Government run, it used to be a lot higher than it is now, plus if ICBC makes a bundle of money they send everyone who has insurance for that year a cheque, I just received 2 cheques for $120 a piece because ICbC made too much money.
Eray sky high insurance rates?!?!
- Thread starter lammarwell
- Start date
Very interesting. Usually the only time the government gives us anything is because they are obligated to. Must be legislated I would guess but don’t argue with it either way . Another question. Are rates for the same coverage of similar vehicles the same regardless of your location in the province ? Seems some places like Ontario for example rates can vary almost based on neighborhood even in the same town or city. Theft rates apparently being one of the biggest factors.
Let’s not forget that bastion of Canadian Identity the venerated CBC …ICBC almost has more total debt than some Canadian provinces. The 23/24 budget deficit is last stated at approximately (-$9B+). In fiscal 23/24 ICBC had a net loss of (-$1.4B) which was a significant improvement over the previous reporting year. Canada Post & ICBC must have management that came from the same business school because they appear to be running a similar business model. Nuff said!
No rates change with locations, when I lived in Vancouver it was more expensive than Kelowna, it’s not due to theft rates, it’s all to due with the amount of traffic and I guess traffic accidents in the location, they mainly charge more for Vancouver and the rest of the of the province is basically the same rates.
Years ago most people in BC hated ICBC and wanted it gone and back to public insurance, we were paying 2 to 3 times more than other provinces especially Alberta, even still to this day we see a lot of Alberta plate driving around in the winter, they move to BC and keep their Alberta drivers license and insurance, if they want to buy a new car they go back to Alberta buy one no PST and drive it back to BC, as long as they have an address in Alberta or even another province they can get away with it.
It even works out good for health care for them as they keep that as well and let say they need knee surgery they get straight in as the bill goes to Alberta just like it was private medical insurance, I know people that have had knees and hips done with Alberta medical, then the people of Bc end up waiting on the list for a year or so for knee and hip surgery.
It’s not their fault it’s a loophole that needs fixing.
According to the BC government ICBC has been making a fortune over the last few years since they went no fault insurance, they also made a fortune on the stock market yes they take our money and invest it in the market and property,
That why for the last few years anyone with insurance coverage has been getting rebate every year, if they were basically bankrupt they would not be giving money back.
