An organization that represents Canada’s insurance industry says B.C. drivers are paying the highest insurance premiums in the country.
According to the Insurance Bureau of Canada’s (IBC) figures, the average British Columbian is paying about $1,680 per year to insure their car this year. That’s compared to about $1,445 in Ontario, $1,251 in Alberta, and $796 in Prince Edward Island.
The figure comes as the B.C. government looks to minimize losses as the public insurer, which
topped $1.3 billion in the last fiscal year.
After a pair of reviews, the province has implemented major changes to ICBC, which include a cap on payouts for soft-tissue injuries and shifting insurance claims out of the courts and into B.C.’s Civil Resolution Tribunal.
But the IBC says there’s one major solution the province is ignoring: ending ICBC’s monopoly on basic insurance coverage.
Under B.C.’s insurance rules, drivers must buy basic insurance, which covers third-party liability, from ICBC, but are permitted to shop among private insurers for additional coverage.