ICBC expected to lose $890M this year

[logicbomb]

My insurance has increased by 83% in 8 years despite a clean history and more experience.

I lose the right to sue in the event of an accident and get a 20% decrease?

Screw that.

[WarrenC12]

Originally Posted by logicbomb

My insurance has increased by 83% in 8 years despite a clean history and more experience.

I lose the right to sue in the event of an accident and get a 20% decrease?

Screw that.

WTH are you driving?

Mine's been flat and declining slightly over the last 3 years.

This is welcome news, and shows just how much money lawyers are soaking out of the system.

[whatnext]

Originally Posted by logicbomb

My insurance has increased by 83% in 8 years despite a clean history and more experience.

I lose the right to sue in the event of an accident and get a 20% decrease?

Screw that.

There something odd there. Did you switch vehicles or add a driver. Mine has had minimal increases.

[rofina]

Originally Posted by WarrenC12

WTH are you driving?

Mine's been flat and declining slightly over the last 3 years.

This is welcome news, and shows just how much money lawyers are soaking out of the system.

My insurance increased by $400 YoY from 2019-2020. Or about 15%. No accidents, no move, no claims, no tickets, same vehicle.

Paying nearly $3000 a year with full discount - that means someone without discount would be paying closer to $6000. Its ridiculous.

[whatnext]

Looks like drivers will be getting an average $190 rebate cheque from ICBC to reflect pandemic-related savings on payouts.

ICBC giving out one-time rebate cheques
BY DENISE WONG, LIZA YUZDA AND KATHRYN TINDALE
Posted Feb 2, 2021

VANCOUVER (NEWS 1130) – ICBC is giving out one-time rebate cheques averaging about $190 to people who had car insurance last year.

“This will affect all of those who had policies between April 1 and Sept. 30 last year,” said Premier John Horgan Tuesday.

Horgan says the public insurer has about $600 million in savings, due to fewer crashes leading to lower claim costs. The province says a higher-than-expected income was “partly offset” by decreased revenue due to lapsed and cancelled policies.

“ICBC will be returning net savings of about $600 million directly to drivers. This will be in the form of a one-time rebate cheque, averaging about $190 per policy holder — the largest single give-back to policy holders in Canada through COVID-19,” he said....

https://www.citynews1130.com/2021/02...ebate-cheques/

[WarrenC12]

Pure vote buying! I won't return my check though!

[GMD]

This thread title always gets me, I click on it, confused, and then remember how old it is.

The rebate is vote buying, but lower rates will be a function of long overdue policy reform, not complaining on either front.

[whatnext]

Originally Posted by WarrenC12

Pure vote buying! I won't return my check though!

Considering the next election is about 4 years away, I wouldn't call it vote buying.

[WarrenC12]

Originally Posted by GMD

This thread title always gets me, I click on it, confused, and then remember how old it is.

The rebate is vote buying, but lower rates will be a function of long overdue policy reform, not complaining on either front.

This rebate is one-time linked to "less crashes" during COVID, independent of the savings from going no-fault in May 2021.

[chowhou]

It's easy to look at it as vote buying, but with an election years away people are going to forget about this by then. Just seems like the right thing to do given that people aren't driving.

[officedweller]

I could see City of Vancouver politicians complaining about this.

[WarrenC12]

Originally Posted by chowhou

It's easy to look at it as vote buying, but with an election years away people are going to forget about this by then. Just seems like the right thing to do given that people aren't driving.

But they were just telling us ICBC was a dumpster fire and losing Billions thanks to the Liberals.

[chowhou]

Originally Posted by WarrenC12

But they were just telling us ICBC was a dumpster fire and losing Billions thanks to the Liberals.

How long do you think the NDP have been in power for? 3 months? They were not "just telling us". The province approved major ICBC rate hikes over the past couple years, do you remember that? Now hopefully with no-fault and this rebate we begin to return to some normalcy.

[WarrenC12]

Originally Posted by chowhou

How long do you think the NDP have been in power for? 3 months? They were not "just telling us". The province approved major ICBC rate hikes over the past couple years, do you remember that? Now hopefully with no-fault and this rebate we begin to return to some normalcy.

My rates went down last year, and everybody's will go down with no fault.

Just saying, it's a vote buy. The responsible thing to do would be to add it to ICBC's already significant market investments to deal with future claims.

[Klazu]

I am mostly happy with my premium this year to go down by 18%.