I don’t suppose the millions of dollars in voluntary repayments has affected ICBCs bottom line………;) Though I do applaud the Insurance Corporations’ transparency in admitting the errors that led to the repayments.
metalman.

I thought it might have been because of the 900 million the bc liberal government siphoned off.

It may have something to do with the $226 million dividend they paid the shareholder last year – i.e., the provincial government. I mean, the province will get the money it needs one way or the other, but let’s be honest, it’s not an insurance cost increase, it’s a tax, because if the province didn’t take the almost quarter billion dividend, ICBC could actually afford to drop rates about 15%. At least the good thing about this tax, depending on how you look at it, is everyone – no matter what their income level, has to pay it, if they can afford a car. I think they call that a regressive tax.

ICBC.. Our lovely government uses it as general revenue. Another way they crock the books. Since when should a insurance company pave roads..collect police fines etc.. It used to be good..now it’s another gouge.

I would think that the thousands of fraud insurance claims in the lower mainland don’t help either. Horrible drivers who needed an interpreter to obtain a drivers licence is wrong in my eyes ,,, how do you read road signs ?

They can get rid of bonuses first

Posted by: monkeyseemonkeydo on August 26 2014 10:19 AM
I would think that the thousands of fraud insurance claims in the lower mainland don’t help either. Horrible drivers who needed an interpreter to obtain a drivers licence is wrong in my eyes ,,, how do you read road signs ?

——–

Given that the average PG driver can’t comprehend “Keep Right Except To Pass”, reading signs is not an issue confined to the lower mainland.

We need to start making it more difficult to get and to keep a driver’s license. One distracted driving offense should result in a long term driving ban and a much larger fine then the current $168.

Isn’t it just about time for ICBC’s CEO to get another massive wage increase too?

How about making the bad drivers pay MORE and leave the rest of us alone.

Agree with that completely axman.

I’ve always thought what might be more effective than a fine and points, is in addition to them, say on your second ticket, you have to redo the written test. On your next ticket – the road test (all at your cost – and use a two year rolling average). For some people fines and points mean nothing, because money isn’t an issue for them. But having to drag your butt down to the “Service” center and redo the driving test – that’s inconvenient, and a real deterrent. After the first ticket, I bet most people would have a much softer foot.

Gotta make that transfer payment to the BC Gov general revenue…

#nonewtaxes

And after cutting though all the BS,its the Government dragging more from ICBC coffers, its a cash cow they cant leave alone. Each year they increase their take and we pay more.

axman, to that, I think we can add the serious issues PG drivers seem to have with ‘merge’ and ‘yield’ signs. good god.

“Horrible drivers who needed an interpreter to obtain a drivers licence is wrong in my eyes”

LOL… those aren’t the bad ones. You haven’t met the thousands of them that are legally allowed to use their drivers licenses from their native country. The RCMP tried to take them from them, saying it was illegal, but ICBC made them give the licences back.

So, no proper instruction of our road rules, and they can get ICBC insurance? Yeeshka. If that doesn’t scream cash cow, I don’t know what does.

Good god P P your right, I looked it up ,,, no wonder personal injury claims have sky rocketed. That and the fraudsters.

They probably just trying to recover the money they had to pay back

Couple paragraphs from Google website. Yeahhh I picked and choose which paragraphs.

“The increase would cost most vehicle owners about $3 per month or $36 per year, starting Nov. 1, if approved by the B.C. Utilities Commission, according to the provincially-owned corporation.

The corporation blames rising accident rates from distracted driving, and rising legal and medical bills for the proposed hike.

“The rising number and cost of injury claims is commonly the biggest single factor driving rates for all auto insurers across North America and beyond,” said a statement released by the corporation on Tuesday morning.

The proposal comes just one year after ICBC requested a 4.9 per cent hike citing the same reasons, and received permission to put rates up 5.2 per cent. The extra 0.3 per cent was deferred until this year.”

No….the Liberal government wants ICBC to raise insurance rates so they soak you out of more money for their empty coffers.

The last time ICBC increased its insurance rates in 2012, this was happening;

“The government review of ICBC found wages for senior management at the Crown Corporation went up by 70 per cent since 2007, while revenues from its investments have declined. It also showed the corporation increased its management personnel by 32 per cent.”

