BC Conservatives promise to end ICBC monopoly, age-based rates

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If elected as the governing party, the Conservative Party of BC is promising to shake things up with how British Columbians receive vehicle insurance coverage.

In a statement on Wednesday, party leader John Rustad announced the BC Conservatives would “end the Insurance Corporation of British Columbia’s (ICBC) monopoly” and introduce “fair, competitive car insurance” by providing the province’s residents with insurance options.

The party asserts such a move, ending the provincial government’s Crown corporation’s monopoly since the early 1970s, would lead to lower rates and better customer service.

“ICBC is a bloated monopoly. After years of mismanagement, British Columbians are stuck with a broken system. On top of that, David Eby and the NDP have stripped away the rights of accident victims to fight for the support they need to rebuild their lives. That’s not just wrong, it’s cruel,” said Rustad.

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“It’s time for real choice, fair rates, and support for those who need it most. The Conservative Party will deliver an auto insurance system that works for British Columbians, not the government’s bottom line.”

There would also be an abolition of charging different insurance rates based on the age of the driver, with younger and older drivers currently facing “unfairly high rates.” As well, the “no-fault system” introduced by the BC NDP would be eliminated to provide accident victims with the “right to fight for the support the need.”

The scheme of ending ICBC’s monopoly has been questioned by MoveUP, which is the union that represents ICBC workers. They charge that BC drivers would end up paying more for vehicle insurance if the provincial Crown corporation’s monopoly were to end.

MoveUP asserts BC has one of the lowest vehicle insurance rates in Canada, with drivers in other provinces covered by private auto insurance paying higher rates.

“John Rustad’s track record shows he has no credibility when it comes to ICBC,” said MoveUP president Annette Toth in a statement. “He not only wants us to pay more for our auto insurance, but he also wants us to hand our hard-earned wages over to multinational insurance corporations that have a profit motive, make little to no investments in our local economies and communities, and don’t create jobs in BC.”

Today, the BC NDP also announced they would freeze ICBC premiums. By changing ICBC to an “Enhanced Care” model, it is stated that drivers save an average of 20% on their premiums each year.

“This model has proven to deliver better care while drastically reducing what is spent on lawyer fees. And we’ll make it work better for everyone: we’ll make sure ICBC’s coverage keeps pace with increasing costs for the services people need as they recover from a car accident,” reads the BC NDP’s full platform.

“And while John Rustad wants to sell ICBC and turn you and your family over to private insurance companies that charge rates two or three times higher for individuals and businesses — and fight in court not to pay you — we’ll keep rates low for you.”

The provincial general election is scheduled for Saturday, October 19, 2024.

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