Dear Editor,
I just came back from Montreal spending time with my folks. I always knew that the auto insurance premium rates are lower in Quebec than in B.C. However, I never realized it was that much lower.
Comparing the auto third party (or basic) insurance, I paid $1,043 for a year in B.C. versus my brother in Montreal, who paid $106.
Excuse me?
Myself and my brother are driving a vehicle of the same class and age, and our driving records and experience are almost the same. Why is he only paying 10 per cent of what I paid? Yet, ICBC just reported $500 million in financial losses and, as a result, announced a 6.4 per cent rate hike effective Nov. 1, 2017.
Someone has got to stop the madness. Something is just so not right.
The truth is, in Quebec, the auto insurance is a competitive commercial business. And as such must be efficiently run to be profitable and survive. Whereas ICBC, a Crown monopoly, can get as much money as it needs (such as government debt) or wants (such as CEO bonuses) from all British Columbians.
I believe transportation is an essential need of the people. It can’t and shouldn’t be used as a cash grab. All British Columbians should have the freedom to choose their auto insurance needs. If we do nothing, one can expect premium rates to go up year over year, as ICBC does not know how, or see the need, to run its business effectively.
Driving in B.C. will soon become unaffordable for many families. I encourage all readers to write David Eby MLA to demand him to call for a B.C. referandum to decide on dismantling/privatizing ICBC.
Peter Lam
Richmond