Oh no, did I bring up another example of Liberal government incompetence? I’m sorry ;-) Wow… 70% salary increases, management personnel up by 32%, maybe these people could bargain on the BCTF’s behalf?

http://bc.ctvnews.ca/icbc-rate-hike-approved-as-report-blasts-high-wages-1.918134

Being human. Don’t be silly..I am all the ppl against the teachers just love the increase their great government is giving ICBC fat cats.. Along with taking $900 million from ICBC to put into the general revenue coffers.. Then lie about why they need to increase fees for car insurance

But no money for schools..

I say dismantle ICBC and go strictly to private insurance. Government should not be in the insurance business either.

We have been taken advantage of by ICBC for years. And we are forced to do business with them. That is not right.

Perhaps the increase in injury claims is because ICBC are too lax in investigating the claims and to generous in their settlements.

We also have a lot of lawyers who make their living on ICBC claims. Must be good money because they advertise on TV all the time.

ICBC has billions in investments. Whats that all about??? Why the hell are they in the investment business. How much do they pay to have these investments looked after. Where is the money invested??? Can they sell some of these investments to keep insurance rates low??

There is no doubt that the Government is syphoning off money from ICBC, much like it does with HYDRO. So in effect we are being robbed by the very people who are supposed to be looking after our interests.

Our problems will not be solved by voting out the Liberals and voting in the NDP. We would just get more of the same. These dudes have been hosing us for years, and years.

Time for a complete change in Government. We need to get rid of both the NDP, and Liberals.

That means that we need to vote in the fledging Conservative Party if for no other reason than it allows us to clean house.

So at the end of the day the power lies with the voter. Are the voters smart enough to get rid of the present Government and Opposition. I sincerely hope so.

@Palopu: Much like the last election, where you said pretty much the same thing about not voting for the Liberals or the NDP and ‘cleaning house’, it ain’t gonna happen.

As for ICBC, it’s just another tax arm of the government. It’s been that way for a very long time, long before the Liberals. The government takes that money to sustain itself. If ICBC were to disappear, the government would have to make up the lost revenue some other way, either through increased taxation or service cuts. I’m not saying any of this is right, just stating facts.

Hydro’s pretty much the same thing, except we have some of the lowest power rates in North America. Go figure.

Also as far as ICBC is concerned, you only have to buy the basic coverage through them. There are lots of other better cheaper options for your optional coverage.

Johnnybelt.. Yes but if we got rid of ICBC then how many tens millions would we save in salaries, benifits, huge bonuses.etc etc. if we all paid less for insurance that would help the economy as we would have more to spend.

Your liberal rose coloured glasses you wear need to be cleaned so you see what’s really happening in real life.

As for hydro.. We are quickly catching up to what others pay thanks to the liberals..we have never seen such increases in our rates until Clark.

I am saying it’s not right and that’s a fact

Liberal crooks is all they are. legalized theft through legislation.

although we should keep in mind icbc was the idea of dave barrett and the ndp about 40 years ago. crap, how did so much time pass. i remember being a teen when it came in, seemed like a good idea at the time. anyhow, ndp, liberal, it don’t matter, profits that would have gone to private corps and their shareholders go to the government, that was the theory at the time. unfortunately anything government run seems to attract a certain amount of fat that private industry wouldn’t tolerate.

P Val: “Johnnybelt.. Yes but if we got rid of ICBC then how many tens millions would we save in salaries, benifits, huge bonuses.etc etc. if we all paid less for insurance that would help the economy as we would have more to spend. “

You didn’t read my post very closely. I hate ICBC as much as anyone. But it isn’t going anywhere anytime soon.

JB. You said ” if ICBC were to disappear”. Aka get rid of aka have no more. Aka go all private .. So ya I did

Comment Posted by: Palopu on August 26 2014 7:46 PM
Perhaps the increase in injury claims is because ICBC are too lax in investigating the claims and to generous in their settlements.

We also have a lot of lawyers who make their living on ICBC claims. Must be good money because they advertise on TV all the time.

ICBC has billions in investments. Whats that all about??? Why the hell are they in the investment business. How much do they pay to have these investments looked after. Where is the money invested??? Can they sell some of these investments to keep insurance rates low?

yesss lawyers make a killing on injuries.. Imagine a suit for three million… Guess what the lawyers get?? one million of that.

Nooooo ICBC is not lax on compensation for injuries… On the contrary, they are quite cheap and will not pay what it’s worth. The more they save in not paying out, the bigger the bonus they recieve. Also, insurance supposed to cover us, but heaven behold, this no fault accident is not No Fault anymore.. they go after one of the parties to recover the money and find reasons to cut back on the reciepient.