[alex.w *//]

starts october 1, 2009 icbc will drop 3% optional insurance, and rates for basic insurance stays the same

ICBC has a little bit of good news for drivers starting Oct. 1.

The provincial government insurance company expects to freeze basic rates, and reduce optional coverage rates by three percent.

“That’s an average,” said ICBC spokesman Mar Jan Vrem. “I can’t speak to specific rates.

“We crunched the numbers, and it’s a three-per-cent reduction overall.”

B.C. drivers must purchase basic insurance from ICBC, but optional coverage can be bought through a variety of private insurance companies.

“Fifty-five per cent of our business is basic, and 45 per cent is optional, so I think that shows that most people are happy with us,” said Jan Vrem, who noted that the average customer is paying $18 less for auto insurance than five years ago.

ICBC reported net income of $497 million for the year ending December 31, 2008, down $145 million or 23 per cent from the previous year.

Colin Brown, COO of Canadian Direct Insurance, which competes for optional coverage, questioned why ICBC is returning so little to drivers.

“They made half a billion dollars — that’s a lot of money,” said Brown. “They’re giving back $15 a head, but they made over $200 per driver.”

Brown also questioned why, with such a large profit, basic insurance — for which ICBC has a monopoly — isn’t going down.

“Does that mean that only competition brings their prices down?” asked Brown.

“I’m disappointed for the drivers of British Columbia.”

ICBC credited its strong financial performance with a moderation in claims and the corporation’s disciplined investment strategy.

The corporation said its conservative investment strategy generated a rate of return of just over one percent in 2008 during one of the most difficult economic times in memory.

“Our strong financial position allows us to both reduce rates and contribute more to our retained earnings which will continue to cushion customers’ rates during these volatile economic times.’’ said Jon Schubert, ICBC’s President and CEO, who thanked drivers for doing their part by driving safely and reducing crashes to help keep rates low and stable.

[iMpulZ]

good! im getting sick of paying for expensive premiums
and maybe now i can afford to pay for $300 deductibles =)

[RRxtar]

<-- waits for a flood of uninformed anti ICBC posts from people who have no idea what they are talking about.


:Popcorn

[taylor192]

Public companies should not turn a profit.
Canada Post turns a profit too.

[RRxtar]

the either turn a profit and everyone gets mad at them or they lose money and have to jack up their rates and everyone gets mad at them.

[!SG]

or break even as a public sector company should. evaluate next years allowed revenue based upon either last years reported expenditure, or for something more accurate, an average of the previously few years.

[jackmeister]

why dont they just remit all profits and attribute all deficits to the government as they should?

overall, they should be in the black.

[Black SC2]

And yet I'll still pay less money, for better service and coverage through private optional coverage.

[falcon]

fuck ICBC.

My Skyline with more optional coverage and %15 discount was 181/month. now I'm paying 188/month for a 60HP Kei car, with less optional coverage and a %20 discount.

bunchacrooks. his "excuse" was Hondas get stolen more. Oh... ok then, so I guess my 230HP car had a less chance of crashing than my 60HP Honda Beat.


and I'm not a big "Hate on ICBC" guy.. since my Dad has worked there for 30 years, but shit do their insurance brackets NOT make sense.

[jigga250]

. his "excuse" was Hondas get stolen more. Oh... ok then, so I guess my 230HP car had a less chance of crashing than my 60HP Honda Beat.



dude its based on STATISTICS....how much they pay out for claims on Hondas, vs other makes. Its not just crashing, its theft, vandalism, etc. I agree its BS that they're making 500mil/yr in profit, but thats because they're equally overcharging everyone.

[BNR32_Coupe]

the either turn a profit and everyone gets mad at them or they lose money and have to jack up their rates and everyone gets mad at them.

or break even as a public sector company should. evaluate next years allowed revenue based upon either last years reported expenditure, or for something more accurate, an average of the previously few years.

omfg NO WAY!! MaSSIVE OWNAGE! BAN HIM FOR GETTING OWNED SO HARD!!!

in all seriousness, !SG is right about public sector companies breaking even. i'd also liek to bring up our arguement on how private insurance companies will pay out more $ for injury claims than a monopolized company like ICBC. RRxtar warned and ban from future icbc threads

[BNR32_Coupe]

fuck ICBC.

