ICBC raising rates?
 

http://m.ctv.ca/bc/20120208/bc_steele_icbc_rates_120208.html

that article dates back to 2008.

===>>> Wed Feb 08, 03:24 PM <<<====
ICBC hikes basic insurance rates 11.2-per-cent
Darcy Wintonyk and Lynda Steele | ctvbc.ca

I just got my renewal notice and i don't see a raise in premium... but I do recall talks of raising insurance not too long ago.

Um no it doesn't, the article is February 8, 2012.

Look at the URL: 20120208

Thanks for coming out.

Mark

I renewed my insurance in march and my letter said anyone renewing after feb 2012 would have the 11% added on for the year, but if it gets cancelled, then it will be refunded. ICBC refunding money? LOL

They can raise insurance rates, increase gas taxes, make meter parking 24h, ticket people for going 1km/h over the speed limit, but I will never give up driving :alone:

I just got my renewal letter in the mail apparently, can't wait to see how much I have to pay this year.

they mentioned last year that the basic rates are going up but optional is dropping so it cancels each other out

ya their ceo's and board members and stuff don't make enough money without their bonus's because we all know their crazy high bonus's can't sustain them right?

they always raise rates, whats new?

where can one buy optional auto insurance aside from ICBC?

I know Canada Direct - is that that only one?

Try Family Insurance they are the second largest provider of optional auto coverage, i am happy with their rates.

BCAA, Hagerty, Intact/Ing

That's because all basic rate increases have to pass through the BC Utility Commission.

TD bank used to.. not sure now...

^
Still do, just not in BC.

As I stated in previous threads. Scumbag fraudsters claiming injury for minor accidents.

"Grossman said currently 88 cents of every premium dollar being collected is going "straight back out the door to pay for claims," and the agency can't afford to wait until a decision is made to start collecting the additional money."

its funny how they say this and yet they have about 11.5billion in investments...if they are so broke where are they getting this money to invest and have such big bonuses? i can't find the 2011 statements but from 2009 > 2010 their investments went up ~450m...:fulloffuck: it could be from gains from interest but still...if they have fat securities don't see a reason why they are trying to grab more cash...they should honestly make basic insurance more competitive...atm icbc monopolizes that shit... oh well...another cash grab...and wonder what they meant by "premium dollars"...isn't that what premium insurance is for...high risk drivers and claims...

so sowwi? :okay: don't know where the f i was looking at lol

I had insurance 2 months ago which I cancelled, went back a couple weeks ago and got the same coverage, it was about $15 more per month. So yeah a little more.

~$120 more per year for a Honda Fit

n00b

whats the qualification for family insurance?

any updates on this?

There was an announcement in Jan 2012 about a 2.5% - 4.5% increase on your basic premiums and a rough ~2.0% decrease on your optional coverages. Percentages actual vary based on your own use (Eg: Pleasure,Business,Artisan etc...)

In a nut shell if you have a low discount (CRS#) new drivers so on, then this new rate change will be to your disadvantage.

Say John Doe, Just got his N and is @ 0%(0lvl) he has a 2008 Corolla CE. Base rate for him this year would be ~$1451 in 2012 instead of ~$1389 in 2011 for basic only.

If John Doe has 43%(-9lvl) Roadstar his rates would have been: ~$826 in 2012 compared to ~$790 in 2011

This all assuming John Doe never got his (-10) leveled up the following year and his car didn't depreciate in value.


Following from archived. Rates and % may not be reflecting current rates. Public hearing is now closed. Informational purposes only.


>>Interim rates approved
December 16, 2011

Please inform customers purchasing a Basic insurance policy effective February 1, 2012 or later, that ICBC is asking the British Columbia Utilities Commission (BCUC) for an 11.2% increase to Basic rates. The BCUC has approved a 11.2% Basic insurance rate increase on an interim basis and will make a final decision after a public hearing process.
If the final approved rate differs from the interim rate, customers' premiums will be adjusted for the difference, subject to the BCUC's final Order.

The Basic rate change is due to rising injury numbers and costs, combined with lower interest rates and a downturn in the investment markets. While Basic rates are increasing, ICBC is decreasing Optional rates due to lower theft and material damage costs. This rate change also takes effect February 1, 2012.

need at least 40% discount to get on with Family Insurance. Just asked the broker today