Letters to the Editor

$200M ICBC windfall

Re: ICBC rate hikes.

I received my ICBC renewal notice for my car. I am invoiced 4.9 per cent more for the basic coverage, which amounts to an increase of $44 after my 43-per-cent discount.

ICBC states in the cover letter that the BC Utilities Commission has approved this “interim” rate hike since November 2013. Then the letter continues to reassure, “We are also able to reduce our Optional rates to lessen the impact on you.”

Well, I am covered for my collision and comprehensive parts of optional insurance through other private insurance companies, leaving ICBC to cover only the third-party liability. The bill that I received did not “reduce,” but actually increased the impact on me by demanding $50 more this year for the third-party liability. Overall, I am billed $94 more than the last renewal period.

Imagine more than two million B.C. residents being billed $100 extra this year – that is a whopping extra revenue of more than $200 million for ICBC.

Who regulates the ICBC rate hikes on optional insurance items?

T. George, Delta

We encourage an open exchange of ideas on this story's topic, but we ask you to follow our guidelines for respecting community standards. Personal attacks, inappropriate language, and off-topic comments may be removed, and comment privileges revoked, per our Terms of Use. Please see our FAQ if you have questions or concerns about using Facebook to comment.

You might like ...

Amid the ruins, a feast
 
No trust in TransLink
 
Vanishing green
COLUMN: We must take care of our seniors
 
Site C dam construction to start next summer
 
Mission-based cycling team collects for Christmas Bureau
Vees up season series to 4-0
 
Growing pains for police investigation unit
 
Obama: US re-establishing relations with Cuba

Community Events, December 2014

Add an Event


Read the latest eEdition

Browse the print edition page by page, including stories and ads.

Dec 16 edition online now. Browse the archives.