PPo

Well said...

I am the Walrus

Lolz, I've been waiting to see what would arrive in my mailbox from my insurance company for this issue.
And really, lol, on Xmas eve I received it. An incredibly ambiguously phrased notice to contact them by feb 5th, which has no correlation to my actual vehicle insurance renewal date that I prepay once a year and occurs later in the year.
And such a strange letter/document... the front states;
"This renewal notice is not for your vehicle insurance. Contact your Autoplan broker for more information"

So it goes....a random date of Feb 5th, my cars insurance coverage will be arbitrarily denied after feb 5th, (although seemingly contradicted by the message on the front stating this has nothing to do with my vehicle insurance)

I tried to call Icbc to get an answer... an idea of the $ number they would additionally require (the tyrant MLA Todd Stone came up with double off the top of his head when interviewed by the local news).. a call centre message said hold time was 2 hours plus, then it timed out at dinner time.


As Jackie Chiles would say, it's capricious, outrageous, preposterous... lolz
Again I would add that we pay 15% purchase tax on these cars, so 25k on my car, this fact seems to be irrelevant, It doesn't play well to the hordes.
Also, most people that drive high end cars barely drive them, so it's just a straight up pre-election bull**** prop by a pair of high school graduates
MLA Todd Stone completed grade 12
http://www.kamloopsthisweek.com/todd-stone-unturned/
BC Premier Christy Clark
https://en.m.wikipedia.org/wiki/Christy_Clark
Clark graduated from Burnaby South Senior Secondary[8] before attending Simon Fraser University (SFU), the Sorbonne in France and the University of Edinburgh in Scotland[citation needed] to major in political science and religious studies.[9][10] She did not graduate from any post-secondary institution.[11]

canuck964

According to ICBC's figures it has transferred as dividends to the Province of BC - 2011 $101M, 2012 - $0, 2013 $237M, 2014 $139M and 2015 $138M. So that is $615M over the last 5 years.

Has anyone asked the Minister Todd Stone what the premium increase would have been had those funds stayed within ICBC?

FYI my political views are very conservative so this not the views of a left winger.

For the last 10 years the liberal government has been raiding the purses of it crown corporations to balance the books without raising taxes.

Lately there has been some politicians voicing their concerns that the citizens are not respectful of them and their work.

Frankly I will admit that I have ZERO respect for our politicians.

The question I ask of our politicians is do they have any respect for the taxpayers? My opinion is no.

At least my views are based on facts. Just look at what they have done with ICBC. Does Todd Stone really think that we do not know what is happening there. Does he really think cancelling the insurance on cars over $150k will solve the problem of taking $600M out of ICBC?

Lastly who do you think owns those cars? NDP voters??????

This just show you the arrogance of the Liberals right now.

Either that or they really are a bunch of morons.

petee1997

That is the way it is supposed to work. A corporation makes money and it transfers those profits to the shareholders in the form of dividends. Since the govt. of BC is the sole shareholder, they get the money. If they managed to keep the tax increases at 0 by getting dividends from the crown corporations, lucky you. I wish it was so good in Ontario.

canuck964

That is true for private corporations but ICBC is a crown corporation established to provide public insurance for every driver in BC.

They are a monopoly and by law no other insurance company is allowed to provide auto insurance in BC. In the last few years other private insurance companies are now allowed to provide optional additional coverage but still not basic liability insurance.

How many private insurance companies have that monopoly?

Rates applicable to ICBC's basic automobile insurance coverage are subject to the review of, and are set by, the British Columbia Utilities Commission. Revenue collected by the Corporation goes mostly into paying insurance benefits, while some is invested in fulfilling the Corporation's mandate to promote safe driving (the "RoadSense" campaign) and pursue other loss prevention strategies.

In theory any excess profits above and beyond what is need to fund contingency reserves and operating costs should be minimal and the rates set by the BC Utilities Commissions should have ensured that this is the case.

What happened was that ICBC was able to make a **** load of money from providing additional coverage other than basis insurance and for years they had no competition so the government was able to strip away that money instead of using it to fund the basis insurance.

How many private insurance companies would be allowed to take the profits from one side of their policies and strip that away to shareholders as dividends while the other side of their coverage is under funded and the reserves become insufficient?

So now that the basic coverage does not have sufficient reserves the government is asking ICBC to raise their rates to cover off their losses.

In addition to raising their rate they now have the bright idea that they would not longer provide insurance to vehicles over $150k. But don't forget that by law no other private insurance companies can provide basic insurance in BC so who the hell are those with vehicles over $150k supposed to get they coverage from.

It absolutely kills me to say this but I am prepared to withstand 4 years of the NDP just to clean house of the c_nt Christy Clark and her fu_k'n gang of asswipes.

petee1997

You certainly have a point. The only way to know how bad it is, would be to compare rates with similar jurisdictions. Ontario is no picnic especially if you are living in Toronto.

r8v10plus

I renewed my insurance about two weeks and ICBC issued it even though I was concerned with the incoming changes so I assume I might be getting this notice as well?

JimV8

So they won't insure for over 150K but at the same time it's the only game in town. As my friend was wont to say, 'this really sucks canal water'.

creaturecat

there is a review of ICBC on the horizon, hopefully this weirdness will be addressed.
my rate went up 25% this year. regardless of my squeaky clean driving record.
my insurance costs are basically a-buck-a-mile, given how little i drive my 964.

Porsche0911

ICBC wants to stop offering basic and collision coverage for cars over $150,000.00 stating repair costs are to high. But if someone hits my car ICBC still pays to fix my Porsche. If I hit someone ICBC would pay to fix thier Civic.So the only cost item would be collision and comprehensive insurance which can be based on the vehicle being insured.

Torontoworker

Not a math professor here, but drive your car more and save money...

pontifex4

Not really related to this thread (my cars aren't worth >$150k) but I just switched from BC coverage for my address in Kitsilano to Ontario coverage for my downtown Ottawa address. Same cars, same drivers, exactly half the cost. I was a little shocked, even though I only went the other way a few years ago.

aviography

Just saw this story, what a loser!!

http://www.richmond-news.com/news/ri...bill-1.6930405

BioBanker

SOunds to me that the owner is a terrible or unlucky driver, or both, but that she's rightfully fighting some decisions that the repair shop had no right to make. It's not their sole decision how to fix the car!

They probably tiought that that it was fully covered by ICBC and so they pushed the limit without authorization to do a number of things.

I hope they eat it.

Imo000

I don't think any work has been done to the car yet. She should take the old subframe to China and have a new copy made for next to nothing.