ICBC loss is 935 million

[LUCKY 7]

Just saw on the news about ICBC. There are many reasons why ICBC has a loss. From the new vehicles that are junk right from the factories and not repairable to the extreme cost of replacement parts and many many other reasons. But IMO maybe people should just slow the PUCK down. Holy crap why do people need to pass when it is unsafe too!!! why do people need to be distracted while driving??? no need to text and drive at the same time... how about the need to pass everything that's in front of you??? Is it really worth dying over?????I see around here the extreme amount of IDIOT drivers that will end up costing the good drivers more money every time they go to renew their insurance. I get the max discount and still pay alot. that's my rant for the week.

 

[catinthehat]

Just saw on the news about ICBC. There are many reasons why ICBC has a loss. From the new vehicles that are junk right from the factories and not repairable to the extreme cost of replacement parts and many many other reasons. But IMO maybe people should just slow the PUCK down. Holy crap why do people need to pass when it is unsafe too!!! why do people need to be distracted while driving??? no need to text and drive at the same time... how about the need to pass everything that's in front of you??? Is it really worth dying over?????I see around here the extreme amount of IDIOT drivers that will end up costing the good drivers more money every time they go to renew their insurance. I get the max discount and still pay alot. that's my rant for the week.

I think one of the main reasons for this is that they are being overcharged for repairs. I can go to the glass shop and have my windshield replaced for less than the deductible if I pay myself. ICBC pays more than that over and above the deductible we pay. They need to review the fee structure first before they reach deeper into our pockets.

 

[ferniesnow]

It would be interesting to see how many executives are paid $1,000,000 annually plus bonuses and the number of minor executives in the $100,000 - $500,000 range. The biggest mismanaged corporation in BC...............albeit BCFerries are a close second.

Private enterprise does a much better job of running insurance companies. Does anybody know of a privately owned insurance company that is on the verge of bankruptcy ?

 

[ferniesnow]

I think one of the main reasons for this is that they are being overcharged for repairs. I can go to the glass shop and have my windshield replaced for less than the deductible if I pay myself. ICBC pays more than that over and above the deductible we pay. They need to review the fee structure first before they reach deeper into our pockets.

Absolutely! Pay cash for a windshield and it is one quarter the cost. That is just one example.

 

[ABMax24]

Private enterprise does a much better job of running insurance companies. Does anybody know of a privately owned insurance company that is on the verge of bankruptcy ?

True, but not really an apples to apples comparison. Although private insurance companies rarely go under, they will pay for their own mismanagement out of their customers pockets. After the floods in southern Alberta my parents insurance rates went up 30% to help pay for it. The insurance company claimed "due to increased chance of floods with climate change". Those areas in southern Alberta have flooded before, and will flood again, had the insurance company done their research they would have known that and charged rates to those customers accordingly, when one area has a large amount of claims we all pay for it.

ICBC isn't a model for good management either, I know people that have lived here in Alberta for a few years that keep a BC address so they can take advantage of the lower ICBC insurance rates due to DUI's Tickets etc. because they would never be able to afford insurance rates from a private company here. Something is seriously wrong with that system if the same high risk driver pays significantly less rates to ICBC.

 

[ferniesnow]

ICBC isn't a model for good management either, I know people that have lived here in Alberta for a few years that keep a BC address so they can take advantage of the lower ICBC insurance rates due to DUI's Tickets etc. because they would never be able to afford insurance rates from a private company here. Something is seriously wrong with that system if the same high risk driver pays significantly less rates to ICBC.

You got that right. There is something terribly wrong and I pointed my finger at what I see as one of the big problems. Paying big salaries for incompetent management.

 

[imdoo'n]

any idea where they lost it? might be worth going out to take a look?

 

[ABMax24]

You got that right. There is something terribly wrong and I pointed my finger at what I see as one of the big problems. Paying big salaries for incompetent management.

I'm not sure if BC has this, but here in Alberta we have salary disclosure legislation, so that all Government employees earning over $100,000 have their compensation posted on a government webpage for the public to view. It's a good step, but not sure what the public would be able to do about something we don't agree with on the list.

Anyway, here it is, Alberta currently has just over 3,500 government paid employees being compensated over $100,000.

 

[moyiesledhead]

It would be interesting to see how many executives are paid $1,000,000 annually plus bonuses and the number of minor executives in the $100,000 - $500,000 range. The biggest mismanaged corporation in BC...............albeit BCFerries are a close second.

Also be interesting to see how much of their revenue got transferred (stolen) into government general revenue. Provincial government is famous for that.

 

[X-it]

NDP robbing money to cover up their embarrassing spending habits, something like the federal government with carbon tax, we reduced taxes on middle income people.....bullsh!t and lies.

 

[moyiesledhead]

NDP robbing money to cover up their embarrassing spending habits, something like the federal government with carbon tax, we reduced taxes on middle income people.....bullsh!t and lies.

It would make me ill to defend the NDP, but the BC Government's been doing this for years no matter who was in power.

 

[eclipse1966]

typical government run organization. No accountability, poor management and who cares attitude towards their customers money. After all there is more where that came from in rate hikes. Private insurance is not much better from my experience in my basement flood last May. Restoration company came in thinking my flood insurance was going to cover expenses so nothing was spared for costs. They even hired a profession pool table installer to take our table apart then store off premises and re-install all for $750.00. Guess what the table is worth..... $750 bucks! So, since our claim was denied as our sump pump was on the outside foundation wall instead inside I had a chance to look at our invoice since we were paying. Wow were they ever going to hose the insurance company! I managed to knock off $6900.00 since I was paying. Sad!

 

[catalac]

I wouldn't sweat it, I'm sure your Ndp premier Horgan will find a way to hide that government run insurance in deficit, crap Notley is in the hole that much monthly.

 

[freeflorider]

Self insure. Takes a bit to save a nest egg to start, but I tell yah Not pumping out thousands Apon thousands a year in icbc premiums sure feel good, if I need a window or and dent repaired I pay it out myself. Vehicals are one of the most costly things to own.
I say drive something that your not going to cry over if it gets dented. Icbc costs are out of control for many reasons, payout, over charge fix jobs and poor management are some of them.

 

[X-it]

No one even cares about the extra $4112.00 dollars it will cost the average Canadian family for Trudeaus new carbon tax. FU to those who voted for him, and when you can't make your payments because the cost of living is out of control. Who's fault is that.

 

[S.W.A.T.]

In my opinion icbc is right up there with bc hydro just another miss managed government run corporation

 

[eclipse1966]

hate to say it but the carbon tax was going to be implemented regardless of who is in power. The government found new means of getting their hands into our pockets so its just a matter of time. Look at it globally, even Bangladesh is scheduled to implement it.

No one even cares about the extra $4112.00 dollars it will cost the average Canadian family for Trudeaus new carbon tax. FU to those who voted for him, and when you can't make your payments because the cost of living is out of control. Who's fault is that.

 

[Trashy]

Just seen this on FB, posted by a couple of good BC friends

 

[LUCKY 7]

news reports now say our rates are going up... that's wield!!. I saw a report of a tow truck driver with a dash cam that says a HUGE problem is the drivers and the lack of driving ability and the severe amount of stupid drivers that are driving like idiots and no regard for anyone else. Also the winter tire debate and how lots of people don't use them.

 

[skegpro]

Saskatchewan is govt run and cheaper than Alberta..........