September 13, 2019 09:30
Photo : Freepik
The insurance Bureau of Canada (IBC) has taken publicly to the Insurance Corporation of British Columbia (ICBC) and its automobile insurance premiums, which it considered too high. The offensive is a response to pricing changes by ICBC the first of September last.
Such changes mean that the pricing is now done from risk. Thus, as the ICBC says it on his Web site, this will help to make pay people more at risk to reduce the premium of those who are not.
“Switch to a pricing model based on the risk that is logical, because the high-risk drivers should pay for the risk that they pose on our roads. However, in the process, ICBC has introduced new fees and costs to which no other driver in the country must face. Automobile insurance in British Columbia is even more expensive than it already was “, Aaron Sutherland, vice-president for the Pacific region at the IBC.
A list of “facts that are uncomfortable”
In a press release published yesterday, the BAC has defended the concept of free competition, by publishing a list of ” ten facts uncomfortable to which motorists face under the monopoly of ICBC “.
In it, we find the reasons given by the BAC, which explain that the drivers of British Columbia are paying more for their car insurance than those in other provinces. For example, one finds points such as “it takes 40 years to achieve the best price possible” and that the ICBC ” does not offer a discount to insure multiple vehicles.”
“More and more drivers are discovering the truth uncomfortable, according to which, with the new design of the rates to ICBC, the underwriting of automobile insurance in British Columbia is becoming increasingly complex and costly. The anguished face of the driver of British Columbia with the monopoly of ICBC is not going to disappear. Now, more than ever, the market should be opened to competition and choice to improve the price of automobile insurance, ” says Mr Sutherland.