My Skyline with more optional coverage and %15 discount was 181/month. now I'm paying 188/month for a 60HP Kei car, with less optional coverage and a %20 discount.

bunchacrooks. his "excuse" was Hondas get stolen more. Oh... ok then, so I guess my 230HP car had a less chance of crashing than my 60HP Honda Beat.


and I'm not a big "Hate on ICBC" guy.. since my Dad has worked there for 30 years, but shit do their insurance brackets NOT make sense.

you can thank the freedom of information act for allowing you to dig up ICBC stats on how the % of that particular car getting into an accident, broken into, etc. let us know the results, and maybe a media broadcaster if theyre really significant

[Blinky]

omfg NO WAY!! MaSSIVE OWNAGE! BAN HIM FOR GETTING OWNED SO HARD!!!

in all seriousness, !SG is right about public sector companies breaking even. i'd also liek to bring up our arguement on how private insurance companies will pay out more $ for injury claims than a monopolized company like ICBC. RRxtar warned and ban from future icbc threads

Did you ever examine my post about how an injury claim is paid out, and who pays it out initially?

Just sayin'.

[BNR32_Coupe]

Did you ever examine my post about how an injury claim is paid out, and who pays it out initially?

Just sayin'.

icbc bills themselves out because theyre fighting their own insured. so why would they want to pay you, the injured, the highest dollar amount possible when they could save themselves money and pay the lowest dollar amount reasonable? unless the other driver isn't covered, icbc picks up the bill at the end of the day, and rates go up.

[Blinky]

icbc bills themselves out because theyre fighting their own insured. so why would they want to pay you, the injured, the highest dollar amount possible when they could save themselves money and pay the lowest dollar amount reasonable? unless the other driver isn't covered, icbc picks up the bill at the end of the day, and rates go up.

I'll spell it out for you.

Second case (other party underinsured) would be identical for public vs private.

First case, ICBC pays out ... whatever. X dollars.

Now for two (private) insurance companies. You're insured under Gayco and get rearended by a driver insured under Illiberty. You are injured and make a claim.

Gayco is going to pay you... whatever... Y dollars. Then they go after (subrogate against) Illiberty for Y dollars. What is going to be easier for them to recover? Y dollars, when Y is large, or Y dollars, when Y is relatively small? What is their expected recovery from Illiberty? They may get 100%, but they might also get 50%. Heck, maybe the court clears Illiberty's client of all liability, leaving Gayco entirely on the hook for your claim.

Illiberty is going to fight to reduce their liability every step of the way, so let's say Gayco's lawyers are good and recovery is 98% of the claim that they paid out.

Is there really incentive for Gayco to pay you more, when there is no guarantee of them getting back any money? What offers a better situation for their shareholders - a 2% loss on a $20 000 claim or a 2% loss on a $50 000 claim?

[00EM1]

Im not saying I like ICBC but the story's I have heard over the year about how bad private insurance was before ICBC makes me glad to have them.

When my Uncle was my age he smashed up his camaro, after that was DENIED insurance. I mean etleast with ICBC you only go up 3 steps.
If there wasn't ICBC and being a man under 25 I know I would be paying out the ass for private insurance while a 26 year old woman would pay almost half. In BC you cant get private insurance without 10 years experience and a clean history, thats why its so cheap they only take the least likely to crash.
I know its easy to bash on ICBC and we all pay to much and hate them but for the majority of peoples being young on this site there probally a lot beter than private.

[RRxtar]

omfg NO WAY!! MaSSIVE OWNAGE! BAN HIM FOR GETTING OWNED SO HARD!!!

in all seriousness, !SG is right about public sector companies breaking even. i'd also liek to bring up our arguement on how private insurance companies will pay out more $ for injury claims than a monopolized company like ICBC. RRxtar warned and ban from future icbc threads
are you on meth right now? what are you getting excited about?


have we all forgotten about the $100 cheques ICBC cut to every insured driver a couple years ago because they turned a profit? and that profit was largely because of good returns on investments, similar to what they are saying this time around. $100 might seem like peanuts but if you figure 1million (just a random guess, most likely more) insured drivers in BC, thats $100million they gave back. and thats after rates had been frozen for nearly a decade, including a few years of serious losses.

[RRxtar]

Im not saying I like ICBC but the story's I have heard over the year about how bad private insurance was before ICBC makes me glad to have them.

