BC pays highest car insurance premiums
Study finds it's because of ICBC
Amanda Wawryk Oct 03, 2011 07:27:05 AM
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VANCOUVER (NEWS1130) - BC drivers pay some of the highest auto insurance premiums in the country. A new study from the right-wing Fraser Institute blames the fact that we have to get insurance through ICBC, which is run by the government.
On average, drivers are paying about $1,100 a year. And that's in line with both Saskatchewan and Manitoba which also pay a little over $1,000.
"These results are consistent with previous reports that suggest government-run auto insurance monopolies are less efficient than auto insurance provided by a regulated, competitive market," says Neil Mohindra, director of the Fraser Institute's Centre for Financial Policy Studies and co-author of The Personal Cost and Affordability of Automobile Insurance in Canada, 2011 Edition.
Drivers in Ontario are the only ones paying more than us, about $1,200 every year, but that's because insurance fraud is much higher there. The lowest premiums were in Quebec where people there pay about $650.
The study also found that non-drivers were subsidizing government auto insurers in some other provinces. Quebec was one of the worst, having accumulated a deficit of $2.6 billion by 2009. In BC, taxpayers help fund ICBC through an infrastructure spending program.
"As long as the private-sector insurance industry is open to competition and consumer choice is protected, the portion of auto insurance premiums that are earned as profits cannot result from excessive prices, but instead come from cost efficiencies achieved by successful claims management, pricing strategies, customer service, and good business management," Mohindra said.
What a bunch of lies... Just look at Ontario. Both Manitoba and Saskatchewan is government run insurance as well. ****ing Right wing corporation selfish Conservatives mouth piece...
I am in Ontario now, don't trust that 1200 figure, it's all lie. I am paying 1800+ now (over 25 yrs old) without any accident and max discount with a family sedan!!!
The insurance rate jumped almost $100 from 2010 to 2011 too!!! What a bunch of crooks!
發表於 2011-10-3 06:50
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