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Taxpayers: ICBC monopoly must be opened up in the wake of rate hike

December 14, 2018
Taxpayers: ICBC monopoly must be opened up in the wake of rate hike

Friday, December 14, 2018

  • BC drivers facing huge rate hikes, regardless of driving records
  • CTF calls for ICBC to be opened up to competition

VANCOUVER, BC: The Canadian Taxpayers Federation is calling on the British Columbia government to open the Insurance Corporation of British Columbia up to competition as drivers are again being hit with rate hikes.

“It’s absolutely unfair that beleaguered B.C. drivers are getting hit with the news that their car insurance rates are getting jacked up yet again and it’s well past time for change,” said Kris Sims, B.C. Director of the Canadian Taxpayers Federation. “B.C. drivers are being taken for a ride by this outdated, expensive, inefficient, government-forced monopoly - this has to stop, and B.C. drivers must be given a choice.”

Friday’s rate hike increases basic auto insurance costs for the average driver by 6.3 percent, working out to about $60 more per year, bringing the average rate up to $1760 annually. That’s the most expensive rate in the country. Breaking step with previous rate change announcements, the government did not mention any changes to ICBC’s optional rate for auto insurance, and instead only announced the mandatory insurance rate hike, raising a concern that more increases are coming soon.

B.C. drivers already pay the highest auto insurance rates in all of Canada and they have no chance to shop around like drivers in other provinces.

“If ICBC wants to hike rates again, B.C. drivers should have the right to take their business somewhere else,” said Sims. “What if we only had one grocery store chain in the province and the government ran the shop? How high would the prices get and how bad would the selection be?

“It doesn’t make sense for us to be stuck with ICBC and paying through the nose.”

To read the CTF’s full report on how to turn ICBC into a co-op similar to a credit union and open it up to competition click HERE.

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MEDIA CONTACTS:

Kris Sims, BC Director

Mobile & text message: 1-604-997-1798

Email: ksims@taxpayer.com

Twitter: @kris_sims

The CTF is Canada's leading non-partisan citizens' advocacy group fighting for lower taxes, less waste and accountable government. Founded in 1990, the CTF has more than 136,000 supporters and seven offices across Canada. The CTF is funded by free-will, non tax-receiptable contributions.

 

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