By Olivia McDonald

Should ICBC Be Opened Up To Competition

Dec 15, 2018 | 7:58 AM

BRITISH COLUMBIA – Drivers are being hit with rate hikes once again as ICBC seeks a 6.3 percent increase for basic insurance rates.

The Canadian Taxpayers Federation is now asking the BC Government to open ICBC up to competition. 

“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“B.C. drivers are being taken for a ride by this outdated, expensive, inefficient, government-forced monopoly – this has to stop, and B.C. drivers must be given a choice.”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 proposal works out to be roughly $60 more per year, per driver. Bringing the average rate up to $1,760 annually, the most expensive rate in the country. 

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The government only announced the mandatory insurance rate hike and said nothing about changes to ICBC’s optional rate for auto insurance. This raised a concern that more increases may be in the near future. 

B.C. drivers already pay the highest auto insurance rates in all of Canada and don’t have the option 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.”

If the increase is approved, the new rates would come into effect April 1st.