REVscene - Vancouver Automotive Forum


Welcome to the REVscene Automotive Forum forums.

Registration is Free!You are currently viewing our boards as a guest which gives you limited access to view most discussions and access our other features. By joining our free community you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is fast, simple and absolutely free so please, join our community today! The banners on the left side and below do not show for registered users!

If you have any problems with the registration process or your account login, please contact contact us.


Go Back   REVscene Automotive Forum > Automotive Chat > Vancouver Off-Topic / Current Events

Vancouver Off-Topic / Current Events The off-topic forum for Vancouver, funnies, non-auto centered discussions, WORK SAFE. While the rules are more relaxed here, there are still rules. Please refer to sticky thread in this forum.

Reply
 
Thread Tools
Old 03-11-2009, 10:41 AM   #26
The Lone Wanderator
 
Graeme S's Avatar
 
Join Date: Mar 2001
Location: Burnaby
Posts: 12,089
Thanked 4,367 Times in 1,137 Posts
Retained earnings of $925m"

Does nobody check what the meaining of retained is? That it's like...kept?


Why does everyone think that keeping some extra money is a bad thing? Why not just let ICBC hold on to it so that when payouts get worse one year or if the economy keeps hitting the dumps, they have something to fall back on?


Yes, the idea of a government corporation breaking completely even every year is a great one; but then what do we do when the corporation loses money? It does happen some years, you know. And when it does, people will be pissed off and angry to hear that ICBC needs more money from the government.
Advertisement
Graeme S is offline   Reply With Quote
Old 03-11-2009, 11:54 AM   #27
Need to Seek Professional Help
 
Join Date: Jun 2006
Location: 604
Posts: 1,049
Thanked 160 Times in 80 Posts
Not having specifics about retained earnings (ie, I don't know if they were actually retained or perhaps partially disbursed for programmes), they may have been used for:

- policyholder's surplus
- road safety programs
- law enforcement/road safety grants

At the very least the first reason is not an unreasonable case to retain money. I won't argue whether the RoadSense stuff is cost-effective or not .
Blinky is offline   Reply With Quote
Old 03-11-2009, 02:24 PM   #28
I answer every Emotion with an emoticon
 
q0192837465's Avatar
 
Join Date: Apr 2005
Location: Vancouver
Posts: 7,762
Thanked 375 Times in 181 Posts
Just to clarify

Retained Earings =/= money they have now

Retained earnings is defined as the money retained for the company FROM THE BEGINNING OF ITS OPEARTIONS.

The 925 million retained earnings does not mean they made 925 million that year. Rather it means that from the day ICBC started its business, they have retained 925 million dollars OVER ALL THESE YEARS.

Retined earings is affect by 2 things: Net income and Divident. Net Income increases RE while Divident decreases RE.
__________________
Ignorance is bliss

How I wish I can remain ignorant, why do I know so much?
q0192837465 is offline   Reply With Quote
Old 03-11-2009, 03:45 PM   #29
Banned By Establishment
 
Join Date: Jun 2006
Location: Shaugnessy
Posts: 2,610
Thanked 480 Times in 167 Posts
blast you all.. this won't be the last time we meet again!
BNR32_Coupe is offline   Reply With Quote
Old 03-11-2009, 05:49 PM   #30
?NR
MonoPod 1 of 3
 
?NR's Avatar
 
Join Date: Jul 2001
Location: Internet
Posts: 7,254
Thanked 1,014 Times in 440 Posts
well.. cutting rates on optional insurance just makes it more competitive for 3rd party insurers/privatized insurance companies who can only sell you optional insurance.

ICBC still gets to sell basic mandatory insurance at their regular rates to everyone.

now, if they reduced the rates for basic insurance, that would make more sense and benefit everyone more than extending that to optional insurance since basic insurance is mandatory.

2 bird 1 stone.

-reduces the edge that private insurer had by making optional insurance competitive
-good PR to general public because everyone looks at "$$$ discount/rates cut" thinking it benefits them, which it may, but not as much as cutting basic insurance rates.

56% or something of ICBC's revenues come from Basic insurance, and 4X% from Optional coverages.

