The ICBC thread
#701
Posted 08 April 2020 - 04:28 PM
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#702
Posted 14 May 2020 - 10:58 AM
ICBC is facing a billion-dollar loss on its investments, but a decline in claims due to the pandemic could yield a surplus, Attorney General David Eby May 14.
Eby said the COVID-19 situation has led to uncertainty for the Crown corporation, which was on track for a good year before the pandemic hit.
“We don’t know,” he said. “It could be terrible. There could be a significant surplus.”
https://www.timescol...apse-1.24135220
"we don't know"? we might have lost a billion. we might but up. who knows. it would probably be better if someone knew.
Eby and Jimenez said ICBC opened 46% fewer accident claims (including claims for both damage to vehicles and for injuries) compared with the same time last year with fewer people on the road. That has meant a drop in the number of claims for $158 million in savings for ICBC. However, as restrictions ease, more claims are expected.
They said more than 150,000 customers changed insurance policies by cancelling their policy (103,700) or lowering their rate class (57,561), resulting in a projected $283 million decline in premiums compared with what would be normal for that period.
how abut that eh? 100,000 people parked their second car and cancelled their insurance.
Edited by Victoria Watcher, 14 May 2020 - 11:02 AM.
#703
Posted 14 May 2020 - 11:04 AM
Lots of unknowns here that a half decent reporter should have pushed to have answered.
The article also includes Eby’s obligatory dig at the Liberals. Jeez Louise.
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#704
Posted 14 May 2020 - 11:05 AM
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#705
Posted 14 May 2020 - 11:09 AM
How do you know it was a second car that was de-insured?
well i don't. it could also be commercial vehicles not being used. but second vehicles sounds right. motorcycles and rvs not put on the road or the second car not being insured since the owners of both cars are now working from home etc. kids not needing one for school etc.
in any event it seems pretty significant that big a drop. it's a small percentage but it's still real. when was the last time we had a drop in vehicles on the road in bc?
Edited by Victoria Watcher, 14 May 2020 - 11:10 AM.
#706
Posted 14 May 2020 - 11:09 AM
I’m sure the cream is in earthquake insurance and people are cancelling earthquake coverage left, right, and centre, effectively slashing home insurance premiums in half.
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#707
Posted 14 May 2020 - 11:11 AM
well i don't. it could also be commercial vehicles not being used. but second vehicles sounds right. motorcycles and rvs not put on the road or the second car not being insured since the owners of both cars are now working from home etc. kids not needing one for school etc.
in any event it seems pretty significant that big a drop. it's a small percentage but it's still real. when was the last time we had a drop in vehicles on the road in bc?
Yeah, totally.
Now extrapolate that to gas tax revenues and gas tax pet project funding. Suddenly the anti-car lobbyists won’t have a trough of cash to dip into for whatever it is we fund from gas taxes.
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#708
Posted 14 May 2020 - 12:02 PM
I’m sure the cream is in earthquake insurance and people are cancelling earthquake coverage left, right, and centre, effectively slashing home insurance premiums in half.
Where did you find that tidbit? I even tried to google earthquake insurance cancel bc and got nothing to substantiate this one.
#709
Posted 14 May 2020 - 12:56 PM
In conversation with my broker. It could be only what their office is experiencing but she told me a lot of people are cutting earthquake to save money. We’re only a few weeks into these decisions, though, so it might not be registering yet as an issue.Where did you find that tidbit? I even tried to google earthquake insurance cancel bc and got nothing to substantiate this one.
But it makes sense, doesn’t it? $700 or $800 for that coverage alone, and you still have to kick in a $50k deductible before the insurance kicks in.
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#710
Posted 13 July 2020 - 08:05 AM
A new anti-no fault insurance campaign has been launched at https://notonofault.com
The No to No Fault campaign represents a group of British Columbians who have dedicated themselves to advocating for the right to fair compensation and access to adequate care for those who have sustained serious injuries on our roads. Since ICBC was established in 1974, we’ve been actively supporting the recovery of people throughout B.C. who find themselves facing an uphill battle with the insurance monopoly. This campaign was founded by the Trial Lawyers Association of B.C., a non-profit society dedicated to supporting and promoting the rights of individuals in British Columbia.
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#712
Posted 13 July 2020 - 09:26 AM
If you were badly hurt in an accident, wouldn't you want the full compensation you're entitled to under the law? That's the system that was in place before ICBC made the changes with the minor injury cap and this proposed No Fault system. Ever since then, the govt has taken away your rights if you're injured in an accident. The trade-off isn't worth it. Anybody that's been through worksafe knows it.
This new proposed system is horrible. Especially to high income earners. Best of luck to the trial lawyers.
#713
Posted 13 July 2020 - 09:39 AM
there are both sides for sure.
some will say that if i and a high-income earner are in the exact same crash (same injuries and pain and recovery time or life-long health issues) why should she get more compensation?
Edited by Victoria Watcher, 13 July 2020 - 09:43 AM.
#714
Posted 13 July 2020 - 09:43 AM
If you were badly hurt in an accident, wouldn't you want the full compensation you're entitled to under the law? That's the system that was in place before ICBC made the changes with the minor injury cap and this proposed No Fault system. Ever since then, the govt has taken away your rights if you're injured in an accident. The trade-off isn't worth it. Anybody that's been through worksafe knows it.
This new proposed system is horrible. Especially to high income earners. Best of luck to the trial lawyers.
I think that under the proposed changes you can still sue if you are seriously injured.
I know people that have been seriously injured and the current process is a mess and takes years to resolve. I also know people who have had minor / insignificant injuries that have milked the system for a fortune.
#715
Posted 13 July 2020 - 10:13 AM
there are both sides for sure.
some will say that if i and a high-income earner are in the exact same crash (same injuries and pain and recovery time or life-long health issues) why should she get more compensation?
Because if I make $300,000 a year and can never work again, my personal economic loss is much higher than somebody making minimum wage that can never work again. Under the old system which relied on the courts, the principal was to make you fully whole.
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#716
Posted 13 July 2020 - 11:29 AM
#717
Posted 13 July 2020 - 12:35 PM
Because if I make $300,000 a year and can never work again, my personal economic loss is much higher than somebody making minimum wage that can never work again. Under the old system which relied on the courts, the principal was to make you fully whole.
Made whole to a limit. You are paying the same insurance as someone making $40k. If you want higher coverage then you can buy it.
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#718
Posted 13 July 2020 - 12:42 PM
Made whole to a limit. You are paying the same insurance as someone making $40k. If you want higher coverage then you can buy it.
Income based insurance premiums?
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#719
Posted 13 July 2020 - 01:14 PM
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#720
Posted 13 July 2020 - 01:51 PM
Income based insurance premiums?
you can buy injury/disability/loss of income/life insurance completely independent of your operation of a vehicle is what the poster means.
Edited by Victoria Watcher, 13 July 2020 - 01:52 PM.
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