Cowichan – On the heels of another profit, much of which went to provincial general revenue, ICBC stick it to us yet again.
ICBC’s basic, compulsory insurance rates have been increased by more than 11 per cent! Why? In order to dramatically cut their optional insurance rates, thus carving back the insurance coverage that previously was available considerably cheaper through private insurance companies.
ICBC is now, with provincial government approval, using those increased basic, compulsory insurance premiums – our money – in order to effectively reduce, nay eliminate, private competition for optional insurance, a category most folks used to choose to save significant dollars on their optional auto insurance premiums.
I think “rotten” is the only way to describe this travesty.