ICBC must be dismantled

Discussion in 'General Open Forum' started by Trophy21, May 23, 2020 at 1:52 PM.

  1. Trophy21

    Trophy21 Crew Member

    I just help my graduating daughter purchase her first vehicle. We picked a good safe vehicle at a good price and affordable for her. That’s the good news, lots of tears and a vey excited daughter. Then ICBC step in as we got her insurance ......and it was nearly 3 times what I pay, and over 1/3 more than the car payment! She’s never had accident! Yes she’s young. Absolutely insane! Time to abolish this disaster of a company! What a joke. I’m so pissed! Mismanaged disaster of a insurance provider. Dismantle it and put in no fault. Enough of the bafoonery!

    Rant over......
    fishinforever, Redfisher and disco like this.
  2. NDT

    NDT Active Member

    I would have to agree.
    my insurance on my truck is more then when It was new and had replacement coverage. I have no claims... ever.
    Is the government taking the money to use elsewhere and making it seem like their losing money?
    My wife vehicle is the same, less coverage then 5 years ago for a lot more $$$.

    system seems broken to me.
    Trophy21 and disco like this.
  3. Corey_lax

    Corey_lax Crew Member

    Yeah it's absolutely got to go. I haven't had an accident for 15 years, and my truck keeps depreciating. My insurance went up last year when I insured. I added my wife to be able to drive the truck but shes also had zero accidents so that shouldn't affect it.

    Now I'm hearing this year that they are asking for the amount of KM you have on your truck. So I assume that means that they will start charging drivers per KM which sucks for guys like me that drive 40,000-45,000 KM per year (WITH NO ACCIDENTS!).
    disco likes this.
  4. Sotally Tober

    Sotally Tober Well-Known Member

    Low Kilometre Discount

    If your vehicle is driven less than 5,000 kilometres in a year, you will qualify for a 10% discount on your Basic, Extended Third Party Liability and Collision insurance premiums. To qualify for this discount, you will need to provide your vehicle's odometer reading at your next annual renewal or new policy purchase. You will then be required to provide the odometer reading again a year later. If the readings show that the car was driven less than 5,000 kilometres in the previous 12 months, the discount will be applied at that time.

    To provide the odometer reading, you will need to show your CapriCMW Client Advisor one of the following:

    • a photo of the vehicle odometer taken within the last seven days
    • a receipt or work order with an odometer reading dated within the last seven days from either a garage, a mechanic, an auto shop or auto dealership
    • a reading through a service or app which reports vehicle information and diagnostics, generated within the last seven days.
    Only annual policies are eligible for the discount. Certain rate classes, such as motorcycles and collector vehicles, will not be eligible as their rate classes already reflect low kilometres travelled.
    Corey_lax likes this.
  5. disco

    disco Member

    Just allow private companies to set up and compete and this slow motion train wreck will be killed. It's just a place for the govt to employ their friends and ensure a huge number of voters that support them.
    leaseman and cracked_ribs like this.
  6. profisher

    profisher Well-Known Member

    Over the years I've had the complete opposite experience with ICBC. I had one incident where I backed my truck out the driveway and smashed into the door of my work van parked across the street where I never parked it...well once but never again. Paid the deductible and both got fixed as my one free my fault claim and never lost my 40% safe drivers discount. Wife got hit this January in our family van, no fault of hers...they confirmed it the same day and said take it in for an estimate. There was $7500 damage so I knew t would be a write off. (2004 all wheel drive Astro van) I figured it was worth $6000 and wouldn't accept less for it. When ICBC called to finish off the claim I told the women that I was a car guy and I know what they are worth. She asked what my number was and I told her n less than $6000. She said we are close...with tax I have a check here for $6300.00 I just said...then we are done. They covered a rental for a few days and we found a low miles CR-V to replace the van with. They also paid for some massage/physio for the wife's shoulder. They have extended the massage benefits because with Covid the appointments she will pick up where she left off once they are open again. I have a 65 Mustang and a 1981 HOnda CB 750F on collector plates which make having these toys on the road very affordable...and with full coverage. With my experiences I wouldn't sign up to get rid of ICBC.
  7. Rickeoni

    Rickeoni Member

    Private companies cherry pick the safe claims. If you are a bad or inexperienced driver you will still have high rates. I tried to get private coverage beyond the basic from ICBC, nobody wanted to touch the vehicles I drive, even though no accidents in over 30 years and 1 speeding ticket that I can remember.
    leaseman, blindmonkey and terrin like this.
  8. bigbruce

    bigbruce Well-Known Member

    If you think young, relatively inexperienced drivers are going to pay less with a private insurer, you’re dreaming in technicolour. They’re the folks woh invented risk based rates...and guess who the riskiest driver class is.
  9. Corey_lax

    Corey_lax Crew Member

    Thanks for the clarification. I was thinking that I would get dinged for driving so much.

    That's kind of a weird discount to give. The people that don't drive often are probably more likely to have an accident when they do venture out because they don't stay on top of their skill set. or is it just like riding a bike and you don't forget?
  10. Trophy21

    Trophy21 Crew Member

    ya great... my insurance with never an accident went up! I now have no free accident... but hell if I never drive ICBC will give me a discount! Plus I get to pay for a shit ton of my daughters insurance because it’s insane and she can’t afford it! I tell ya what big middle finger to ICBC! Abolish it!
  11. Trophy21

    Trophy21 Crew Member

    I also own a business with multiple vehicle and the ICBC tax is going to hit me hard when these come up for insurance......huge tax on small business! Ya I’m pissed!
  12. Trophy21

    Trophy21 Crew Member

  13. Trophy21

    Trophy21 Crew Member

    Advise to those who insure young drivers....lie.....say your the principal driver.... don’t pay the ICBC rip off tax!
  14. fogged in

    fogged in Well-Known Member

    I for one support ICBC
    Can't forget the ripoff back when private insurance companies ruled.
  15. Foxsea

    Foxsea Well-Known Member

    B.C. drivers do pay more but in February 2020, the B.C. government announced the introduction of the no-fault system. Lawyers have been responsible for driving up accident settlement costs. With no-fault insurance, crash victims can no longer sue for damages unless the accident was caused by street racing, negligence, impaired driving, or defective/poorly repaired vehicles. Instead, affected people will receive benefits & compensation directly from ICBC. It means that B.C. drivers will enjoy a 20% decrease in basic and optional rates after May 1st, 2021. Until that time comes, ICBC's rates will not increase.
    Saxe Point likes this.
  16. Trophy21

    Trophy21 Crew Member

    Ya...I’ll believe that when I see it! Who gets the discount? Those with 40 years safe driving like it is? Small business paying way more still? Paying 40% to private company’s to just do paperwork and hold no liability? Ya F*#@$ing genus!!! ABOLISH.
  17. AlK

    AlK Well-Known Member

    The governments (both Liberals & NDP) have been sucking money out of IBC for a number of years.
    blindmonkey likes this.
  18. uclueletcharters

    uclueletcharters Well-Known Member

    Insure it under your name make her the principle driver, there's risk to your own insurance going up if she gets in a bender though. Do it for 4 years plus then have her get her own insurance as she will have some discount eligibility by then. If you have no claims your probably good for a free bender then if that happened you could change your program and make her get her own. Every kid is different if you have a higher risk one it's likely not a good plan :)
  19. Saxe Point

    Saxe Point Well-Known Member

    Lying about this when applying for insurance is an effective way to risk denial of coverage just when you need it.
  20. Saxe Point

    Saxe Point Well-Known Member

    Foxsea is right again.

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