Ok stop the music, the celebration is over. Start saving to pay ICBC more.
http://www.news1130.com/2017/09/05/icbc-rates-going-up-6-4-per-cent/
http://www.news1130.com/2017/09/05/icbc-rates-going-up-6-4-per-cent/
Goodbye Tolls Welcome ICBC rates hike.
- Thread starter take8easy
- Start date
I thought the same thing. Doesn't BC have this huge surplus? Doesn't take ICBC off the hook for any mismanagement on their part but if an audit reveals they're doing a good job, dipping into the surplus can help. Still don't understand how they could have lost $500M last year, that seems ridiculous no matter how many false claims may have slipped thru the cracks.
Now , besides rate hikes, I'm sure icbc will start getting more anal on claims, which ends up hurting honest people as much if not more than those submitting false or inflated claims.
I should add, however, that rates here are still quite low compared to the US. Even tho there's pretty fierce competition between companies there, I probably paid double what I pay here. Varies based on state and driving history but still much higher.
Now , besides rate hikes, I'm sure icbc will start getting more anal on claims, which ends up hurting honest people as much if not more than those submitting false or inflated claims.
I should add, however, that rates here are still quite low compared to the US. Even tho there's pretty fierce competition between companies there, I probably paid double what I pay here. Varies based on state and driving history but still much higher.
I'm a geek so I had to do this:
Each day in the city of 300k I live in, I hear of about 4-5 accidents on the radio. Let's assume there are twice that (say 10) for the city and the ratio of accidents/person/day extends throughout the province of 4.7M people. That equates to nearly 160 claims a day, or 57k claims a year. That seems too high but wait.
ICBC claimed they lost $500M last year. That means they were paying $8725 TOO MUCH on every 57k claim last year. There are 3Mregistered cars. If each costs $500-1000 to insure for a year, then to break even(assuming half the income goes to non-claims), each claim should be $13k-$26k. Losing $500M means they were paying out $22-$34k per claim, approx 33-66%. This doesn't include larger vehicles or trailers.
So I think the province needs to take a good look at how ICBC manages their money.
Now that my brain is warmed up, time for work
Each day in the city of 300k I live in, I hear of about 4-5 accidents on the radio. Let's assume there are twice that (say 10) for the city and the ratio of accidents/person/day extends throughout the province of 4.7M people. That equates to nearly 160 claims a day, or 57k claims a year. That seems too high but wait.
ICBC claimed they lost $500M last year. That means they were paying $8725 TOO MUCH on every 57k claim last year. There are 3Mregistered cars. If each costs $500-1000 to insure for a year, then to break even(assuming half the income goes to non-claims), each claim should be $13k-$26k. Losing $500M means they were paying out $22-$34k per claim, approx 33-66%. This doesn't include larger vehicles or trailers.
So I think the province needs to take a good look at how ICBC manages their money.
Now that my brain is warmed up, time for work
Also worth noting that the complexity of modern cars play a roll in this as well. Good old fashion fender bender isn't the same anymore. Modest rear-ender now is a multi $1000's fix as all the back-up camera's need to be replaced in one vehicle and airbags in the other car.
Gotta pay for those tolls now that they are removed. Also, it's not just the basic rate that's increased, its also the optional coverage too. So, in total, just under 10%. This is the short of it near term. They aren't laying the hikes at bay just yet.
With cost of living in Metro Van reaching stratosphere levels. I honestly don't understand how many make it month to month. Honestly.
With cost of living in Metro Van reaching stratosphere levels. I honestly don't understand how many make it month to month. Honestly.
I think your numbers are bang on to be honest. Assuming huge injury lawsuits, 22-34k per claim would be right. We are a overly litigious society.I'm a geek so I had to do this:
Each day in the city of 300k I live in, I hear of about 4-5 accidents on the radio. Let's assume there are twice that (say 10) for the city and the ratio of accidents/person/day extends throughout the province of 4.7M people. That equates to nearly 160 claims a day, or 57k claims a year. That seems too high but wait.
ICBC claimed they lost $500M last year. That means they were paying $8725 TOO MUCH on every 57k claim last year. There are 3Mregistered cars. If each costs $500-1000 to insure for a year, then to break even(assuming half the income goes to non-claims), each claim should be $13k-$26k. Losing $500M means they were paying out $22-$34k per claim, approx 33-66%. This doesn't include larger vehicles or trailers.
So I think the province needs to take a good look at how ICBC manages their money.
Now that my brain is warmed up, time for work
probably a function of our high real estate costs and operational costs of autobody shops in the lower mainland
We need private insurances and secondly, go after the real culprit delinquencies. Especially now hearing about cell phone distraction!! WTF.... We shouldn't have to pay for others who don't give a shit!! Let alone potentially killing people in accidents. Never mind the vehicle.
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Why can't you people see the REAL reason why there is the new hikes???
Didn't you read the link posted by T8E?
Thank the Liberals for STEALING your money!!!!!!!!!!
and her underlings STOLE your money. Good riddance to that communist pig and her minions.
