New ICBC Rates: Who Will Pay More?

[Hakkaboy]

Originally Posted by quasi

It's not the dollar figure for me, you should not be getting a bonus if you're doing a shitty job or if your company is losing money.

I'm eligible for a bonus every year depending on my branches profits, if we lose money no soup for me. It doesn't even matter if every project I'm involved with makes money, if my branch loses money no bonus.

it's possible that it is a retention bonus, so that these people will stay in a dumpster fire organization or a scaled bonus based on certain things, so maybe 50K is at a lower scale.

I agree with everyone else that C level 50K bonus is actually not that much at all

[twitchyzero]

Originally Posted by Nlkko

50k bonus is nothing.

if a 20% bonus is nothing
you're okay with taking home 20% less?

if it's common for a regional corporation to be in the red by almost 10 figures in a fiscal year where executive still get bonus, please provide some examples
this is not some global powerhouse like facebook or aramco...this is a public position funded from the backs of citizens where the latest monthlies have gone up by 10%

[Nlkko]

Originally Posted by quasi

It's not the dollar figure for me, you should not be getting a bonus if you're doing a shitty job or if your company is losing money.

I'm eligible for a bonus every year depending on my branches profits, if we lose money no soup for me. It doesn't even matter if every project I'm involved with makes money, if my branch loses money no bonus.

Different company gives out different kind of bonus package.

Thing is, you don't know if the executives is doing a shitty job. Bloated government corporations like ICBC have a ton of moving parts, is highly political that you can't just "rip the bandage" off without risking the entire system collapse. The new CEO could be doing an excellent job but it would takes time for the to get back into the black.

Nobody worth their salt is dying to take the CEO helm if you tell them "no bonus for you until we get back in the black, even though we fucked up our company so badly that it will take years to break even". Turn-around strategy isn't implemented overnight.

Again, you want capable talents, you have to pay them. That's the reality.

[teggy604]

There was a new article comparing the salary of the CEO of TransLink and our prime minister Justin Trudeau. It was quite a eye opening to see how much the CEO actually makes. I mean if all you care about is money than you will never be able to work in public sector. Its just different compared to private. When you work for public you serve the needs of the public not rape them of every dollar.

[a90a93]

Who will pay less
Experienced driver with no at-fault crashes: A driver that lives in Whistler with 25 years of driving experience that drives for pleasure and has no at-fault crashes will see rates go down substantially. Currently Pays: $960. Under proposed changes will pay: $803


I live in Whistler
I have over 25 years of driving experience (35 actually)
I have a 2 km to work and put less around 6,000km/yr on my car
I'm at a 43% discount, level -20

My rates just went up around 10% and are no where near the above quote. I pay around $1,500 a year

[Traum]

Originally Posted by a90a93

Who will pay less
Experienced driver with no at-fault crashes: A driver that lives in Whistler with 25 years of driving experience that drives for pleasure and has no at-fault crashes will see rates go down substantially. Currently Pays: $960. Under proposed changes will pay: $803


I live in Whistler
I have over 25 years of driving experience
I have a 2 km to work and put less around 6,000km/yr on my car
I'm at a 43% discount, level -20

My rates just went up around 10% and are no where near the above qoute. I pay around $1,500 a year

Time to start contacting AG Eby, your MLA, and ICBC to ask who these hypothetical people are, and how they are receiving major discounts when you are not.

[prudz]

Originally Posted by a90a93

Who will pay less
Experienced driver with no at-fault crashes: A driver that lives in Whistler with 25 years of driving experience that drives for pleasure and has no at-fault crashes will see rates go down substantially. Currently Pays: $960. Under proposed changes will pay: $803


I live in Whistler
I have over 25 years of driving experience
I have a 2 km to work and put less around 6,000km/yr on my car
I'm at a 43% discount, level -20

My rates just went up around 10% and are no where near the above qoute. I pay around $1,500 a year

Brutal. Fuck BC is such a shit show.

