When comparing rates

ICBC’s books show they are suffering a 1.3 billion dollar loss because the BC government took 1 billion dollars out of their reserve fund. 

That is 1 billion dollars of the public’s auto insurance premiums that should have been invested in future reserves for ICBC claims. Reserves are mandatory to cover the ups and downs in annual claims costs. We the public, who paid those past premiums should be demanding that the government put that money back into ICBC and never touch it again.

Privatizing ICBC will mean higher premiums for everyone, or less coverage to make it seem like we are saving money. With ICBC we have 5 million liability coverage, $500 deductible for collision coverage and $300 deductible for comprehensive coverage and pay about $1386 per year. In Alberta the insurers don’t seem to offer more than 2 million liability coverage so when comparing rates you have to be sure you are comparing apples to apples.

Carolyn Keay

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