No fault coverages add $300 million to ICBC’s costs—that’s $74 for each passenger car.
auto insurance rates
ICBC is heading for a $1.3 billion loss this year.
On average, ICBC's $15,000 repair bill for a luxury car is roughly six times higher than for a typical car.
If the B.C. government is looking for a policy issue thats sure to be a winner with voters, it need look no further than the issue of the provinces high auto insurance rates.
Contrary to the myth promoted by public auto insurance monopolies and their supporters, B.C. drivers pay higher premiums relative to drivers in most other provinces, a fact confirmed by a new comparison of automobile insurance premiums across all 10 provinces. The average premium paid by B.C. drivers exceeded $1,100 in 2009.
Auto insurance is set to become a centrepiece policy for the upcoming provincial election. Not only are people hopping mad across the province as they face rising premiums, but there is also a neat answer to the issue of the day offered by Howard Hampton and the NDP: public insurance.
Driving the Hampton way apparently means lower costs, low and stable premium rates, and fairer insurance access. Or at least that is what the NDP web site advertises. As the man says so often, the answer is "publicpower", a code word for nationalizing private sector activity.