[Fafine]

Originally Posted by a90a93

Who will pay less
Experienced driver with no at-fault crashes: A driver that lives in Whistler with 25 years of driving experience that drives for pleasure and has no at-fault crashes will see rates go down substantially. Currently Pays: $960. Under proposed changes will pay: $803


I live in Whistler
I have over 25 years of driving experience
I have a 2 km to work and put less around 6,000km/yr on my car
I'm at a 43% discount, level -20

My rates just went up around 10% and are no where near the above qoute. I pay around $1,500 a year

"If the changes are approved, the new rates are expected to come into effect in April, 2019."

However, their example of $960 a year is insurance for a car used for pleasure. Most likely an older car too.

[Jmac]

Originally Posted by a90a93

Who will pay less
Experienced driver with no at-fault crashes: A driver that lives in Whistler with 25 years of driving experience that drives for pleasure and has no at-fault crashes will see rates go down substantially. Currently Pays: $960. Under proposed changes will pay: $803


I live in Whistler
I have over 25 years of driving experience
I have a 2 km to work and put less around 6,000km/yr on my car
I'm at a 43% discount, level -20

My rates just went up around 10% and are no where near the above qoute. I pay around $1,500 a year

$1500/year for basic or does that include optional?

I also got nearly a 10% increase, too, but with a but less experience (19 years) all claims-free, ticket-free, etc. I put like 30-35k km per year, though

[twitchyzero]

you drive a s2000 though? (judging by profile pic)

i dont believe where you work or how much you drive matters. Type of car, used for work commute, age, gender and location are the main factors

10% hike blows but 1500 sounds reasonable for a rare-ish out-of-production 2 seater

lmao but your fellow owners sure aren't helping

Originally Posted by a90a93

Who will pay less
Experienced driver with no at-fault crashes: A driver that lives in Whistler with 25 years of driving experience that drives for pleasure and has no at-fault crashes will see rates go down substantially. Currently Pays: $960. Under proposed changes will pay: $803


I live in Whistler
I have over 25 years of driving experience
I have a 2 km to work and put less around 6,000km/yr on my car
I'm at a 43% discount, level -20

My rates just went up around 10% and are no where near the above qoute. I pay around $1,500 a year

[R1CED`]

for those curious, my optional coverage with Bel-Air got hiked 42% this year, zero claim history

I called in and they blamed Fort Mac fires increasing everyone's premium, they dropped it down to a 33% increase after trying to find more discounts for me, laugh out loud

(still better than ICBC's rate/coverage though)

[Koflach]

I went from a 2014 Hyundai Sonata with ICBC to a 2018 Tesla Model 3 with ICBC/BCAA for optional and it went up by about $12/year. I'm guessing they will hike up their price next year but for now, BCAA is great.

[a90a93]

Originally Posted by twitchyzero

you drive a s2000 though? (judging by profile pic)

i dont believe where you work or how much you drive matters. Type of car, used for work commute, age, gender and location are the main factors

10% hike blows but 1500 sounds reasonable for a rare-ish out-of-production 2 seater

lmao but your fellow owners sure aren't helping

I don't have the S2000 anymore. That's insurance for my 2010 Mazda3.

[Edison_Chen]

ICBC new driver model will start in Sept 2019 as per their website.

[BaoTurbo]

So if I got this straight

TL;DR
- Everyone in the city and majority of the population under 25 years of driving experience will see a hike in rates

- Old people (as per ICBC suggests) with half a lifetime of driving is considered experienced but barely drives only for leisure with possibly an older vehicle maybe pre-2000 will see a price decrease

[- kT]

did anybody seriously think that, at a $1.3B deficit, any major changes to ICBC's rate structure would be in the financial interest of anybody but ICBC?

[320icar]

Originally Posted by - kT

did anybody seriously think that, at a $1.3B deficit, any major changes to ICBC's rate structure would be in the financial interest of anybody but ICBC?