When my Uncle was my age he smashed up his camaro, after that was DENIED insurance. I mean etleast with ICBC you only go up 3 steps.
If there wasn't ICBC and being a man under 25 I know I would be paying out the ass for private insurance while a 26 year old woman would pay almost half. In BC you cant get private insurance without 10 years experience and a clean history, thats why its so cheap they only take the least likely to crash.
I know its easy to bash on ICBC and we all pay to much and hate them but for the majority of peoples being young on this site there probally a lot beter than private.
like I say in every thread similar to this. if you're a driver under the age of 25 and have 2 or 3 speeding tickets, and one accident on their driving record (as I would guess 80% of REVscene is), give an insurance broker in Toronto or Calgary a call and see how much you would be paying there, IF you are lucky enough that they will still insure you. Yes, its an option for Private insurers.


edit: fuckit. i did it for you.
thru www.carinsurance.ca i made up a 20 year old male with a full drivers licence with 2 speeding tickets in 2007 and one at fault accident in 2007 living in downtown toronto.

car: 2004 Honda Civic Si Hatchback

$ 812.30 / month ($ 9,464 for 1 year)
Coverage Details
Third Party Liability $1,000,000
Accident Benefits basic
Direct Compensation Property Damage included
Uninsured Automobile included
Family Protection Endorsement $1,000,000
Collision (deductible) $500
Comprehensive (deductible) $500

[BNR32_Coupe]

http://drzaius.ics.uci.edu/blogs/setbang/cookie-bunny.jpg
http://currentissues.tv/pancake_bunny.jpg

"After reporting net income of $390 million in 2004, the publicly-owned Insurance Corporation of British Columbia mailed rebate cheques totaling $100 million to provincial motorists in September. It was the third such repayment by ICBC in recent years, following the distribution of $47 million and $218.5 million in 'road safety dividends' in 1998 and 2000, respectively.

Despite those sizeable rebates, ICBC's balance sheet still shows retained earnings of $925 million."

Check out my source: http://thetyee.ca/Views/2005/11/03/ICBCSuccess/

Yeah, um, you want a hit of my meth? Seems to be doin' me good...

[slammer111]

^ $50m profit isn't that much. That's less than $20 per person (last time I checked, BC has about 3m people). Spread that over a year, and maybe they make what, $1.50 a month off you? ZOMG!

I'd be more pissed at stuff like the Fast Ferries.

And like buddy said, if you think your brackets are bad, try motorcycles.

[BNR32_Coupe]

^ $50m profit isn't that much. That's less than $20 per person (last time I checked, BC has about 3m people). Spread that over a year, and maybe they make what, $1.50 a month off you? ZOMG!

I'd be more pissed at stuff like the Fast Ferries.

And like buddy said, if you think your brackets are bad, try motorcycles.

so what happened with the remaining 925 MILLION of RETAINED EARNINGS?
let's jump across to a few threads and visualize what 925 MILLION looks like:

http://www.pagetutor.com/trillion/pallet_x_10.jpg

and here's how much ICBC gave back to us:

http://www.pagetutor.com/trillion/pallet.jpg
^HALF of this pallet of money

So there you have it. The 10 skids of money that ICBC made were shipped somewhere else and nobody knows what happened to it. case closed, end of story.

[hotjoint]

any money saved is good

[!SG]

that i will argue for. ICBC compensates lowered insurance rates for the highest risk for an insurer (16-25) by charging higher rates to the all the other age bracket groups.

however, purely looking at it from a public sector company and following the rules set for public sector companies, they should not be turning a profit. They can write off more expenses, but should not record a profit. They could however write down a "set aside" fund for future expenses if their accountant was smart. being a public sector company means all financials have to be transparent, so thus putting a large amount in plain view as recorded profit isnt a good thing. Why not give that money to subsidize the police, or other PREVENTATIVE type measures. ICBC has a monopoly on BC auto insurance, but being public sector, they have to be fully transparent to all their dealings.

i remember trying to see how much insurance i would pay if i was in the US for my car, my age and everything current. id save about $50 bucks if i was insured in washington state.


like I say in every thread similar to this. if you're a driver under the age of 25 and have 2 or 3 speeding tickets, and one accident on their driving record (as I would guess 80% of REVscene is), give an insurance broker in Toronto or Calgary a call and see how much you would be paying there, IF you are lucky enough that they will still insure you. Yes, its an option for Private insurers.


