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 Auto Chat

Vancouver Auto Chat 2016 VAC Community Head Moderator: Raid3n

Reply
 
Thread Tools
Old 01-29-2018, 07:22 AM   #26
My dinner reheated before my turbo spooled
 
Reeyal's Avatar
 
Join Date: Dec 2003
Location: Peace River, AB
Posts: 1,778
Thanked 158 Times in 103 Posts
Quote:
Originally Posted by Jmac View Post
On average, two of the three highest insurance rates in Canada over the past decade have been the ones with exclusively private insurance (Ontario, Alberta). [...]
You may be right on the average insurance when compared to other provinces. However, I live in Alberta, and for me personally, I find it way lower after I moved from BC. I believe insurance premiums with private insurance companies are greatly based on your driving habits.

Many many years ago, I was paying $2700/yr for my car. For the same car, after I moved to AB, insurance companies were quoting $3500/yr for the same comparable coverage. The huge jump was because I was under 25, as explained by the agents. As soon as I turned 25 a couple of months later, my premium had dropped to $1100. By the time I got rid of the same car years later, I was paying $800. During the time I owned the car, I had 1 comprehensive claim and 1 ticket on my driving record.
Advertisement
__________________
Quote:
Unknown
"If someone has to pass you on the right, you are in the wrong lane."
Reeyal is offline   Reply With Quote
Old 01-29-2018, 08:21 AM   #27
PM me for my nudes
 
smoothie.'s Avatar
 
Join Date: Apr 2006
Location: Burnaby
Posts: 3,929
Thanked 3,772 Times in 1,001 Posts
waiting for all the anti-private people to post in here like:

"no, itll be more expensive"
"icbc has better processes for claims"
etcetc

If they do it right, and not re-hire icbc folk (which, lets face it, they might) it'll be a good thing, and way overdue.
__________________
Quote:
Originally Posted by jasonturbo View Post
Too bad it isn't about flipping cars to lose money, I'm really good at that.
Quote:
Originally Posted by SkunkWorks View Post
This wouldn't happen if you didn't drive a peasant car like an Audi...
Quote:
[14-05, 14:59] FastAnna You tiny bra wearing, gigantic son of a bitch
[15-05, 10:35] FastAnna Yeah I was dreaming of those big titties in that tiny bra
Quote:
Originally Posted by westopher View Post
I'd probably blow someone for that 911
smoothie. is offline   Reply With Quote
Old 01-29-2018, 09:18 AM   #28
I *heart* Revscene.net very Muchie
 
Join Date: Apr 2007
Location: Langley
Posts: 3,898
Thanked 3,218 Times in 1,213 Posts
I keep hearing about how much worse private insurance rates are, but I have a hard time believing private insurance will be more than ICBC for those of us who have 15-20 years of driving with no accidents/minimal tickets.
MarkyMark is offline   Reply With Quote
This post thanked by:
Old 01-29-2018, 09:38 AM   #29
I *heart* Revscene.net very Muchie
 
J____'s Avatar
 
Join Date: Dec 2007
Location: Shanghai
Posts: 3,561
Thanked 888 Times in 350 Posts
huge loss? then declare bankruptcy and shut down already. No one likes you icbc.
__________________
yolo
J____ is offline   Reply With Quote
This post thanked by:
Old 01-29-2018, 10:09 AM   #30
Ricer Mod
 
Berzerker's Avatar
 
Join Date: Mar 2005
Location: Smithers
Posts: 7,008
Thanked 5,276 Times in 1,501 Posts
Why isn't anyone pointing out the fact that it's the government that has made ICBC broke. It's NOT the claims and the payouts. It's the fact the government's have been using ICBC as a piggy bank for years. ICBC used to be a hugely profitable company. Then the governments couldn't resist the piggy bank and starting using the money. Now it's broke because it can't actually pay out the claims when all the money has been siphoned off and used elsewhere.

Berz out.
__________________
President of RS Beat Down Crew
Berzerker is offline   Reply With Quote
Old 01-29-2018, 10:52 AM   #31
14 dolla balla aint got nothing on me!
 
