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Taxpayers: STOP the ICBC Monopoly

June 19, 2019
Taxpayers: STOP the ICBC Monopoly
  • CTF inflates gigantic ICBC monopolist balloon in Prince George
  • B.C. drivers pay highest insurance rates in Canada

PRINCE GEORGE, B.C.: The Canadian Taxpayers Federation launched a 30-foot tall ICBC monopolist balloon in Prince George, Wednesday, protesting the government enforced ICBC monopoly.

“B.C. drivers are getting ripped off on auto insurance and we pay the highest rates in all of Canada – it’s time to give drivers a choice,” said Kris Sims, B.C. Director of the Canadian Taxpayers Federation. “Our balloon, Barron von FenderBender, is a symbol of this high-cost, no-choice, bloated, nearly insolvent insurance corporation and if it takes a balloon man bigger and scarier than King Kong to send that message, so be it.”

The ICBC monopolist balloon stands 30 feet tall and wears an ICBC powder blue suit jacket and branded top hat with a complimentary orange bow tie and matching pants. He’s smoking a cigar and lighting it with burning money. Since ICBC is bordering on insolvency the ICBC balloon’s pockets are turned inside out.

A recent study shows that B.C. drivers pay about 60 percent more for auto insurance than their cousins in Alberta do. Same drivers, same cars, same coverage: but it costs much more money under the ICBC monopoly.

Example 1: A 24-year-old Prince George man who drives his 2010 Ford F-150 to work forks over $263 more per year than his twin in Fort McMurray does

Example 2: A 45-year-old Langley couple with a learner driver in the family pays $837 more per year to insure their 2012 Honday Accord with ICBC than their identical twin family does for the same coverage in Edmonton.

Example 3: A 50-year-old Victoria man pays $771 more to insure his Class C motorhome under ICBC’s government enforced monopoly than his brother in Edmonton does.

“ICBC’s own data shows that while our insurance rates have been jacked up to pay for this bloated monopoly, ICBC staffing levels are skyrocketing, with 124 new managers hired between 2017 and 2018, and executive pay getting boosted too, this is not fair,” said Sims. “Have executives at ICBC done such a great job that they deserve bonus pay?”

The ICBC monopolist balloon will be visiting other B.C. cities this summer, reminding B.C. drivers that they deserve a choice and urging politicians to do the right thing.

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