edit: fuckit. i did it for you.
thru www.carinsurance.ca i made up a 20 year old male with a full drivers licence with 2 speeding tickets in 2007 and one at fault accident in 2007 living in downtown toronto.

car: 2004 Honda Civic Si Hatchback

$ 812.30 / month ($ 9,464 for 1 year)
Coverage Details
Third Party Liability $1,000,000
Accident Benefits basic
Direct Compensation Property Damage included
Uninsured Automobile included
Family Protection Endorsement $1,000,000
Collision (deductible) $500
Comprehensive (deductible) $500

[hotjoint]

I was having a convo with a few friends trying to figure out what the "cheapest" amount anyone pays for insurance regardless if of age, car type, discount etc.... Forgot how we figured it out but I believe it was $1500 a year. Anyone pay less then $1500 a year for insurance after everything? I'm just happy that I'm pay $1900 for my 02 celica

[Roach]

^ $50m profit isn't that much. That's less than $20 per person (last time I checked, BC has about 3m people). Spread that over a year, and maybe they make what, $1.50 a month off you? ZOMG!

I'd be more pissed at stuff like the Fast Ferries.

And like buddy said, if you think your brackets are bad, try motorcycles.

That's assuming every person in B.C. has insurance.

Kev

[Graeme S]

Retained earnings of $925m"

Does nobody check what the meaining of retained is? That it's like...kept?


Why does everyone think that keeping some extra money is a bad thing? Why not just let ICBC hold on to it so that when payouts get worse one year or if the economy keeps hitting the dumps, they have something to fall back on?


Yes, the idea of a government corporation breaking completely even every year is a great one; but then what do we do when the corporation loses money? It does happen some years, you know. And when it does, people will be pissed off and angry to hear that ICBC needs more money from the government.

[Blinky]

Not having specifics about retained earnings (ie, I don't know if they were actually retained or perhaps partially disbursed for programmes), they may have been used for:

- policyholder's surplus
- road safety programs
- law enforcement/road safety grants

At the very least the first reason is not an unreasonable case to retain money. I won't argue whether the RoadSense stuff is cost-effective or not :D.

[q0192837465]

Just to clarify

Retained Earings =/= money they have now

Retained earnings is defined as the money retained for the company FROM THE BEGINNING OF ITS OPEARTIONS.

The 925 million retained earnings does not mean they made 925 million that year. Rather it means that from the day ICBC started its business, they have retained 925 million dollars OVER ALL THESE YEARS.

Retined earings is affect by 2 things: Net income and Divident. Net Income increases RE while Divident decreases RE.

[BNR32_Coupe]

blast you all.. this won't be the last time we meet again!

[?NR]

well.. cutting rates on optional insurance just makes it more competitive for 3rd party insurers/privatized insurance companies who can only sell you optional insurance.

ICBC still gets to sell basic mandatory insurance at their regular rates to everyone.

now, if they reduced the rates for basic insurance, that would make more sense and benefit everyone more than extending that to optional insurance since basic insurance is mandatory.

2 bird 1 stone.

-reduces the edge that private insurer had by making optional insurance competitive
-good PR to general public because everyone looks at "$$$ discount/rates cut" thinking it benefits them, which it may, but not as much as cutting basic insurance rates.

56% or something of ICBC's revenues come from Basic insurance, and 4X% from Optional coverages.

*cue darkened board room with ICBC head honchos*

"gee.. which seems better? cutting rates for basic or optional? We have to do something soon cus people are still bitching about rates. oh no we don't need to cut basic we own everyone in that department because they have to get it from us..

let's cut optional instead, most people are straying away from us and going to Family insurance, canadian direct, etc .. cus someone here said they could. Let's make life harder for these private guys that defected from ICBC ..we'll take away their edge and look like heroes!!

woohoo. :lol

disclaimer: these are my views only and only mine. When ICBC ceases to be a monopoly then I will take them seriously.

[Shun Izaki]

It's okay, i'm still suing them :)

Carbon hood, here I come.

[Mancini]

Public companies should not turn a profit.
Canada Post turns a profit too.

ICBC does not turn a profit, just a "surplus". :D

I was having a convo with a few friends trying to figure out what the "cheapest" amount anyone pays for insurance regardless if of age, car type, discount etc.... Forgot how we figured it out but I believe it was $1500 a year. Anyone pay less then $1500 a year for insurance after everything? I'm just happy that I'm pay $1900 for my 02 celica

I pay just under $1,500/year. '05 se-r with 2 million third party & $500 collision & comp deductibles.

