New ICBC Rates: Who Will Pay More?

[trollface]

Originally Posted by ssjGoku69

How much influence does the BC insurance industry have on ICBC/decision makers?

Must be massive.

I didn't ask about what happens when policies get cancled etc, but I can find out. The numbers came straight from someone that's worked it for 10+ years. Ever wonder why some brokers are willing to drive the paperwork to your house? Makes perfect sense now for $140 bucks.

[ssjGoku69]

$2,300 last year. 43% discount.
$2,209 this year estimated via icbc/getanestimate website.

2007 Corolla
29 Yr old Male
Pho Bich Nga neighbourhood.

[prudz]

Originally Posted by SSM_DC5

They should not be treated equally.

DUI is objective.
Distracted driving is subjective.

Get a ticket for a phone in your cup holder and then have to lawyer up to get it reversed?

https://globalnews.ca/news/5977523/b...ne-cup-holder/

And this is why I agree with you. I'm not saying I want it, i'm just saying I see where insurance in coming from. Police often go overboard and the repercussions are high. The last line of my post, I get it, i don't want it, but I get it.

Originally Posted by underscore

I'm definitely not defending distracted driving, more just pointing out the general fact that private insurance means that if the insurance companies don't like you for any reason they can refuse to insure you. Reading the comments on FB was interesting because it seemed like everyone hated having private insurance. Maybe that just boils down to most people wanting something that doesn't exist and they haven't figured that out yet.

I had private insurance back in AB under td meloche monnex. Insurance for 3 vehicles, full coverage, 1 600cc sport bike and 2 million liability was less than i'm paying now for 1 vehicle through ICBC. Private insurance is harsh for people with bad records, it's amazing for people who have clean records. When I was paying td I always felt like public insurance was better and i'd be paying less. I'd be so happy to be back paying private insurance.

[twitchyzero]

Originally Posted by trollface

Fun facts:

So, insurance brokers we visit to renew our insurance are paid a commission on the basic and then additional commission on additional coverage. The avg policy will pay the agent around 100-140 dollars in commission.

i suspected something like this was the case

the fucker at dealership said i can't drive off the lot with only basic insurance if financing after i declined everything he offered... canceled a few days later but didn't get around to reporting his ass

Originally Posted by underscore

private insurance means that if the insurance companies don't like you for any reason they can refuse to insure you.

driving is a privilege

much like buying a place, if your credit is shit no one will approve you a mortgage

i welcome all the big players down south (allstate, safeco, geico etc) to rip icbc a new asshole

[Funnel]

Originally Posted by twitchyzero

i suspected something like this was the case

the fucker at dealership said i can't drive off the lot with only basic insurance if financing after i declined everything he offered... canceled a few days later but didn't get around to reporting his ass

It is actually written in your bank finance agreement "You shall keep the Goods insured for the full insurable value."

You may cancel any insurance all you want but when something happens the bank will reserve the right to sue you.

Of course I am talking about ICBC insurance, you are not required to enter a contract with life/disability insurance or warranty.

[underscore]

You're right, it is. But according to the gov't these people are still permitted the privilege to drive. They can borrow a car or rent one but they can't properly insure their own. I'm curious what happens if you lose the required coverage partway through financing.

Originally Posted by prudz

Private insurance is harsh for people with bad records, it's amazing for people who have clean records. When I was paying td I always felt like public insurance was better and i'd be paying less. I'd be so happy to be back paying private insurance.

Since you have firsthand experience with it do you know why the quotes I got online from TD were so high? It was all with spotless records and way higher than what I pay here. From my (limited) understanding Alberta was good when there was legislation limiting rate increases but now that it's gone rates have been cranking up a lot.

[twitchyzero]

Originally Posted by Funnel

It is actually written in your bank finance agreement "You shall keep the Goods insured for the full insurable value."

You may cancel any insurance all you want but when something happens the bank will reserve the right to sue you.

i told the insurance agent i already have 3rd party through the same company he was trying to sell me (intact/belair)

unless i missed it when i had glance nowhere on the contract does it say i cant drive without additional icbc coverage

anyways car's been paid off

Originally Posted by underscore

You're right, it is. But according to the gov't these people are still permitted the privilege to drive. They can borrow a car or rent one but they can't properly insure their own.

again on the home ownership analogy, even if you have poor credit you can still airbnb/crash a friend's

any insurance public or private should have the right to deny a policy if your risk is too high

even if my record is average at least there's still options

[prudz]

Originally Posted by underscore

Since you have firsthand experience with it do you know why the quotes I got online from TD were so high? It was all with spotless records and way higher than what I pay here. From my (limited) understanding Alberta was good when there was legislation limiting rate increases but now that it's gone rates have been cranking up a lot.

My rates were before the NDP changed some rules recently (5 years back). You actually have it backwards. The NDP put forward the legislation that limited rate increases and that is what caused insurance companies to start reacting in the current manner. They are now trying to find ways to limit their exposure to bad drivers so they can continue to be profitable. There was no rate limiting when I was insured in AB. TD Meloche Monnex is not the same as regular TD insurance btw they are actually two different types of insurances. Honest answer, no idea. All I know is my rates were drastically less than now and I had 4 vehicles compared to the 1 now.

[68style]

My best friend lives in Calgary and his wife runs an insurance agency... he's got at least 4 cars including a Mercedes, Porsche and Tesla and as a whole he pays less than I do here for 2 super old cars. We're both the same age.

[Edison_Chen]

Based on experience, if the vehicles are financed through the manufacturer and or a third party bank they use, there should be a statement on the contract that says the chicle must be insured with full coverages. Different banks have different limits. Usually there is a lien which is attached to the vehicle. When there is an accident, I believe icbc also does a lien check and pays out to them first ?