Join Date: Jan 2014
Location: Vancouver
Posts: 694
Thanked 654 Times in 193 Posts
Let them rot in hell.
dapperfied is offline   Reply With Quote
Old 01-29-2018, 11:25 AM   #32
To me, there is the Internet and there is RS
 
Manic!'s Avatar
 
Join Date: Apr 2004
Location: Nanaimo
Posts: 15,947
Thanked 7,342 Times in 3,438 Posts
Quote:
Originally Posted by ssjGoku69 View Post
I was under the impression (based on previous threads) that private insurance premiums would be cheaper (because of increased competition), but it could be painful to get the offending party's insurance company to pay?

Can someone with experience with free-market auto insurance include their 2 cents on getting claims paid?
I would be cheaper for people with perfect records. But if you have one speeding or an accident know one is going to want to touch you with a 10 foot pole.
__________________
Until the lions have their own historians, the history of the hunt will always glorify the hunter.
Manic! is offline   Reply With Quote
This post thanked by:
Old 01-29-2018, 11:45 AM   #33
My dinner reheated before my turbo spooled
 
The Producer's Avatar
 
Join Date: Mar 2005
Location: Vancouver
Posts: 1,738
Thanked 4,639 Times in 1,042 Posts
governments blaming previous governments every damn time.

it's THE government - you're just new employees. Put the billion dollars back, and let's move on.

though I'm certainly in favour of capping settlements. accidents aren't lotto wins.
The Producer is offline   Reply With Quote
This post thanked by:
Old 01-29-2018, 11:57 AM   #34
Lomac owned my ass at least once
 
Traum's Avatar
 
Join Date: Aug 2007
Location: Paradise, BC
Posts: 6,470
Thanked 6,187 Times in 2,466 Posts
Quote:
Originally Posted by Berzerker View Post
Why isn't anyone pointing out the fact that it's the government that has made ICBC broke. It's NOT the claims and the payouts. It's the fact the government's have been using ICBC as a piggy bank for years. ICBC used to be a hugely profitable company. Then the governments couldn't resist the piggy bank and starting using the money. Now it's broke because it can't actually pay out the claims when all the money has been siphoned off and used elsewhere.
THANK YOU, Berz! While I am skeptical of how convenient the financial loss came out to be -- with the Libs takning out $1B while the crown corp suffers a $1.3B loss -- the facts for anyone who has really been following ICBC's financial demise knew that the former Liberals gov has been milking ICBC's $$$$ for all it is worth. And now, I see all kinds of people saying it is ICBC's fault that they can't stop a greedy government from reaching into its cookie jar and stealing all the goodies? Come on, people! Know the real and root cause of the issue, and direct your fury there!
Traum is offline   Reply With Quote
Old 01-29-2018, 12:07 PM   #35
I contribute to threads in the offtopic forum
 
ScizzMoney's Avatar
 
Join Date: Jun 2002
Location: 604
Posts: 2,538
Thanked 1,137 Times in 259 Posts
I pay $1600 a year to insure my 2013 BMW 3 series sedan. I'm 35 years old, clean driving record. This is in Calgary, not sure what I'd pay in BC.
__________________
Scizz's a living legend and I tell you why, everybody wanna be Scizz an Scizz still alive
ScizzMoney is offline   Reply With Quote
Old 01-29-2018, 12:18 PM   #36
RS has made me the bitter person i am today!
 
Qmx323's Avatar
 
Join Date: Dec 2008
Location: Richmond
Posts: 4,770
Thanked 2,524 Times in 833 Posts
Quote:
Originally Posted by Traum View Post
THANK YOU, Berz! While I am skeptical of how convenient the financial loss came out to be -- with the Libs takning out $1B while the crown corp suffers a $1.3B loss -- the facts for anyone who has really been following ICBC's financial demise knew that the former Liberals gov has been milking ICBC's $$$$ for all it is worth. And now, I see all kinds of people saying it is ICBC's fault that they can't stop a greedy government from reaching into its cookie jar and stealing all the goodies? Come on, people! Know the real and root cause of the issue, and direct your fury there!
Can there only be one reason why ICBC is going broke?

A dam doesn't break because one man pissed a few miles upriver, but if a shitload of shops are over billing ICBC for their work I can see how that can be a major contributing factor.
Qmx323 is offline   Reply With Quote
Old 01-29-2018, 12:22 PM   #37
Lomac owned my ass at least once
 
Traum's Avatar
 
Join Date: Aug 2007
Location: Paradise, BC
Posts: 6,470
Thanked 6,187 Times in 2,466 Posts
Quote:
Originally Posted by The Producer View Post
though I'm certainly in favour of capping settlements. accidents aren't lotto wins.
On a humanitarian level, I cannot agree to that. What we need is a more stringent audit system to stop and prevent fraud.