[Mugen EvOlutioN]

and i still pay fucking $3g a year with 30% soon 35% discount

3 mill $500 deduct

[Meowjin]

and i still pay fucking $3g a year with 30% soon 35% discount

3 mill $500 deduct


should have got a genesis.

[hotjoint]

and i still pay fucking $3g a year with 30% soon 35% discount

3 mill $500 deduct

damn i was paying $3500 the first 2 years that I had my car. Damn replacement cost coverage is expensive as shit

[icbcmonopoly]

ICBC has had its monopoly for too long now.

Its about time we allow private insurance companies to operate in BC

I would like to highlights the problems of monopoly and how the BC residents are taken for a ride but this monster called ICBC.

First of all the most expensive insurance in the world is ICBC there is no insurance in the world that charges 4000$ for a new driver except ICBC. The sad part is they are getting away with it since no one apparently in BC is doing anything to end this mockery.

ICBC has announced profit of 285,000,000 in one year with 135% increase in profit and yet they want to increase the premiums by 4.9% on all drivers and the CEO has the decency to come on TV and claim that the 4.9% is less than a 1 a month.

Seriously do you think that Canadians are that stupid here is the formula first of all the average insurance in BC ( these statistics is by them not mine is) 1285$ 4.9% of that is 62.9$ that is over 5$ a month how dare you lie and say it is less than a 1$?

Did you know that new drivers in BC are asked to pay 4000$ for those old drivers who really think that this does not affect them since they are averagely paying 1300$ think about your sons and daughters think about your brothers and sisters and friends who will end up paying over 300$ a month when you can buy a brand new car for less than 200$ a month EMI?

The problem is bigger than amounts paid the problem is Monopoly.

Allow me to highlight the monopoly scheme

When you are a monopoly you become complacent you don't care about your customers any more to you they are sheep not clients or you see them with the $ sign on their foreheads

As a monopoly they will use their funds in every possible way to keep their business running as a monopoly therefore you have a lobby of corrupt politicians who are paid to protect the interest of this company and not yours as a citizen of this country. You become a no. not a human being any more.

Other problem of Monopoly is that the company who is preforming the monopoly they have no respect to their clients its like we can do it we are doing it and we love doing it and you have no other option but to take it or leave it.

Today cars are no luxury. They are a mean of transport to many of us. If we don't drive and reach to our work we don't eat or pay the rent at the end of the month. When company like ICBC has the liberty to do what it likes with your as a no. ( not a human being ) they are hitting you where it hurts and you have nothing to do about it.

Remember politicians and supporters of ICBC are being paid by you they are your servants but just like police they get carried away and they think they are above the law. They need to be reminded that you are there to serve us and not the other way around.

Today ICBC is no more a private company they are now setting the rules for the road speeds asking RCMP to act as per their likings arrest hold confiscate and even use your information gathered by them with police investigation without your approvals.

Today we say stop to ICBC we call on more companies to come and operate in BC we want to create jobs by allowing fair competition.

If 4 or five auto insurance companies come to operate in BC guaranteed jobs of over 50,000 personal will be available

rates of your yearly premiums will drop from 3400$ to 700$

Please support this movement by liking our facebook page facebook,com/monopolyoficbc

[meme405]

This is a 5+ year old thread.

[inv4zn]

RS Monopoly meet?
http://media.salon.com/2013/02/monopoly-new-tokens.jpeg-1280x960.jpg

[hotjoint]

damn I came here thinking this was new and that ICBC would actually reduce rates. Silly me :lol

[Lomac]

Holy crap. So much is wrong with that post. I'll address it later when I'm not at work, but.... wow, just wow.

[Ludepower]

get off your soap box u unknown user.

Coming from Ontario...Im ok with ICBC having a monopoly. It's not perfect but coming from Ontario...it's a hell of a lot better.

With private insurance...they hand pick their customers.
New young drivers are paying $7000 in Ontario and need to be co-signed with parents.

The auto body industry have their hands in insurance adjusters pocket...knowing ways to max out on repair bills. Here icbc is very strict with repairs. Try and cheat them and the shop loses their accreditation.

[meme405]

RS Monopoly meet?

Fuck Monopoly. Settlers or bust.

[BrRsn]

ICBC has had its monopoly for too long now.

