Media Statement from Insurance Bureau of Canada
October 6, 2020 (Vancouver) - Today, Aaron Sutherland, Vice-President Pacific, Insurance Bureau of Canada (IBC), issued the following statement:
"Today, the BC Liberal Party announced that if elected to form the next government, they will open the province’s vehicle damage market to full competition. This would make British Columbia’s no-fault system - set to come into force in May 2021 - remarkably similar to that of Quebec, a province where injury coverages are provided by the government insurer and vehicle damage coverages are provided by private insurers. Under the Quebec hybrid model, drivers pay an average of $717 for auto insurance - the lowest in Canada - and can shop around to find the best coverage at the best price. That is less than half the $1,500 average premium ICBC projects under its no-fault insurance system.
Under ICBC’s monopoly, BC drivers pay more for car insurance than any other jurisdiction in Canada – be it a public or a privately run system. Canada’s private insurers want to help lower premiums in BC and are committed to working with any government to create a system that works for everyone. Competition is a powerful incentive for any company to deliver the best product at the best possible price. Auto insurance is no exception to this rule."