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Corvette
C8 Forum
Need advice for auto insurance in BC
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<blockquote data-quote="MKinOntario" data-source="post: 310347" data-attributes="member: 8655"><p>Understood, as I said, but in a free market, you can shop around, and price compare. Private insurance companies use/maintain their own actuarial pools, which they can "quality control" by selectively refusing insurance to the bad drivers. You're not locked into one company, like ICBC. Since they're, effectively, the only game in town, thay have to insure some of the worst drivers, granted at higher premiums, but everything has to go through them, taking the free market and price competition out of the game. Unless, as some have said, you want to pay even more than what they charge, if that's even possible? We all just want the best deal we can get, and it differs by province, with BC usually occupying the highest rates spot. </p><p></p><p>Until that CTV report came out.... </p><p>"Conducted by accounting firm Ernst & Young (EY) and commissioned (paid for) by the Insurance Corporation of British Columbia (ICBC)".</p><p>And, Ernst and Young even went so far as to publish a disclaimer, and say their report was limited, and "Further, the comparisons made in the data summary do not attempt to provide a full representation of the rate options available or what consumers are paying."</p><p><a href="https://www.ey.com/en_ca/news/2023/01/clarification-to-canadian-private-passenger-vehicle-insurance-rate-comparisons" target="_blank">Clarification to Canadian Private Passenger Vehicle Insurance Rate Comparisons</a></p></blockquote><p></p>
[QUOTE="MKinOntario, post: 310347, member: 8655"] Understood, as I said, but in a free market, you can shop around, and price compare. Private insurance companies use/maintain their own actuarial pools, which they can "quality control" by selectively refusing insurance to the bad drivers. You're not locked into one company, like ICBC. Since they're, effectively, the only game in town, thay have to insure some of the worst drivers, granted at higher premiums, but everything has to go through them, taking the free market and price competition out of the game. Unless, as some have said, you want to pay even more than what they charge, if that's even possible? We all just want the best deal we can get, and it differs by province, with BC usually occupying the highest rates spot. Until that CTV report came out.... "Conducted by accounting firm Ernst & Young (EY) and commissioned (paid for) by the Insurance Corporation of British Columbia (ICBC)". And, Ernst and Young even went so far as to publish a disclaimer, and say their report was limited, and "Further, the comparisons made in the data summary do not attempt to provide a full representation of the rate options available or what consumers are paying." [URL="https://www.ey.com/en_ca/news/2023/01/clarification-to-canadian-private-passenger-vehicle-insurance-rate-comparisons"]Clarification to Canadian Private Passenger Vehicle Insurance Rate Comparisons[/URL] [/QUOTE]
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Corvette
C8 Forum
Need advice for auto insurance in BC
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