*cue darkened board room with ICBC head honchos*

"gee.. which seems better? cutting rates for basic or optional? We have to do something soon cus people are still bitching about rates. oh no we don't need to cut basic we own everyone in that department because they have to get it from us..

let's cut optional instead, most people are straying away from us and going to Family insurance, canadian direct, etc .. cus someone here said they could. Let's make life harder for these private guys that defected from ICBC ..we'll take away their edge and look like heroes!!

woohoo.

disclaimer: these are my views only and only mine. When ICBC ceases to be a monopoly then I will take them seriously.
?NR is offline   Reply With Quote
Old 03-12-2009, 12:36 AM   #31
Banned By Establishment
 
Shun Izaki's Avatar
 
Join Date: Aug 2005
Location: Burnaby
Posts: 3
Thanked 266 Times in 124 Posts
It's okay, i'm still suing them

Carbon hood, here I come.
Shun Izaki is offline   Reply With Quote
Old 03-12-2009, 09:25 AM   #32
I *heart* Revscene.net very Muchie
 
Mancini's Avatar
 
Join Date: May 2001
Location: Vancouver
Posts: 3,819
Thanked 234 Times in 124 Posts
Quote:
Originally Posted by taylor192 View Post
Public companies should not turn a profit.
Canada Post turns a profit too.
ICBC does not turn a profit, just a "surplus".

Quote:
Originally Posted by hotjoint View Post
I was having a convo with a few friends trying to figure out what the "cheapest" amount anyone pays for insurance regardless if of age, car type, discount etc.... Forgot how we figured it out but I believe it was $1500 a year. Anyone pay less then $1500 a year for insurance after everything? I'm just happy that I'm pay $1900 for my 02 celica
I pay just under $1,500/year. '05 se-r with 2 million third party & $500 collision & comp deductibles.
Mancini is offline   Reply With Quote
Old 03-12-2009, 09:59 AM   #33
Banned (BBM)
 
Join Date: Jul 2004
Location: Vancouver
Posts: 16,146
Thanked 627 Times in 368 Posts
and i still pay fucking $3g a year with 30% soon 35% discount

3 mill $500 deduct
Mugen EvOlutioN is offline   Reply With Quote
Old 03-12-2009, 10:17 AM   #34
Banned By Establishment
 
Join Date: Mar 2006
Location: Richmond
Posts: 12,489
Thanked 2,090 Times in 773 Posts
Quote:
Originally Posted by Mugen EvOlutioN View Post
and i still pay fucking $3g a year with 30% soon 35% discount

3 mill $500 deduct

should have got a genesis.
Meowjin is offline   Reply With Quote
Old 03-12-2009, 11:40 AM   #35
Willing to sell a family member for a few minutes on RS
 
hotjoint's Avatar
 
Join Date: Feb 2005
Location: Surrey
Posts: 12,670
Thanked 649 Times in 352 Posts
Quote:
Originally Posted by Mugen EvOlutioN View Post
and i still pay fucking $3g a year with 30% soon 35% discount

3 mill $500 deduct
damn i was paying $3500 the first 2 years that I had my car. Damn replacement cost coverage is expensive as shit
hotjoint is online now   Reply With Quote
Old 07-31-2014, 12:16 PM   #36
RS Lurker, I don't post!
 
Join Date: Jul 2014
Location: vancouver
Posts: 1
Thanked 0 Times in 0 Posts
ICBC has had its monopoly for too long now.

Its about time we allow private insurance companies to operate in BC

I would like to highlights the problems of monopoly and how the BC residents are taken for a ride but this monster called ICBC.

First of all the most expensive insurance in the world is ICBC there is no insurance in the world that charges 4000$ for a new driver except ICBC. The sad part is they are getting away with it since no one apparently in BC is doing anything to end this mockery.

ICBC has announced profit of 285,000,000 in one year with 135% increase in profit and yet they want to increase the premiums by 4.9% on all drivers and the CEO has the decency to come on TV and claim that the 4.9% is less than a 1 a month.

Seriously do you think that Canadians are that stupid here is the formula first of all the average insurance in BC ( these statistics is by them not mine is) 1285$ 4.9% of that is 62.9$ that is over 5$ a month how dare you lie and say it is less than a 1$?

