by $400 under the new structure. Not everyone is being hit with a rate increase.

[Mike K.]

I "think" my truck was about $100 more? But I'll have to check on that.

[sebberry]

What mostly changed in this year was the pricing on optional coverage. Did you shop that around?

You'll see the reduction discussed recently on your next renewal.

 

MFI is my broker.  I have home insurance with them through Intact.  

 

MFI offers either Intact or 'Family' for 3rd party auto insurance.  The person I spoke to today said that Family is never cheaper than ICBC, and that I might save a little with Intact as I have home insurance with them.  However given current events they weren't able to get me a quote at this time.

[satellite]

I'm surprised there isn't a push to have ICBC allow people to 'pause' their insurance for this current period. A lot of fully insured cars sitting in garages. 

[Mike K.]

This is the break ICBC has been dreaming of.

[RFS]

This is the break ICBC has been dreaming of.

Well along with every other car insurance company as well

[vortoozo]

This is the break ICBC has been dreaming of.

 

Which trickles down to less pain for us later on.

[VIResident]

Allstate to spend $30-million providing car insurance rebates to all Canadian customers

 

Allstate Insurance Company of Canada is spending $30-million in car insurance rebates for all its customers regardless of their financial situation during the outbreak of COVID-19.

Allstate, together with subsidiaries Pembridge Insurance Company and Pafco Insurance Company (ACG), announced a “Stay at Home Payment” of more than $30-million to help its personal auto insurance customers.

All Allstate, Pembridge and Pafco customers who have an active automobile policy as of April 8 will qualify to receive a one-time payment of approximately 25 per cent of their monthly auto premium. Policyholders will receive the rebate by cheque in May.

“The payment is to help relieve the restrictions, changing business practices and financial burden imposed on our customers," said Ryan Michel, CEO of Allstate Insurance Company of Canada, in a statement. “We’ve seen less driving, for example, and this is expected to continue throughout April and into May. We recognize that with fewer people driving, there are fewer collisions on our roads.”

As a result, we are giving more than $30-million back to our customers. It’s simply the right thing to do,” he added.  https://www.theglobe...rebates-to-all/

Edited by VIResident, 08 April 2020 - 06:33 AM.

[sebberry]

a one-time payment of approximately 25 per cent of their monthly auto premium.

 

If that was calculated on my premiums, that's a whopping $31.25

Last year that'd have been $25

[spanky123]

I'm surprised there isn't a push to have ICBC allow people to 'pause' their insurance for this current period. A lot of fully insured cars sitting in garages. 

 

If it wasn't a monopoly I am sure that there would be a pause button! Want to bet if they lower rates next year because claims are down?!

Edited by spanky123, 08 April 2020 - 07:27 AM.

[shoeflack]

Reminder to anyone working from home who normally has to commute, you can change your auto insurance to 'Pleasure' and save a few bucks.

 

If you were at "Commuting", particularly the over 15 km from work class, you'll save a few bucks a month on your insurance by doing this.

[vortoozo]

^ Yes, and this can be done fairly painlessly by calling/emailing your broker. No need to visit an insurance office in person.