Choice in the market place is power to the consumer. Homebuyers can select house insurance from multiple insurance providers. But choice for auto insurance in British Columbia is next to nil. That has to change - the sooner the better.

ICBC is free to choose how to spend your insurance premiums. The money goes to claims, road safety programs and the motor vehicle branch. Until recently, ICBC was free to spend your money willy nilly on expenses unrelated to its mandate.

To the chagrin of many BC motorists, ICBC squandered $144 million on sponsorships and ill-fated real estate adventures.

It wasn't very sporting of the last NDP government to permit ICBC to fritter away a $155,000 sponsorship to the Air Canada Golf Champion-ship in 2000. ICBC also gave another $476,000 in sponsorships to the BC Lions. And $519,000 was split between the Vancouver Canucks and the Grizzlies.

Most recently motorists learned that in 2000 ICBC made a $1.8 million contribution to the 2010 Winter Olympic bid. ICBC wins gold for giving away motorist premiums as fast as they can raise them.

The worst impact on motorist premiums occurred from a costly real estate deal that went sour. ICBC took a $141 million hit after its Surrey Central City Development failed to deliver on over-inflated revenue projections.

But the worse giveaway occurred weeks before the last election when ICBC, under the watch of the NDP government, blew $219 million on dividend cheques to BC motorists. The vote-buying scheme drew down reserves and drove up the average premium by 6.6 percent this year.

The sordid history of reckless spending at the public auto insurer calls into question how best to protect motorists. Auto insurance monopolies were formed to prevent private sector price gouging. Instead, BC motorists have had to endure the price of public sector gouging. The legacy of ICBC's special handouts and failed investments forces consumers to pay more than they should.

Motorist insurance premiums should never be used as a slush fund for the government of the day. As a monopoly auto insurer, ICBC is obliged to offer the lowest insurance rates possible.

Motorists need vigilance and transparency. The BC Liberal government put the brakes on ICBC's discretionary spending by requiring all crown corporations to put forward a business plan before sponsoring an event or program. The business plan must show a benefit to the bottom line.

It's a step in the right direction. But a new government could return to the good old days of squeezing cash out of crowns. The best protection for motorists and consumers is more competition.

As is stands, we already insure our homes, our property and our lives from various insurance providers all competing in an open market. ICBC's monopoly on auto insurance robs consumers of open competition and choice.

A 2002 survey finds that 74% of BC supporters of the Canadian Taxpayers Federation want ICBC to face competition.

The BC government should break the auto insurance monopoly and allow motorists the choice to buy their insurance from independent competitors. If unstable market conditions in the insurance industry are dampening the appetite for privatization tomorrow, the groundwork for competition should be laid out today to reassure consumers and the private sector that reform to the auto insurance industry is still on the agenda.