That and a premium system that reflects the driver's risk and costs of repair for the insured vehicle. Our high risks drivers are paying too little right now, and insurance premiums are way too low for the high end cars.
Traum is offline   Reply With Quote
Old 01-29-2018, 12:29 PM   #38
Lomac owned my ass at least once
 
Traum's Avatar
 
Join Date: Aug 2007
Location: Paradise, BC
Posts: 6,470
Thanked 6,187 Times in 2,466 Posts
Quote:
Originally Posted by Qmx323 View Post
Can there only be one reason why ICBC is going broke?

A dam doesn't break because one man pissed a few miles upriver, but if a shitload of shops are over billing ICBC for their work I can see how that can be a major contributing factor.
Of course there are a multitude of reasons for ICBC's financial woes. The insurance corp is far, far, far from perfect, and many things need to be cleaned up.

Looking at the math that AG David Eby has presented though -- $1.3B loss, with the Libs transferring almost $1B into provincial revenues and not disclosing that until it gets uncovered by the NDP now. Out of the $1.3B pie, is $1B the bigger piece? or is $300M bigger?

If I were going to direct my anger at something, I am going to channel 77% of it to the Libs, and 23% to ICBC. Judging by the general public's comments, however, it seems like well over 1/2 of the people with pitchforks are crying for the demolishing of ICBC and introduce private insurance.
Traum is offline   Reply With Quote
Old 01-29-2018, 12:56 PM   #39
y'all better put some respeck on my name
 
Harvey Specter's Avatar
 
Join Date: Dec 2002
Location: Vancouver
Posts: 18,217
Thanked 9,239 Times in 2,355 Posts
Rate hikes, mobility tax, gas tax, hell lets just hike and tax everything to pay for the clutterfuck called ICBC.
Harvey Specter is offline   Reply With Quote
Old 01-29-2018, 01:05 PM   #40
RS.net, helping ugly ppl have sex since 2001
 
Join Date: Feb 2011
Location: Richmond
Posts: 8,411
Thanked 14,737 Times in 3,863 Posts
Quote:
Originally Posted by The Producer View Post

though I'm certainly in favour of capping settlements. accidents aren't lotto wins.
I was in an at fault accident about a decade ago. Somewhat minor, no real injury. The air bag did deploy in the other car though. Neither person in the other car was wearing their seatbelt (typical Richmond. The firefighters on scene took note of it).

About 3 years later I got a letter from ICBC saying I was being sued for over $2,000,000 for damages. Obviously the letter just said ‘don’t worry, our lawyers are on it and if you don’t hear anything further, we settled’.

A few thousand for repair somehow turns into over $2mil. Society is fucked and do treat it like a lottery
__________________
https://i.imgur.com/4PRtABe.gif
320icar is offline   Reply With Quote
This post thanked by:
Old 01-29-2018, 01:05 PM   #41
Rs has made me the woman i am today!
 
yray's Avatar
 
Join Date: Jan 2012
Location: PENIS
Posts: 4,177
Thanked 4,060 Times in 1,248 Posts
the more I look at it, this maybe a move by the libs to fuck ndp over.

Declare surplus just before election, if libs win, throw it back into icbc and its good news. Lose the election and ndp will of course spend it on stupid shit to 'win the votes' now ndp is left with a steaming pile of shit LOL.
__________________
There's a phallic symbol infront of my car

Quote:
MG1: in fact, a new term needs to make its way into the American dictionary. Trump............ he's such a "Trump" = ultimate insult. Like, "yray, you're such a trump."
bcrdukes yray fucked bcrdukes up the nose

dapperfied yraisis
dapperfied yray so waisis

FastAnna you literally talk out your ass
FastAnna i really cant
FastAnna yray i cant stand you
yray is offline   Reply With Quote
Old 01-29-2018, 01:13 PM   #42
Lomac owned my ass at least once
 
Traum's Avatar
 
Join Date: Aug 2007
Location: Paradise, BC
Posts: 6,470
Thanked 6,187 Times in 2,466 Posts
Quote:
Originally Posted by 320icar View Post
I was in an at fault accident about a decade ago. Somewhat minor, no real injury. The air bag did deploy in the other car though. Neither person in the other car was wearing their seatbelt (typical Richmond. The firefighters on scene took note of it).

