Going back to the origins of ICBC the NDP brought in this crown owned corporation in 1973 due to the extreme costs of auto insurance for the ordinary citizen of our province. The then called Liberals were called Social Credit, and in 1976 campaigned to bring ICBC to an end, but once elected chose to run it into the ground for the next 14 years so the public would cry out for privatization. ICBC was at that time so grossly underfunded, so it was time to shut it down, or fix it.
The NDP had no choice but to increase premiums by 28% to put ICBC back on track.
Bring us up to today, after just shy of 15 years of Liberals in power, ICBC is near death once again, as the company announced its deficit is now expected to reach $1.3-billion this year.
“In 2013, ICBC’s books were in good shape. It exceeded its minimum capital requirements, which were funded that year at a rate of 204 per cent, meaning that it had roughly $2 in capital for every dollar expected in claims that year.” Globe and Mail
“Our so-called Liberal governing histories are rife with all manner of selfish interest. Christy Clark’s rise to power saw ICBC redirected from non-profit to pay the provincial coffers some $778 million over a three-year period and that amount alone would slash the current mess by 80 per cent.” Prince George Citizen
The problem according to ICBC is the rising cost of claims, however that argument does not really wash. The real problem is how ICBC dealt with rising costs, that being doing near nothing at the direction of the Liberals who want the public to kill ICBC.
The solution is NOT to make good drivers pay for the problem, make those who are the cause of the problem to cover the cost of using the coverage. Repair claims for instance have really shot up, mostly due to the higher price of cars and trucks, not to mention the higher costs of fixing them due to the costs of more expensive parts that go into these vehicles.
it would be perfectly just and fair to take $778 million out of general revenue, and mark it down as unpaid Liberal dept, why should drivers pay the Liberals dept?
Those who drive and insure new vehicles should pay the cost of covering those costs, in particular those who are at fault for the accident, remove the one free accident before you are penalized, if you are at fault, then your insurance rates deserve to go up.
“The Insurance Bureau represents private insurance agents and has long argued that B.C.’s publicly owned monopoly on basic auto insurance should be dismantled.” Globe and Mail
Here could be the real source of why the Liberals did this to ICBC is that its impossible to jack up the rates of private insurance when people can compare costs with ICBC, so the solution is get rid of the competition.
For the morns who brag about cheaper private insurance, go back and lean from history, once ICBC is gone, driving might only be an option for the rich.
Thanks for having taken the time to read what I have shared with you,