Did you know that new drivers in BC are asked to pay 4000$ for those old drivers who really think that this does not affect them since they are averagely paying 1300$ think about your sons and daughters think about your brothers and sisters and friends who will end up paying over 300$ a month when you can buy a brand new car for less than 200$ a month EMI?

The problem is bigger than amounts paid the problem is Monopoly.

Allow me to highlight the monopoly scheme

When you are a monopoly you become complacent you don't care about your customers any more to you they are sheep not clients or you see them with the $ sign on their foreheads

As a monopoly they will use their funds in every possible way to keep their business running as a monopoly therefore you have a lobby of corrupt politicians who are paid to protect the interest of this company and not yours as a citizen of this country. You become a no. not a human being any more.

Other problem of Monopoly is that the company who is preforming the monopoly they have no respect to their clients its like we can do it we are doing it and we love doing it and you have no other option but to take it or leave it.

Today cars are no luxury. They are a mean of transport to many of us. If we don't drive and reach to our work we don't eat or pay the rent at the end of the month. When company like ICBC has the liberty to do what it likes with your as a no. ( not a human being ) they are hitting you where it hurts and you have nothing to do about it.

Remember politicians and supporters of ICBC are being paid by you they are your servants but just like police they get carried away and they think they are above the law. They need to be reminded that you are there to serve us and not the other way around.

Today ICBC is no more a private company they are now setting the rules for the road speeds asking RCMP to act as per their likings arrest hold confiscate and even use your information gathered by them with police investigation without your approvals.

Today we say stop to ICBC we call on more companies to come and operate in BC we want to create jobs by allowing fair competition.

If 4 or five auto insurance companies come to operate in BC guaranteed jobs of over 50,000 personal will be available

rates of your yearly premiums will drop from 3400$ to 700$

Please support this movement by liking our facebook page facebook,com/monopolyoficbc
icbcmonopoly is offline   Reply With Quote
Old 07-31-2014, 12:37 PM   #37
RS has made me the bitter person i am today!
 
meme405's Avatar
 
Join Date: Feb 2013
Location: Vancouver
Posts: 4,625
Thanked 7,179 Times in 2,177 Posts
This is a 5+ year old thread.
__________________

Barney Fucking Purple FX35
Brianna - 2008 FX35 - Build Thread
meme405 is offline   Reply With Quote
This post thanked by:
Old 07-31-2014, 12:39 PM   #38
I contribute to threads in the offtopic forum
 
Join Date: Jun 2006
Location: Burnaby
Posts: 2,834
Thanked 4,665 Times in 1,010 Posts
RS Monopoly meet?
inv4zn is offline   Reply With Quote
This post thanked by:
Old 07-31-2014, 01:11 PM   #39
Willing to sell a family member for a few minutes on RS
 
hotjoint's Avatar
 
Join Date: Feb 2005
Location: Surrey
Posts: 12,670
Thanked 649 Times in 352 Posts
damn I came here thinking this was new and that ICBC would actually reduce rates. Silly me
hotjoint is online now   Reply With Quote
Old 07-31-2014, 01:44 PM   #40
Head Moderator
 
Lomac's Avatar
 
Join Date: Dec 1982
Location: Great White Nor
Posts: 22,595
Thanked 6,407 Times in 2,053 Posts
Holy crap. So much is wrong with that post. I'll address it later when I'm not at work, but.... wow, just wow.
Lomac is offline   Reply With Quote
This post thanked by:
Old 07-31-2014, 02:45 PM   #41
Even when im right, revscene.net is still right!
 
Ludepower's Avatar
 
Join Date: Jan 2008
Location: Vancouver
Posts: 1,365
Thanked 583 Times in 176 Posts
get off your soap box u unknown user.

Coming from Ontario...Im ok with ICBC having a monopoly. It's not perfect but coming from Ontario...it's a hell of a lot better.

With private insurance...they hand pick their customers.
New young drivers are paying $7000 in Ontario and need to be co-signed with parents.

