The BC Liberals have pledged to end the ICBC monopoly as part of an additional election platform promise.
The party states that the rise in auto insurance rates has made driving unaffordable for British Columbians, especially young drivers.
“A BC Liberal government will officially end the ICBC monopoly by opening up the automobile insurance market to competition from the private market so drivers can shop for the best possible rate, along with lower premiums for young drivers to give them a break at a time in life when they need it the most,” says the party in a statement.
Leader Andrew Wilkinson says that “the ICBC monopoly is a failure,” noting that “it’s time to offer drivers cheaper rates.”
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Last weekend, the NDP promised, if re-elected, to pay ICBC profits from the COVID-19 pandemic back to drivers in the form of a rebate.
British Columbia’s Attorney General and NDP Candidate David Eby says that this rebate would be paid on May 1, 2021, around the same time that a 20% rate reduction is scheduled to take place. The rate reduction was introduced last March as part of legislation aimed to lower ICBC premiums.
On Monday, the BC Liberals also promised a sweeping $8 billion infrastructure plan that would revive the previous plan to build a new 10-lane bridge to replace the George Massey Tunnel, as well as 24 km of Highway 99 improvements starting from the south end of the Oak Street Bridge.