About 3 years later I got a letter from ICBC saying I was being sued for over $2,000,000 for damages. Obviously the letter just said ‘don’t worry, our lawyers are on it and if you don’t hear anything further, we settled’.

A few thousand for repair somehow turns into over $2mil. Society is fucked and do treat it like a lottery
I hope the other party got a hefty cut to their payouts. If you are not wearing your seatbelts, you owe it to yourself and your stupidity for your injuries.
Traum is offline   Reply With Quote
This post thanked by:
Old 01-29-2018, 01:19 PM   #43
I STILL don't get it
 
Join Date: Nov 2015
Posts: 470
Thanked 565 Times in 167 Posts
Quote:
Originally Posted by Manic! View Post
Do you know how much private insurance costs in other provinces?
Far less than here.

List of vehicles with TD Meloche Monex in Alberta, full coverage, rental etc

-Jeep Patriot
-3 series bmw
-boosted honda prelude
-r6

total yearly premium for all 4 with a clean record, 1 speeding ticket. $1300 a year. Yes, only $1300 for all 4 of those per year. That's what I was paying in Alberta.

Out here... 2000 integra, basic liability, lowest insurance possible. WITH 40% discount!!

$2220 ($185 a month)

What a joke.
prudz is offline   Reply With Quote
Old 01-29-2018, 01:24 PM   #44
Need to Seek Professional Help
 
Join Date: Dec 2003
Location: 604
Posts: 1,069
Thanked 352 Times in 197 Posts
Quote:
Originally Posted by Berzerker View Post
Why isn't anyone pointing out the fact that it's the government that has made ICBC broke. It's NOT the claims and the payouts. It's the fact the government's have been using ICBC as a piggy bank for years. ICBC used to be a hugely profitable company. Then the governments couldn't resist the piggy bank and starting using the money. Now it's broke because it can't actually pay out the claims when all the money has been siphoned off and used elsewhere.

Berz out.
Yup. NDP made icbc non profit so all money goes back into icbc, then the liberals came along and changed that and drained icbc dry. I believe I read somewhere that icbc still owns a lot of assets as well to generate income. Time to sell those off and return icbc back to non profit.
teggy604 is offline   Reply With Quote
Old 01-29-2018, 02:51 PM   #45
Willing to sell body for a few minutes on RS
 
Jmac's Avatar
 
Join Date: Aug 2004
Location: Duncan, BC
Posts: 10,127
Thanked 5,568 Times in 2,107 Posts
Quote:
Originally Posted by Berzerker View Post
Why isn't anyone pointing out the fact that it's the government that has made ICBC broke. It's NOT the claims and the payouts. It's the fact the government's have been using ICBC as a piggy bank for years. ICBC used to be a hugely profitable company. Then the governments couldn't resist the piggy bank and starting using the money. Now it's broke because it can't actually pay out the claims when all the money has been siphoned off and used elsewhere.

Berz out.
I did ... just saying
Jmac is offline   Reply With Quote
Old 01-29-2018, 03:02 PM   #46
I *heart* Revscene.net very Muchie
 
Hakkaboy's Avatar
 
Join Date: Apr 2001
Location: Burn-A-Bee
Posts: 3,929
Thanked 385 Times in 170 Posts
Quote:
Originally Posted by Traum View Post
Of course there are a multitude of reasons for ICBC's financial woes. The insurance corp is far, far, far from perfect, and many things need to be cleaned up.

Looking at the math that AG David Eby has presented though -- $1.3B loss, with the Libs transferring almost $1B into provincial revenues and not disclosing that until it gets uncovered by the NDP now. Out of the $1.3B pie, is $1B the bigger piece? or is $300M bigger?

If I were going to direct my anger at something, I am going to channel 77% of it to the Libs, and 23% to ICBC. Judging by the general public's comments, however, it seems like well over 1/2 of the people with pitchforks are crying for the demolishing of ICBC and introduce private insurance.
I don't have all the facts, but it sounds more that the Liberals took out the $1B over time of "excess capital", meaning that when ICBC was profitable, Liberal took away their surplus over the years

If that's the case, then the the $1.3B loss is all on ICBC since that's the projected loss for this fiscal year.

