At a 70s themed press conference, the Canadian Taxpayers Federation (CTF) highlighted newly analyzed data showing that drivers in British Columbia now officially pay the highest auto insurance rates in Canada.
The Ernst & Young data shows that in 2016 the average BC driver paid $1,550 per year for auto insurance through ICBC and with the newly announced rate hike that average cost will go up to $1,680 for 2017.
“ICBC rates were already staggering and now they are the most expensive in all of Canada,” said Kris Sims, BC Director for the CTF. “The cost of living in BC is very high, now we have the worst auto insurance rates in the country – with no choices and no end in sight.”
Until now, BC was second to Ontario for the highest auto insurance rate, where the annual average cost was $1,458 in 2015.
ICBC was formed as a government-controlled monopoly back in 1973. To protest the fact that BC drivers are still stuck with this throw-back from the era of the Pinto and the Gremlin, Sims delivered Friday’s press conference dressed in a 1970s polyester jumpsuit, platform shoes and a mega perm wig.
“We need to send a message and if it means having a little fun before Halloween, then, so be it, ” Sims added. “ICBC was formed back when the government controlled our telecom companies and we all watched The Partridge Family, we can do way better than this nowadays. Let’s open ICBC up to competition and let companies fight over our business.”
To see latest ICBC rates, please see below (chart from the Ernst & Young Report. Page 87, Chart 27).
To see the latest rates from the rest of Canada please see below (chart from Ontario’s recent report on auto insurance accessible by clicking here. Page 28, Table 3).