The auto body industry have their hands in insurance adjusters pocket...knowing ways to max out on repair bills. Here icbc is very strict with repairs. Try and cheat them and the shop loses their accreditation.
Ludepower is online now   Reply With Quote
This post thanked by:
Old 07-31-2014, 02:57 PM   #42
RS has made me the bitter person i am today!
 
meme405's Avatar
 
Join Date: Feb 2013
Location: Vancouver
Posts: 4,625
Thanked 7,179 Times in 2,177 Posts
Quote:
Originally Posted by inv4zn View Post
RS Monopoly meet?
Fuck Monopoly. Settlers or bust.
__________________

Barney Fucking Purple FX35
Brianna - 2008 FX35 - Build Thread
meme405 is offline   Reply With Quote
This post thanked by:
Old 07-31-2014, 03:44 PM   #43
The Brown Reason
 
BrRsn's Avatar
 
Join Date: Jan 2007
Location: Whalley
Posts: 4,594
Thanked 5,847 Times in 1,521 Posts
Quote:
Originally Posted by icbcmonopoly View Post
Spoiler!

If you want the support of an audience, don't patronize them. Revscene has a member base whose age ranges from 16-old as hell, we don't need to be told what a monopoly is. You are not a visionary, we are dealing with the lesser of 2 evils by having ICBC around. There was 4-5 of us on chat telling you your idea was great but was based on nothing, but of course you didn't accept that we were an accurate cross-section of the revscene community and you posted anyways, and got similar results (as you can easily see by your fails). Get your head out of your ass, and maybe you won't miss that next speed sign/car that merges into your lane unannounced, and maybe your insurance premiums won't skyrocket like how you said they did


And FYI, living in any major city and owning and operating a car is a luxury. What makes you better than everyone else that takes the bus? As with anything, if insurance gets too expensive people will start using alternative methods of transportation. The sense of entitlement we all have is a western-world phenomenon, you don't deserve anything in life -- everything aside from food, water, healthcare, a basic education and a roof over your head is a luxury, and if you can afford it, you have it. Simple as that
__________________
Quote:
Originally Posted by bcrdukes
fuck this shit, i'm out
BrRsn is offline   Reply With Quote
This post thanked by:
Old 07-31-2014, 04:01 PM   #44
nma
#RVG
 
nma's Avatar
 
Join Date: Sep 2008
Location: Richmond
Posts: 557
Thanked 624 Times in 201 Posts
wrote an essay for a post made in 2009.. LOL
nma is offline   Reply With Quote
Old 07-31-2014, 10:50 PM   #45
Head Moderator
 
Lomac's Avatar
 
Join Date: Dec 1982
Location: Great White Nor
Posts: 22,595
Thanked 6,407 Times in 2,053 Posts
I'm sure I'm wasting my time and breath here as I doubt you'll be back to check this post. However, should anyone here decide to possibly entertain the thoughts that this guy might be correct, let me just talk about one or two things...

Quote:
Originally Posted by icbcmonopoly View Post
First of all the most expensive insurance in the world is ICBC there is no insurance in the world that charges 4000$ for a new driver except ICBC. The sad part is they are getting away with it since no one apparently in BC is doing anything to end this mockery.
"Most expensive insurance in the world" is a complete and utter fabrication and lie. Try insuring a vehicle in London as a brand new driver. You can easily get quotes online from most insurers over there, so I spent five minutes doing so. In order to insure the same vehicle you mentioned you just bought while in RS Chat, a brand new Hyundai Genesis V6... well, if you mentioned that you just started driving and you're a full time student, not one of 138 insurance companies will actually insure you. Nadda. I then moved to trying my hand at a '96 Honda Civic SR. Full time male student, brand new license, living in London, vehicle parked on the road over night... I received a quote of 19,233.78 from one company. Sure, that was the most expensive quote but the cheapest one I could get was 10,658.93. AND that one requires the installation of a black box to monitor your driving.

Quote:
Originally Posted by icbcmonopoly View Post
ICBC has announced profit of 285,000,000 in one year with 135% increase in profit and yet they want to increase the premiums by 4.9% on all drivers and the CEO has the decency to come on TV and claim that the 4.9% is less than a 1 a month.

