B.C. Liberal leader Andrew Wilkinson has formalized his party’s long-standing promise to open up B.C.’s basic vehicle insurance monopoly to competition.
“The ICBC monopoly is a failure and it’s time to offer drivers cheaper rates,” Wilkinson said Oct. 6. “That’s what competition will do and that’s what the B.C. Liberals will deliver.”
The NDP government paid a $1 billion bailout in the current budget to keep ICBC rates from rising higher, mostly due to soaring accident and injury claims and associated legal costs. Before the election called for Oct. 24, NDP leader John Horgan’s government legislated an out-of-court system for most disputes and promised a rate cut for 2021.
Wilkinson also promised to give younger drivers an unspecified break from higher rates that resulted from an overhaul of ICBC’s rate structure to charge based on driver risk rather than vehicle ownership.