Updated: January 27, 2020
BC drivers deserve better auto insurance. Get the facts. #BetterAutoInsuranceBC
A new report found that BC drivers pay up to 42% more for auto insurance than their neighbours in Alberta, and will continue to pay more despite BC and Alberta having substantially similar auto insurance systems. To help illustrate the impact on individual drivers, here are 14 driver profiles that directly compare the price of auto insurance for the same drivers across both provinces. To see the full report click here, Comparison of Auto Insurance in BC and Alberta
A recent report shows that drivers in BC could save up to $325 annually if ICBC’s monopoly ended and the market was opened to competition. Click to see the full report, The Benefits of Competition in the Provision of Automobile Insurance in BC.
The average driver in BC now pays $1,832 every year for their auto insurance – the highest in Canada.
| ICBC
| AB
| SK
| MB
| ON
| QC
| NL
| NS
| NB
| PEI
|
Average Premium Cost
|
$1,832 | $1,316 | $1,235
| $1,140 | $1,505 | $717 | $1,168 | $891 | $867
| $816
|
|
Average Premium Cost |
ICBC
| $1,832 |
| AB | $1,316 |
| SK | $1,235 |
| MB | $1,140 |
| ON | $1,505 |
| QC | $717 |
| NL | $1,168 |
| NS | $891 |
| NB | $867 |
| PEI | $816
|
Source: GISA & MSA data for private insurers (as of December 31, 2018), SGI Annual Report (2018), MPI Annual Report (2018), Société de l'assurance automobile du Québec (SAAQ), and ICBC Service Plan (2019).
Now, more than ever, it is time for change … and choice.
In a recent poll, 82% of British Columbians say they want more choice in auto insurance. They've run out of patience with the province's auto insurance system and want more choice. BC drivers deserve to be able to choose the auto insurance provider that best meets their needs, at the best price.
Competition provides a powerful incentive for any company to keep prices down and to deliver the best customer service possible. Auto insurance is no exception to this rule.
Ending the ICBC monopoly and opening the marketplace to competition is the most effective way to deliver better costs to consumers and drive innovation to better meet the needs of BC drivers. The experience that Canada's private insurance companies have gained in other provinces can help to improve the affordability of auto insurance in BC.
BC Auto Insurance – FAQs