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McComb Witten Marcoux

Get Your Hand out of My Pocket!


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2/20/2014
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I almost spat my coffee out in anger this morning after reading in the Vancouver Sun that the Provincial Government is planning to grab more than $480 million of “excess optional capital” from ICBC over the next three years.

http://www.vancouversun.com/business/Government+grabbing+cash+from+ICBC+Hydro+they+raise+rates+charges/9527548/story.html

The move is being presented as a way for the folks in Victoria to balance their books. But it’s those of us who pay for auto insurance in BC that are going to be left counting the cost. That’s what really makes my blood boil. It’s not the politicians who’ll feel the pinch. Instead it’s you, me and everyone else in the Province who insures a vehicle who’ll be forced to dig a little deeper.

You see, while the B.C. Government might claim to be taking money out of ICBC’s pocket, it’s the motorists of British Columbia who’ll end up having their pennies pinched. That’s something that became all too clear back in November when ICBC announced that it was raising basic insurance rates (i.e. insurance that everyone who insures a vehicle in B.C. needs to purchase) by 4.9%.

So what am I missing here?

Isn’t ICBC an insurance company? Shouldn’t it be focusing on serving its customers (honest people like you and me) rather than ploughing profits back into the Government’s coffers? I mean, just think about all of the ways that half a billion bucks could be spent to bring us a better service.

For now though I’m going to have to choke down my coffee and get on with my day.

But don’t think that I’m going to forget about this any time soon.



Category: Car Accidents


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