Its about time we allow private insurance companies to operate in BC

I would like to highlights the problems of monopoly and how the BC residents are taken for a ride but this monster called ICBC.

First of all the most expensive insurance in the world is ICBC there is no insurance in the world that charges 4000$ for a new driver except ICBC. The sad part is they are getting away with it since no one apparently in BC is doing anything to end this mockery.

ICBC has announced profit of 285,000,000 in one year with 135% increase in profit and yet they want to increase the premiums by 4.9% on all drivers and the CEO has the decency to come on TV and claim that the 4.9% is less than a 1 a month.

Seriously do you think that Canadians are that stupid here is the formula first of all the average insurance in BC ( these statistics is by them not mine is) 1285$ 4.9% of that is 62.9$ that is over 5$ a month how dare you lie and say it is less than a 1$?

Did you know that new drivers in BC are asked to pay 4000$ for those old drivers who really think that this does not affect them since they are averagely paying 1300$ think about your sons and daughters think about your brothers and sisters and friends who will end up paying over 300$ a month when you can buy a brand new car for less than 200$ a month EMI?

The problem is bigger than amounts paid the problem is Monopoly.

Allow me to highlight the monopoly scheme

When you are a monopoly you become complacent you don't care about your customers any more to you they are sheep not clients or you see them with the $ sign on their foreheads

As a monopoly they will use their funds in every possible way to keep their business running as a monopoly therefore you have a lobby of corrupt politicians who are paid to protect the interest of this company and not yours as a citizen of this country. You become a no. not a human being any more.

Other problem of Monopoly is that the company who is preforming the monopoly they have no respect to their clients its like we can do it we are doing it and we love doing it and you have no other option but to take it or leave it.

Today cars are no luxury. They are a mean of transport to many of us. If we don't drive and reach to our work we don't eat or pay the rent at the end of the month. When company like ICBC has the liberty to do what it likes with your as a no. ( not a human being ) they are hitting you where it hurts and you have nothing to do about it.

Remember politicians and supporters of ICBC are being paid by you they are your servants but just like police they get carried away and they think they are above the law. They need to be reminded that you are there to serve us and not the other way around.

Today ICBC is no more a private company they are now setting the rules for the road speeds asking RCMP to act as per their likings arrest hold confiscate and even use your information gathered by them with police investigation without your approvals.

Today we say stop to ICBC we call on more companies to come and operate in BC we want to create jobs by allowing fair competition.

If 4 or five auto insurance companies come to operate in BC guaranteed jobs of over 50,000 personal will be available

rates of your yearly premiums will drop from 3400$ to 700$

Please support this movement by liking our facebook page facebook,com/monopolyoficbc


If you want the support of an audience, don't patronize them. Revscene has a member base whose age ranges from 16-old as hell, we don't need to be told what a monopoly is. You are not a visionary, we are dealing with the lesser of 2 evils by having ICBC around. There was 4-5 of us on chat telling you your idea was great but was based on nothing, but of course you didn't accept that we were an accurate cross-section of the revscene community and you posted anyways, and got similar results (as you can easily see by your fails). Get your head out of your ass, and maybe you won't miss that next speed sign/car that merges into your lane unannounced, and maybe your insurance premiums won't skyrocket like how you said they did :)


And FYI, living in any major city and owning and operating a car is a luxury. What makes you better than everyone else that takes the bus? As with anything, if insurance gets too expensive people will start using alternative methods of transportation. The sense of entitlement we all have is a western-world phenomenon, you don't deserve anything in life -- everything aside from food, water, healthcare, a basic education and a roof over your head is a luxury, and if you can afford it, you have it. Simple as that

[nma]

wrote an essay for a post made in 2009.. LOL

[Lomac]

I'm sure I'm wasting my time and breath here as I doubt you'll be back to check this post. However, should anyone here decide to possibly entertain the thoughts that this guy might be correct, let me just talk about one or two things...

First of all the most expensive insurance in the world is ICBC there is no insurance in the world that charges 4000$ for a new driver except ICBC. The sad part is they are getting away with it since no one apparently in BC is doing anything to end this mockery.