How does that make you all feel??
Now we take it in the ass to make up for the losses. YOU the tax payer and payer of higher
ICBC premiums has to cough up for the Liberals robbing the coffer. Isn't that just Dandy?!
It's as simple as that.
..............................QM'r
Didn't you read the link posted by T8E?
Thank the Liberals for STEALING your money!!!!!!!!!!
It's got nothing to do with any of the reasons you folks posted above. Simply just the fact that the Christy CLUCK
and her underlings STOLE your money. Good riddance to that communist pig and her minions.
How does that make you all feel??
Now we take it in the ass to make up for the losses. YOU the tax payer and payer of higher
ICBC premiums has to cough up for the Liberals robbing the coffer. Isn't that just Dandy?!
It's as simple as that.
..............................QM'r
So they say!! Politics has always been about blaming the other parties. Why wasn't this reasoning brought up in past years? ICBC has been around for ....how many years now?? After decades and decades, now this comes out? Unless, I missed the reports. Don't always believe the reasoning in what you read.
Just like Gas prices. Ask 1000 analysts and you'll get different answers by most of them. With respect.
PS...wasn't a Christy fan either.
Just like Gas prices. Ask 1000 analysts and you'll get different answers by most of them. With respect.
PS...wasn't a Christy fan either.
I think many people choose to ignore the fact that Crusty Cloak (and dagger)'s govt cooked books. They made big promises towards the election and painted the picture way too rosy. Prime example is ICBC. I am surprised no one has started dumping on NDP yet.
Private insurance companies run the ship very tight unlike a govt corp like In Crooks's hands BC.
Who was going to bring up this reasoning? ICBC? They are a corp and no matter how you put it, they still are part of Govt. For most part they have to toe govt's line. It comes out now because of new ruling party. ICBC had to ring the alarm bell now. Libelers of BC kept on sweeping the losses under the carpet all these years.
Good one!! I never heard this before :laugh:
Exactly my point T8E. There's always schemes going on no matter what or with who. The point is....they all lie and believing what comes out sometimes makes people go....hmmmmmm.
We all know whoever is in power at the time, parties blame each other when certain grizzly events occur. Its a matter if its the truth or not. When there's money at stake.....Fibbing is alive and well.
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The good news is that in the not too so distant future we will be riding in (note that I did not say driving in) autonomous vehicles and our insurance rates will basically be almost nothing. The car manufactures will instead need insurance to protect themselves from lawsuits where one of their autonomous vehicles is involved in an accident.
And if you believe this scenario I am describing is still far off in the future, check out the website below:
https://www.consumerreports.org/car-safety/cars-with-advanced-safety-systems/
Auto manufactures are moving to autonomous vehicles by rolling out these intelligent safety features.
I know for certain that my next vehicle will have the safety features described on the website. Why would I buy a new vehicle that did not have these features when they are now readily available? This is especially true for the forward-collision warning and automatic emergency braking features. You will notice that several manufactures, Toyota for example, are moving to having all of these safety features as standard equipment on pretty well all of their vehicles. I suspect that soon insurance companies will begin giving discounts to the owners of vehicles that have some of these safety features.
JD
And if you believe this scenario I am describing is still far off in the future, check out the website below:
https://www.consumerreports.org/car-safety/cars-with-advanced-safety-systems/
Auto manufactures are moving to autonomous vehicles by rolling out these intelligent safety features.
I know for certain that my next vehicle will have the safety features described on the website. Why would I buy a new vehicle that did not have these features when they are now readily available? This is especially true for the forward-collision warning and automatic emergency braking features. You will notice that several manufactures, Toyota for example, are moving to having all of these safety features as standard equipment on pretty well all of their vehicles. I suspect that soon insurance companies will begin giving discounts to the owners of vehicles that have some of these safety features.
JD
The amount the Liberals took from ICBC and BC Hydro as "dividends" was disclosed every year in the budgets. The fact the Liberals kept getting elected claiming to have balanced budgets as a result of this theft, shows people didn't even bother to educate themselves about how financially incompetent the BC ConservaliIberals were.
Get it right F.F.S...the BC Liberals are "Liberal" in name only....fuck they are more centre of right than the now defunct Progressive Conservatives in Alberta(especially when the Red Queen was at the helm) what BC needs to do is get rid of the wastefull Crown Corporation that is ICBC and let the Private Sector take over.....get rid of all of those over paid and under worked UNION Public Sector workers and let them hit the bricks.Governments do not run business well they just make it worse with bureaucracy and bureaucratic bloat with regards to the pigs at the trough.
Try and get freedom of information requests for what the top 100 paid employees at ICBC get compensated for and I bet you hit a brick wall......cant have the public knowing that kind of information...especially when their rates get jacked up year over year.....dont pay any attention to that man behind the curtain pulling the levers and pushing buttons!!!!!.....just shut up and PAY MORE.
SR
How about somthing really easy to do......PAY FUCKING ATTENTION WHEN YOU DRIVE.....
