B.C. Liberals should end ICBC monopoly
- B.C. drivers are forced to pay the highest insurance rates in Canada
- B.C. Liberals voting on policy resolution to open ICBC to competition
The Canadian Taxpayers Federation (CTF) is calling on the BC Liberals to vote in favour of a convention resolution that would open the ICBC monopoly up to competition and allow B.C. drivers to shop around for lower auto insurance rates.
“Drivers in this province are getting ripped off by ICBC, and it’s high time to end this government-forced monopoly,” said Kris Sims, BC Director of the Canadian Taxpayers Federation. “We pay the highest auto insurance rates in all of Canada – other drivers in places like Alberta, Ontario and Nova Scotia get to shop around for the insurance they want, and they pay much less every year to insure their vehicles.”
The CTF urged the BC Liberal delegates to vote in favour of opening ICBC to competition outside of their party convention in Vancouver, with a chortling monopolist dressed in a top hat and tuxedo handing out literature and bumper stickers.
ICBC has the highest auto insurance rates in all of Canada, with drivers forking out an average of more than $1,700 per year. These forced rates are set to rise every year as the government-forced monopoly struggles to contain a financial “dumpster fire” caused by years of mismanagement and a lack of competition.
“It’s encouraging to see that BC Liberal delegates care about the unaffordable rates that drivers are forced to pay in this province under the ICBC monopoly,” added Sims. “With the highest gas prices in North America, sky-high taxes, and staggering housing costs, British Columbians need the chance to save some money on their car insurance. We urge BC Liberal delegates to do the right thing and open ICBC up to competition and give drivers a choice.”
The CTF recommends the option of changing ICBC into a co-op, like a credit union, for B.C. drivers who choose to stay with it, and to open the new co-op up to competition.
To download the full CTF report, Political Risk: The case for ending ICBC’s Insurance Monopoly click HERE.