ICBC just can’t catch a break.
An online petition is making its rounds to end ICBC and “open the insurance market to a competitive private industry”.
Started by Richy Hoolahan, the petition highlights the inefficiencies of the automotive insurance company and how fees may go up by 30% by 2019.
Earlier this month, ICBC announced a hike in their rates in order to keep them in good financial standing. The rate is set to increase by 6.4% starting on November 1st, 2017.
Factors such as a lack of competition in the BC auto insurance industry, an increase in the number of collisions, and government interference with the company’s reserve capital have led to the price hikes.
This online petition is the latest of example that illustrates how British Columbians have grown tired of ICBC’s terrible mishandling of funds.
Many across the province look at Alberta’s model where there is low and competitive insurance options. Their government simply handles registration.
It will be interesting to see now if John Horgan and Attorney General David Eby decide that enough is enough and offer an alternative to people across BC.
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