"Most expensive insurance in the world" is a complete and utter fabrication and lie. Try insuring a vehicle in London as a brand new driver. You can easily get quotes online from most insurers over there, so I spent five minutes doing so. In order to insure the same vehicle you mentioned you just bought while in RS Chat, a brand new Hyundai Genesis V6... well, if you mentioned that you just started driving and you're a full time student, not one of 138 insurance companies will actually insure you. Nadda. I then moved to trying my hand at a '96 Honda Civic SR. Full time male student, brand new license, living in London, vehicle parked on the road over night... I received a quote of £19,233.78 from one company. Sure, that was the most expensive quote but the cheapest one I could get was £10,658.93. AND that one requires the installation of a black box to monitor your driving.

ICBC has announced profit of 285,000,000 in one year with 135% increase in profit and yet they want to increase the premiums by 4.9% on all drivers and the CEO has the decency to come on TV and claim that the 4.9% is less than a 1 a month.

Seriously do you think that Canadians are that stupid here is the formula first of all the average insurance in BC ( these statistics is by them not mine is) 1285$ 4.9% of that is 62.9$ that is over 5$ a month how dare you lie and say it is less than a 1$?

First off, that proposed increase was from the beginning of 2013... this is oooold news. Second of all, that increase was for basic insurance... which was to be offset by a decrease in optional coverage, hence the average of $1/month. I lose more change in a week than that.

Did you know that new drivers in BC are asked to pay 4000$ for those old drivers who really think that this does not affect them since they are averagely paying 1300$ think about your sons and daughters think about your brothers and sisters and friends who will end up paying over 300$ a month when you can buy a brand new car for less than 200$ a month EMI?

No, new drivers are asked to pay for higher insurance because they are statistically more likely to crash. That's an indisputable fact.

The problem is bigger than amounts paid the problem is Monopoly.

Allow me to highlight the monopoly scheme

When you are a monopoly you become complacent you don't care about your customers any more to you they are sheep not clients or you see them with the $ sign on their foreheads

As a monopoly they will use their funds in every possible way to keep their business running as a monopoly therefore you have a lobby of corrupt politicians who are paid to protect the interest of this company and not yours as a citizen of this country. You become a no. not a human being any more.

Other problem of Monopoly is that the company who is preforming the monopoly they have no respect to their clients its like we can do it we are doing it and we love doing it and you have no other option but to take it or leave it.

Uh...

:suspicious:

:concentrate:

Nope, not gonna bother.

Today cars are no luxury. They are a mean of transport to many of us. If we don't drive and reach to our work we don't eat or pay the rent at the end of the month. When company like ICBC has the liberty to do what it likes with your as a no. ( not a human being ) they are hitting you where it hurts and you have nothing to do about it.

Like it or not, cars ARE a luxury, plain and simple. Even if you live out in the boonies like me, transit is still sufficient to get you to and from work or school without issue.

Remember politicians and supporters of ICBC are being paid by you they are your servants but just like police they get carried away and they think they are above the law. They need to be reminded that you are there to serve us and not the other way around.

So you're gonna throw out the, "You're either with us or against us" line? Either you're being paid by ICBC to support them, or you're against them completely? Wow. You're like the CIC of automotive insurance...

Today ICBC is no more a private company they are now setting the rules for the road speeds asking RCMP to act as per their likings arrest hold confiscate and even use your information gathered by them with police investigation without your approvals.

...and yet dozens of roads and highways had their speed limits increased only a couple weeks ago. As for police using your information... when was the last time you actually read all the fine print in the insurance forms you signed? I'm pretty sure that there's a line in there that allows law agencies to ask for your information without your approval...

Today we say stop to ICBC we call on more companies to come and operate in BC we want to create jobs by allowing fair competition.

If 4 or five auto insurance companies come to operate in BC guaranteed jobs of over 50,000 personal will be available

rates of your yearly premiums will drop from 3400$ to 700$

Please support this movement by liking our facebook page facebook,com/monopolyoficbc

50,000 new jobs by introducing four or five new insurance companies? That seems a little... optimistic. And I will ABSOLUTELY guarantee that yearly premiums will not drop from $3400 to $700, especially since I'm pretty sure those are completely random numbers without data to back them up.




OH!

I should have led with this one. I'm going to pull a quote you made on RS Chat today.

31-07, 12:45 icbcmonopoly
if I have an accident in the future
31-07, 12:46 icbcmonopoly
I am going to hire the best lawyers to get me the maximum out of these greedy mafia

It's pulling absolute shit stunts like that which causes insurance premiums to raise. Instead of helping fix the issue, you're merely perpetuating the problem.