Ernst & Young report suggests ICBC insurance rate hike of 30 percent over 2 years.
 

ICBC = I Can Bring Cash. Auto insurance rates might go up as much as 30 percent over the next 2 years. WutFace

Report to suggest massive BC auto insurance hike if province fails to act - NEWS 1130


VANCOUVER (NEWS 1130) – A report suggesting BC drivers could see their auto insurance rates jump nearly 30 per cent over two years will be made public today.

Several details of the report from accounting firm Ernst & Young have already been leaked.

The review finds that ICBC is not currently bringing in enough money, and that Victoria needs to step in to relieve the crown corporation’s unsustainable financial pressures.

Ernst & Young recommends bringing back photo radar, using red light cameras to catch speeders, and charging the drivers of luxury cars more for insurance.

BC’s new Attorney General, David Eby, plans to address the report this afternoon at Canada Place.

Ernst & Young should go suck a big fat black dick that's infested with herpes...

Well as long as you don't speed way over the speed limit, ran red lights or drive luxury cars then you should be fine.

I was too young back when photo radar was around in BC, how much over the limit did you have to be to get a ticket back then?

Bend over Vern!
https://upload.wikimedia.org/wikiped...P._Worrell.jpg

Depends on location but sometimes it would be... 10km/h :heckno:.

They used to give speed trap tickets for going 10 over, but in the last 10 years they've been a lot more lenient, you have to be going something like 20-30ish over before they care these days. I think they realized they'd be pulling everyone over if that was their target and they wouldn't have the resources to pull over the actual dangerous speeders.


F*** Ernst and Young; your typical accounting firm. They recommend revenue generating measures but don't mention the real source of ICBC's problem: shitty ass drivers everywhere.

If icbc is losing money. B.C needs private insurance companies

Rates keep going up but licensing requirements can stay the same - ICBC logic

Fixed that for you

if government will stop draining ICBC's revenue... we wouldnt have this problem

wasn't it the ndp that started ICBC in the 70's? I swear i read that here on another thread.

It doesn't matter who "started it". ICBC as an entity isn't broken, its how the funds are being diverted to other parts of the grey-as-hell budget thats the problem and every government in power has been doing this willingly so everyone's hands are guilty.

The honeypot was too good, but now its starting to dry up and we're left footing the bill.

Ummm, not "every government" ... the Liberals changed the law in 2010 to have crown corporations "pay dividends" to the BC Government which went into general revenue. Between 2010 and 2016, this totaled $1.2 billion from ICBC alone.

ICBC rate hikes over the previous 10 years:
2007: 3.3%
2008: 0%
2009: 0%
2010: -2.4%
----- ICBC changed from non-profit crown corporation to for-profit crown corporation -----
2011: 0%
2012: 11.2%
2013: 4.9%
2014: 5.2%
2015: 5.5%
2016: 4.9%

Let's not forget BC Hydro here...

LOL did David Eby said if it cost more, than you should pay more

I guess that applies to everything including housing :troll:

I think they should implement maximum on claims.

Fender bender with no damage to both cars, not even a scratch. 5k medical claim comes out of it but 0 property claim LOL

I think the best option would be no fault insurance, but David Eby already nixed that. It would probably piss off too many ambulance chaser lawyers

Real concrete facts they're reporting on here.

In November, ICBC itself said rates could increase by up to 42% by 2020.

They should just raise the rates so high that only rich people can drive, effectively solving the traffic problems at the same time. Sure you'll wait 3 hours for a bus but that's poor people problems.

^^not sure if srs, but the only ppl on the roads would be mainlanders, and the streets of richmond would be like

https://cdn.gamerant.com/wp-content/...pg.optimal.jpg

(Might not be such a bad thing)

43% discount is like the new 0% surcharge. get in one at fault accident after your roadstar freebie and you're fucked. :heckno:

I've always wondered if they have ever done a study on how many foreign/non-Canadian residents have caused/been in accidents. If it's a larger % compared to Canadian residents I personally think there should but an extra tax for that exact reason.

The future:
http://scontent.cdninstagram.com/t51...18908041_n.jpg

Put up cameras and it'll be the next big pay per view hit, Mainlanders Unleashed.