Man why you gotta say it like that

[- kT]

gotta call it like it is, bud. everybody knows what ICBC is like as far as gouging goes. for that matter, there have pretty much been consistent yearly rate increases for the last few years, when I heard news of this I knew it would just be a bigger shaft. they're gonna solve that deficit one way or another, and rest assured it'll largely come at a cost to every one of us

[freakshow]

Between ICBC, the Uber thread, and basically everything else the government touches, it amazes me how anyone is not a libertarian/for small government

[Jmac]

Originally Posted by freakshow

Between ICBC, the Uber thread, and basically everything else the government touches, it amazes me how anyone is not a libertarian/for small government

The proportional representation thread is pretty indicative that most people want the status quo while threads like this and others you mentioned demonstrate they enjoy complaining about the status quo.

[R1CED`]

say there's a change in voting structure, then what?
ICBC isn't going away, nor are their executives going to stop receiving bonuses in a deficit
as others have said, it's likely down to their union power

[mikemhg]

Originally Posted by R1CED`

say there's a change in voting structure, then what?
ICBC isn't going away, nor are their executives going to stop receiving bonuses in a deficit
as others have said, it's likely down to their union power

That's not necessarily true whatsoever.

A change of voting structure could elicit more members of government from smaller parties, and independents, which could thus allow for a more open minded approach to changing ICBC, or altering the insurance system in BC entirely. You break status quo in voting/politics, you have a better chance to change the fundamental broken systems in this Province.

[R1CED`]

call me a cynic...I don't recall any referendum making a substantial positive impact in BC
all I see is another cost ineffective measure to let the public believe they have the influence to drastically change a crown corporation

[Acura604]

https://theprovince.com/news/local-n...c-415574d5031d

Eby said the Insurance Corp. of B.C.'s second-quarter results show that the insurer's "financial position remains serious."
Attorney General David Eby says ICBC expects worse-than-predicted losses of $890 million this fiscal year, after losing $1.3 billion last year.

Eby said a news release Friday that the Insurance Corp. of B.C.’s second-quarter results show that the insurer’s financial position remains serious. He has called ICBC a “financial dumpster fire” and on Friday reiterated his criticism of the previous B.C. Liberal government for ignoring ICBC’s dire state and keeping it hidden from the public.

“This financial situation reflects the mounting pressure ICBC is under from the rising number and cost of claims,” Eby said.

“The primary reasons are higher bodily injury costs, as well as claims taking longer to resolve, which often result in higher claims costs. A key driver of these costs is a growing trend toward plaintiff lawyers strategically building the value of the claim — costs which have to be paid for by ICBC ratepayers.”

Eby said that since March last year, the dollar value of settlements demanded by lawyers for plaintiffs rose by 27 per cent and the average cost of closed, litigated injury claims for the first six months of fiscal 2018 hit $121,686, up from $100,427 during the same period last year.

Those lawyers are also spending more money to build their cases, increasing the average cost of experts and reports by 20 per cent, Eby said.

“Given this situation, we are looking for ways to accelerate and add to our efforts to solve the financial problems at ICBC. Earlier this year, our government announced a suite of product changes to stem ICBC’s losses, provide enhanced care for people injured in crashes and to make insurance rates fairer,” Eby said.

Eby said those changes are expected to bring in $1 billion in savings annually but won’t start until the reforms take effect on April 1, 2019.

In August, Eby announced proposed changes to auto insurance rates that would give about 39 per cent of drivers a reduction up to $50, 13 per cent between $50 and $100, and 15 per cent more than $100. Meantime, 11 per cent face increases up to $50, five per cent between $50 and $100, and 17 per cent more than $100.

The proposed changes would move ICBC’s basic insurance to a “driver-based model,” where at-fault crashes are tied to drivers rather than vehicle owners. New discounts would be given for new vehicles with manufacturer-installed automatic braking systems or which are driven less than 5,000 kilometres a year.

The government will also put a $5,500 cap next year on payouts for what it calls minor injuries.

[TouringTeg]

That article missed that ICBC will be applying for a rate increase and you can bet it will be a big one.

“The growing claims costs pressures ICBC is facing will also need to be addressed with the next basic rate application which is due with the British Columbia Utilities Commission by Dec. 15.”

https://globalnews.ca/news/4693181/i...expected-rise/