Lease vehicles are similar from a insurance perspective and the vehicle requires full coverage. Some small in house leasing companies may also required the lesser to purchase replacement cost if the vehicle is eligible for it.

[GIZZ]

So we renewed the 05 Pathfinder in Aug, drove for a month and cancelled it. Renewed again yesterday with a combined drive factor of .540

old with 43% discount
$2011 base discounted to $1146
$2mil liab $292
$2mil underinsidered motorist protection $25
$500 comp deductible $140
$300 collision deductible $67
totals $1670
annual lic fee $84
plate fee $18
total amount due $1772

new with drive factor .540
$1105 base
$2mil liab $269
$2mil underinsidered motorist protection $25
$500 comp deductible $137
$300 collision deductible $80
totals $1616
annual lic fee $84
plate fee $18
$1718 total

So it's now $54 cheaper, the rates all changed. The collision went up the most. For what I pay for collision and Comp it's not really worth dropping them.

[punkwax]

Petition to fight ICBC’s monopoly.

http://chng.it/6wrLCXjY

[Jmac]

Spelling, grammar, and a coherent argument are all sorely lacking in that petition.

Rates aren’t high because ICBC has a monopoly on basic insurance. We had the 3rd lowest rates in the country less than 10 years ago with the same system (note: the other two ahead of us at the time had similar systems) and the two highest at the time were 100% private.

We’re in this mess because our government sold us out.

[68style]

^
“Balanced budgets” fuck when was the last time a government balanced a budget anywhere... without selling off crown assets or dipping into slush funds like ICBC to pad the bottom line...

[trollface]

Originally Posted by punkwax

Petition to fight ICBC’s monopoly.

http://chng.it/6wrLCXjY

That is the stupidest petition I've ever seen in my life. It literally offers no solutions, just "End it".

Then what?

[hud 91gt]

Ugh. My wife just renewed. She will be paying $800 more per year. What bullshit. Mine will probably go up too since she will be listed under mine (both no accidents but she is younger then I). 17 years, zero claims not even a bloody windshield.

Edit: god damn. I forgot when she got her new CRV she swiped a poll and scratched the door. Totally forgot about this. We put it on her ICBC as it wouldn’t affect her rates at the time due to previous history. Our combined factor is .686. Mine is .56. God damn! That was not worth the $1000 savings putting that through insurance. Jesus.

[Simplex123]

Originally Posted by hud 91gt

Edit: god damn. I forgot when she got her new CRV she swiped a poll and scratched the door. Totally forgot about this. We put it on her ICBC as it wouldn’t affect her rates at the time due to previous history. Our combined factor is .686. Mine is .56. God damn! That was not worth the $1000 savings putting that through insurance. Jesus.

You can still pay that off. See how it works out with that. It could go both ways.

[320icar]

Originally Posted by Simplex123

You can still pay that off. See how it works out with that. It could go both ways.

IIRC you have to pay within 12 months of the claim

[hud 91gt]

Originally Posted by Simplex123

You can still pay that off. See how it works out with that. It could go both ways.

Really? This was about 2 years ago. We will definitely investigate. If my insurance will see a similar increase due to it, it certainly may be worthwhile.

[jing]

[E90M3]

Originally Posted by 68style

That's the one you should have disputed, you can't get a MVA violation in a parking lot, it's private property.

City Property, unfortunately I did my research before I went and paid.

[E90M3]

Originally Posted by trollface

Just renewed. Same policy as last year, no claims, no tix.

Went up 200 bucks.



Yo, how TF do you afford 5k to insure a m3? lol

Save money from the previous year, however, I havent insured the car again. Im not down to pay $5k essentially again.

[CCA-Dave]

Went and renewed three vehicles today, without changing any of the coverages on them. I'mclaims free and accidents free. I went from a 43% discount in the system, to a 0.54 factor under the new system.

2005 Subaru Impreza - increased by $111.00 a year.
2018 Flat Deck Auto Trailer - increased by $1.00 a year.
1958 VW Beetle - decreased by $67.00 a year.

Personally, I don't believe that ICBC's claimed 56% of users are saving an average of $206/yr under the new system. I'm now 40 years old, zero claims, and my 14 year old car beater is going up?

Having also lived under the private insurance system in Ontario, however, I know the private also doesn't work. It's definitely better for the average consumer who is claims free, and drives an appliance vehicle. But for any of us who are vehicle enthusiasts, it aims to penalize you at every opportunity. When I left Ontario, it was actually impossible to insure a car with modifications. Swapped wheels? No one would take you. All of the modified cars out there were like collector plate cars here that modify after they get the plates - They're paying for insurance, but the fine print gives every right for the company to deny coverage.

[MarkyMark]

Ugh I don't know, the older I get the less I care. Coming from someone who currently drives a vehicle that probably wouldn't pass 'private insurance specifications', if I could pay less than the bullshit price hikes ICBC has given me year after year when I'm 17+ years deep of claims free driving, I'll gladly trade my vehicle in for a stock vehicle and leave it at that.

If not having aftermarket wheels saves me money then fuck it, I'm at a time in my life where I'll buy a vehicle that looks great stock and be done with it. What I'm not cool with is being penalized every year for other people being shitty drivers.

[twitchyzero]

sounds like basic risk mgmt?

you swap suspension/footwork/go even lower profile/meatier rubber and have at best a finger or two width of clearance to be used on shitty pothole roads = more likely gonna make claims

we've just had it way too easy when it comes to insuring modified vehicles, if i were a insurance company why would i wanna cover someone who had to do fab/custom work on a motor swap that doesn't directly bolt on? probably a fire hazard waiting to happen...certain italian exotics should be included under that umbrella

if it brings the rate down for the motorist with good records/demonstrated minimal risk, i'm all for it