ICBC has submitted an application to hike basic insurance rates by 6.3%, because it’s not like B.C. residents are already paying one of the highest average insurance rates across Canada.
Oh, wait… yes we are.
In November, it was reported ICBC was projecting a net loss of nearly $900 million for its current fiscal year as a result of a record number of crashes and an increase of claims.
With that statistic alone, ICBC argues that the increase is necessary. It comes as no surprise people are not happy, and calling for a change.
Ndp are the party that created this icbc mess by eliminating competition.
— Bruce Klassen (@madawg55) December 17, 2018
I wanted to reach through the radio and strangle you on @cknw the other day. The past DOES matter Mr. Wilkinson and we have NOT forgotten who stole from ICBC to “fake balance the budget”. Stop saying the past doesn’t matter. Take responsibility!!
— 🇨🇦Cassandra Pelzer🇨🇦 (@mmmmaidservice) December 17, 2018
ICBC has an unhealthy monopoly in BC and should be made to compete as a primary insurer like a real corporation. Not like some pseudo-governmental sham.
— Irregardlessly Wreckless (@mrantithetic) December 16, 2018
ICBC needs to be dismantled. They have WAY WAY too much power now!! They used to be just an insurance co. Now theyre making our laws!
— Tannis Sampson Atchison (@PenelakutPearl) December 16, 2018
Lol raise it up to 40% and Everyone’s just going to take the insurance off their cars or register through Alberta.. it’s time your monopoly and stealing from working class people ends. Bunch of thieves.
— Sens talk (@learn_kody) December 16, 2018
If approved, “the new basic insurance rate would be effective April 1 and will mean an average increase of less than $60 for personal customers’ basic insurance coverage”.
The escalating cost of injury claims is the single biggest factor impacting basic insurance rates – injury claims costs have soared by 43% in just five years; projected to total $3.67 billion in 2018 alone.
The irony of course is despite the ‘dumpster fire’, ICBC execs will take home $50,000 in year-end bonuses.
A salary isn’t good enough Eby? Public money should not go towards anyone’s bonus. Quit stealing from us. @Dave_Eby #ICBC
ICBC exec to take home $50,000 year-end bonus – via @News1130 https://t.co/FTCCbdJYBU
— Uncle Bobby B Baby (@12bobbyboucher) December 16, 2018
Isn't there a degree of reasonableness attributed to contracts? Too many sweatheart deals for those at the top, whom aren't necessarily all that deserving…
This reminds me of what just happened with ToysRUs and Sears. This is definitely NOT the time for @ICBC bonuses.
— Shane Richardson (@mrdruthers) December 17, 2018
If the recent application is approved, the price hike will be effective April 1, 2019.
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