But yes, if Liberals did not take the $1B, then ICBC are better equiped to absorb this year's $1.3B loss, but that does not mean the next year is all of a sudden going to be better without major changes or that they are "only" $300M to blame
__________________
Never argue with a dumbass, they drag you down to their level and try to beat you with experience

My Feedback

Blah™
Hakkaboy is offline   Reply With Quote
Old 01-29-2018, 03:15 PM   #47
I contribute to threads in the offtopic forum
 
snowball's Avatar
 
Join Date: Jan 2005
Location: North Vancouver
Posts: 2,880
Thanked 1,589 Times in 537 Posts
The liberals were out to destroy ICBC and make it so bad that everyone would beg for privatization. Same thing they've been trying to do with public education for 15 years. Don't privatize, we'll just be giving them what they've been wanting to do all along.
snowball is offline   Reply With Quote
Old 01-29-2018, 03:21 PM   #48
Lomac owned my ass at least once
 
Traum's Avatar
 
Join Date: Aug 2007
Location: Paradise, BC
Posts: 6,470
Thanked 6,187 Times in 2,466 Posts
IIRC, the way the prev Liberals gov was taking money out of ICBC's reserves was at least against ICBC's own rules / bylaws, or possibly against the provincial laws. I seem to remmeber that ICBC is governed by laws requiring them to maintain a certain threshold of money on hand, as a hedge of some sort against their possible and outstanding liabilities (ie. the claims). However, the way the Libs were taking money out made it such that the ICBC reserves fell below the legally mandated amounts.

When the Libs did that, wasn't that breaking the law? How can they not be held accountable for it, either morally or criminally?
Traum is offline   Reply With Quote
Old 01-29-2018, 03:30 PM   #49
Willing to sell body for a few minutes on RS
 
Jmac's Avatar
 
Join Date: Aug 2004
Location: Duncan, BC
Posts: 10,127
Thanked 5,568 Times in 2,107 Posts
Quote:
Originally Posted by Traum View Post
IIRC, the way the prev Liberals gov was taking money out of ICBC's reserves was at least against ICBC's own rules / bylaws, or possibly against the provincial laws. I seem to remmeber that ICBC is governed by laws requiring them to maintain a certain threshold of money on hand, as a hedge of some sort against their possible and outstanding liabilities (ie. the claims). However, the way the Libs were taking money out made it such that the ICBC reserves fell below the legally mandated amounts.

When the Libs did that, wasn't that breaking the law? How can they not be held accountable for it, either morally or criminally?
Liberals changed the law in 2010.

The cash reserved also generated fairly substantial gains via investment, so if you’re making ~10% on $1B every year instead of borrowing money and paying interest ...

I covered it in previous threads, but prior to the law change, ICBC rates were pretty much static. It didn’t take long for ICBC rates to balloon to the highest in the country, no coincidence.
Jmac is offline   Reply With Quote
This post thanked by:
Old 01-29-2018, 03:55 PM   #50
what manner of phaggotry is this
 
RRxtar's Avatar
 
Join Date: Nov 2001
Location: Kelownafornia
Posts: 18,285
Thanked 5,473 Times in 1,814 Posts
everyone likes to blame the liberals for pulling cash out of icbc.

how about lets see the real numbers

ICBC net profit for each year, plus a list of the amount of money the liberals allegedly pulled out each year.

i may be wrong but i think the number that keeps getting thrown around as to what the liberals pulled out was the amount over several years, not just in the last year. $1.3billion in deficits in one year, a lot of that is on ICBC.

and for what its worth, i fully believe claim costs are a big factor in this. how much more expensive is it to fix a minor fender bender with LED lights, radars and cameras and, fancy materials, etc compared to 10 years ago? plus everyone looks at a fender bender as winning the lottery and they deserve their $10,000 for 'suffering' a stiff neck for 10 minutes.


edit: i posted this in the last thread, after doing some research on the topic

Cost of claims has doubled from 3billion to 5.9billion from 2013 to 2017. At the same time, Revenue has rose from 3.9billion to 6.1billion. I think that is a much bigger factor than the couple hundred million the government transferred out per year.

It should also be noted that ICBC has been allowed to invest capital and I believe has had a higher return on that investment than the money transferred to the government.
__________________
STRENGTHaesthetics
RRxtar 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 03:02 AM.


Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, 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