I would likely save under the BC Liberals’ plan to eliminate ICBC’s monopoly on basic automobile insurance.
After all, I have more than a 50-year driving record without a single claim in which I was found at fault! I am an ICBC Roadstar.
That does not mean I’m happy with ICBC.
I believe I still pay too much … far too much … as a retired senior who drives a Hyundai (no luxury car!) for personal leisure use only … no other drivers. I even take ICBC’s optional coverage … and don’t forget that perfect driving record!
Yes … I would likely save a small bundle under privatization of basic coverage … unless and until I ever have a claim!!!
Then I would pay through the nose … probably lose an arm and a leg in the process … or , who knows, even be dropped completely.
No, thank you!
I know … because been there, done that: was insured as a younger driver before government auto insurance; and, have seen other drivers at the mercy of private insurers: new drivers; younger drivers; elderly drivers; and, anyone who had a claim.
It was legalized rape!
And I think those who set the “competitive” rates must be the same people or descendants of those who set the price of gasoline at the pump. Amazing how often they all charge the same price for the same product and go up and down within minutes of each other. Some competition!
At least with gasoline, you can just buy a day or two’s worth and try to shop around … if necessary, even drive to Abbotsford (or eventually the US) to fill up. You can’t do that with auto insurance.
If the Liberals are elected and they do introduce private basic coverage, I predict the private corporations would cream off the best … drivers with records like mine … offering very attractive initial rates.
Great for me!
But I really worry about what would happen after the private corporations only cover the VERY MINIMUM number of young drivers they would be required to by law, or those with accident records, leaving ICBC to insure the HUGE number of the rest.
Let’s keep it real! That would drive UP ICBC’s annual losses even more … I predict leading to the dissolution of the public option within two or three years.
Then watch the rates we ALL would pay … once private insurers gain back their monopoly … like they hung over our heads in their “good old days”.
I have warned about this before… more than two years ago: http://harveyoberfeld.ca/blog/icbc-je-me-souviens/
Here’s part of that Blog:
“In March 2010, Christy Clark‘s BC Liberal government announced that it would require ICBC to pay the province dividends totalling some $778 million over three years, thus signalling the end of ICBC’s operation as a non-profit Crown corporation, and also making it the only for-profit public auto insurance provider in Canada” Wikipedia points out.
The Liberals raped ICBC for more than $1 Billion.”
Now private competition has reared its head again … under Andrew Wilkinson’s “new” Liberal plan.
You read all about that here: https://www.bcliberals.com/2020/10/06/cheaper-car-insurance-coming-bc-liberals-promise-choice-for-drivers/
I don’t buy the Liberal plan.
Because I have no doubt the attractive “introductory” price by private insurers will later be followed by the “regular” pricing for basic auto insurance coverage … once they’ve put ICBC out of business … and I doubt many of us will like the pricing then!
Except their bonussed executives, investors, shareholders.
(Reminder: You can get First Alerts of all new postings on this BC -based Blog by following @harveyoberfeld.ca)