Seriously do you think that Canadians are that stupid here is the formula first of all the average insurance in BC ( these statistics is by them not mine is) 1285$ 4.9% of that is 62.9$ that is over 5$ a month how dare you lie and say it is less than a 1$?
First off, that proposed increase was from the beginning of 2013... this is oooold news. Second of all, that increase was for basic insurance... which was to be offset by a decrease in optional coverage, hence the average of $1/month. I lose more change in a week than that.

Quote:
Originally Posted by icbcmonopoly View Post
Did you know that new drivers in BC are asked to pay 4000$ for those old drivers who really think that this does not affect them since they are averagely paying 1300$ think about your sons and daughters think about your brothers and sisters and friends who will end up paying over 300$ a month when you can buy a brand new car for less than 200$ a month EMI?
No, new drivers are asked to pay for higher insurance because they are statistically more likely to crash. That's an indisputable fact.

Quote:
Originally Posted by icbcmonopoly View Post
The problem is bigger than amounts paid the problem is Monopoly.

Allow me to highlight the monopoly scheme

When you are a monopoly you become complacent you don't care about your customers any more to you they are sheep not clients or you see them with the $ sign on their foreheads

As a monopoly they will use their funds in every possible way to keep their business running as a monopoly therefore you have a lobby of corrupt politicians who are paid to protect the interest of this company and not yours as a citizen of this country. You become a no. not a human being any more.

Other problem of Monopoly is that the company who is preforming the monopoly they have no respect to their clients its like we can do it we are doing it and we love doing it and you have no other option but to take it or leave it.
Uh...





Nope, not gonna bother.

Quote:
Originally Posted by icbcmonopoly View Post
Today cars are no luxury. They are a mean of transport to many of us. If we don't drive and reach to our work we don't eat or pay the rent at the end of the month. When company like ICBC has the liberty to do what it likes with your as a no. ( not a human being ) they are hitting you where it hurts and you have nothing to do about it.
Like it or not, cars ARE a luxury, plain and simple. Even if you live out in the boonies like me, transit is still sufficient to get you to and from work or school without issue.

Quote:
Originally Posted by icbcmonopoly View Post
Remember politicians and supporters of ICBC are being paid by you they are your servants but just like police they get carried away and they think they are above the law. They need to be reminded that you are there to serve us and not the other way around.
So you're gonna throw out the, "You're either with us or against us" line? Either you're being paid by ICBC to support them, or you're against them completely? Wow. You're like the CIC of automotive insurance...

Quote:
Originally Posted by icbcmonopoly View Post
Today ICBC is no more a private company they are now setting the rules for the road speeds asking RCMP to act as per their likings arrest hold confiscate and even use your information gathered by them with police investigation without your approvals.
...and yet dozens of roads and highways had their speed limits increased only a couple weeks ago. As for police using your information... when was the last time you actually read all the fine print in the insurance forms you signed? I'm pretty sure that there's a line in there that allows law agencies to ask for your information without your approval...

Quote:
Originally Posted by icbcmonopoly View Post
Today we say stop to ICBC we call on more companies to come and operate in BC we want to create jobs by allowing fair competition.

If 4 or five auto insurance companies come to operate in BC guaranteed jobs of over 50,000 personal will be available

rates of your yearly premiums will drop from 3400$ to 700$

Please support this movement by liking our facebook page facebook,com/monopolyoficbc
50,000 new jobs by introducing four or five new insurance companies? That seems a little... optimistic. And I will ABSOLUTELY guarantee that yearly premiums will not drop from $3400 to $700, especially since I'm pretty sure those are completely random numbers without data to back them up.




OH!

I should have led with this one. I'm going to pull a quote you made on RS Chat today.

Quote:
31-07, 12:45 icbcmonopoly
if I have an accident in the future
31-07, 12:46 icbcmonopoly
I am going to hire the best lawyers to get me the maximum out of these greedy mafia
It's pulling absolute shit stunts like that which causes insurance premiums to raise. Instead of helping fix the issue, you're merely perpetuating the problem.
Lomac is offline   Reply With Quote
This post thanked by:
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off



All times are GMT -8. The time now is 10:01 AM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2017, vBulletin Solutions, Inc.
SEO by vBSEO ©2011, Crawlability, Inc.
Revscene.net cannot be held accountable for the actions of its members nor does the opinions of the members represent that of Revscene.net