ICBC Cuts Rates by 2.4%
 

http://www.news1130.com/news/local/a...cbc-cuts-rates

ICBC cuts rates
Car insurance to go down 2.4 per cent
Jesse Johnston Aug 31, 2010 15:06:40 PM

NORTH VANCOUVER (NEWS1130) - Starting November 1, ICBC will be slashing basic insurance rates by 2.4 per cent. The B.C. Utilities Commission says ICBC's operating expenses were about three per cent lower than projected over the last few years.

"The average cost of claims is going up, but frequency, that's the number of claims that we have is going down. That's because of the way that customers are driving and so we've been able to reduce the rate," says ICBC president John Schubert, who points out this is the first time ICBC has dropped its rates in a decade.

next year they'r gonna report a big deficit & increase rates by 5%

damnit! i just renewed today

It's only to make themselves look good for now, in a few years they'll raise the rates back up and try to sneak it past people.

^

yup for sure


next time watch them raise at LEAST 5% and up +++++



pfff gimmicks i tell you

Hmmmmm....wonder if this is a ploy by the Liberals to gain some points in the polls? Remember when the NDP made ICBC give everyone $100 cheques in hopes of gaining votes (an assumption btw, there was never any proof) and then the next year (after the Liberals won the election), ICBC had to raise rates something like 7%??

great for the bc people in general but individually, how much do we really save? $30?

lol 2.4%

personally i havent heard much about this in the office

ICBC is just a huge rip off.
Their service sucks ass too.

i just renewed the insurance on my EF today. i'll be saving a whopping $26.28!

pfff overprice shit, should AT LEAST reduce it by 15% ...at least
:rolleyes:

I save 24 dollars..... Better load 24$ onto playnow.com because I can!
Posted via RS Mobile

Saving something is better than nothing. It's about time ICBC.

Going to be captain obvious here.

It's obviously not going to be a lot since its only insurance on one / two cars you own but when you're talking about all the cars insured in general, it adds up.

i still say screw you ICBC!:2finger:

does that mean those who are insured for the year will get a partial refund?

I get back to this country just recently and now icbc pulls this shit?

I guess it's what they call the calm before the storm hits.I wonder what tax they will decide to increase to make up for this loss revenue.

If you guys want more reductions, please don't crash or get your car vandalized in the next year. :)

What they should do though to be honest, is increase the sliding scale to -60% (from 43%) for RoadStars. That way only the truly safe drivers get the benefits. I don't need some douchebag street-racer also saving 2.4%.

if they actually increased it to oa 60% discount for the roadstars, then the top employees pay will be cut marginally.

With this 2.4% decrease, they are able to keep their high paying salary and still hit the news

I don't work for ICBC, but it's always fun to read the random rants about ICBC from the uninformed.

Most insurance companies are out there to make money and not give you fair value for your property. We're lucky that ICBC is not out there to make a profit per se. If we had a private system of insurance, most people under 25 would get screwed (e.g. paying 4K/year for a Civic in Ontario.) And most certainly, private insurance companies would try to screw you in every way possible if you did have a claim to make.

It is fun to read from the uninformed, here's some information for you:

The biggest problems with insurance is not public vs private, it is the rules for claims and payouts. Ontario insurance has increased a lot in recent years cause the amount of the average claim has skyrocketed due to people abusing the medical claim portion to get all kinds of care they don't really need. The average claim in Ontario is ~$15K, while in BC is it ~$3K (although ICBC doesn't release exact details). Why? Cause BC has insurance rules limiting payouts and types of medical claims. These can be unfair if you're severely hurt and need some unorthodox treatments - yet they keep people from claiming physiotherapy for a broken little finger.

Insurance for good drivers is insanely cheap in Ontario compared to BC. I was paying $1200 for basic/liability/collision/comprehensive in Ontario. The cheapest I could find in BC was $1800 cause just basic was $1100 through ICBC.
Insurance for bad drivers is insanely expensive in Ontario, or you can be denied. When I had an accident and was dropped from my provider, I was q2uoted $4K+ to renew when I was paying $2100 previously. In BC it would take a few accidents to double your insurance.

As for public vs private: Private might have to make a profit to provide a return to investors, yet public runs its own show and can inflate salaries and benefits without market pressure. There are pros and cons to both.

exactly
unless you actually got screwed by icbc (no your $300 insurance /mo don't count)..quit the ranting

Yes, ICBC does restrict medical payouts. When I worked as a CSR at a bank, I had a few clients who had to fight tooth and nail to get a fair settlement from ICBC. But, most accidents involve few serious medical injuries.

Do I wish insurance was cheaper for good drivers like you and I? Of course, but my point was to illustrate that for most people on RS (young and male), ICBC is giving them a pretty fair deal considering the risk involved.

Agreed, yet that's not the way you said it :p :)

ICBC is making a very good profit off of us, to the point their "reserve fund" is 270% of what it is required by law. They could essentially fund most drivers for free this year and still have ~100% reserve.

Quebec is a better example of public system offering cheap premiums. The Quebec public system doesn't seem to have nearly the same overhead as BC and offers substantially lower rates, even when factoring in the $300 plate renewal fee in Quebec.

ICBC definitely rewards bad drivers, or new drivers. The insurance on my 650cc bike was $1200 for full coverage my first year of riding without a driving course. My brother's insurance was $3000 for his first year of riding on a 500cc bike with a driving course. Yet 5 years later his insurance is $600/yr on a 1000cc supersport bike, and ICBC would be 3 or 4 times that.