273:
36:
288:
year. High-end car dealers have criticized this change, arguing that it would be better to adjust the rates that these car owners pay rather than ignore an entire segment of vehicles on the road. In 2017 ICBC introduced a modified version of this new system, whereby 'luxury' vehicles could still be insured but would face having to pay higher premiums starting on
January 8, 2017. Vehicles in this class may also require an application to "obtain own damage coverage, which includes Collision, Comprehensive, and Specified Perils coverage".
414:
514:
Minister Hanson (the Social Credit minister responsible for ICBC): "The mandate of ICBC, which was established a number of years ago, was to break even… The bottom line is that ICBC is a user-paying, non-profit, break-even corporation. There haven't been great payments to the government out of ICBC.
386:
on a client's claims history, type of automobile, geographic location, and years of driving experience. The
Corporation assigns each driver a "driver factor" number for each type of insurance offered. This driver factor determines the discount/surcharge the customer pays for each type of insurance,
321:
by a business". Instead of suing, people "will receive benefits, payments for medical treatment and compensation directly from ICBC, using amounts set by the province depending on the type of injury". This change is estimated to save ICBC "$ 2.9 billion in legal fees, pain and suffering and injury
287:
On
November 23, 2016, the provincial government announced that 'luxury' cars (those worth over $ 150,000) will no longer be insured by ICBC. In 2016, there were approximately 3000 cars in this class insured by ICBC; the government claimed that this change would save approximately $ 2.3 million per
239:
government announced that it would require ICBC to pay the province dividends totaling some $ 778 million over three years, thus signaling the end of ICBC's operation as a non-profit Crown corporation, and also making it the only for-profit public auto insurance provider in Canada. These dividends
390:
Rates applicable to ICBC's basic automobile insurance coverage are subject to the review of, and are set by, the BCUC. In practice, however, the
Cabinet of the provincial government controls ICBC's rate setting through its power to set target financial outcomes (such as capital reserve ratios and
263:
was amended to allow private insurers to compete with it in the market for optional (supplemental) insurance (including coverage such as extended liability, collision, and comprehensive plans). ICBC continues to both hold a monopoly on basic insurance and offer optional additional coverage.
326:(BCUC), which regulates ICBC, approved a "a 15 per cent decrease to basic insurance rates", with ICBC stating that "With the introduction of ICBC's new Enhanced Care coverage in May 2021, drivers will save on average 20 per cent on their combined basic and optional vehicle insurance".
341:." The government stated that the funds for the rebates would come from the "net income of $ 1.9 billion for the fiscal year ending March 31, 2022", with the remainder being "reinvested into ICBC’s capital reserves to ensure rates remain affordable for the long term."
500:
Premier Dave
Barrett: "Government-owned automobile insurance represents an opportunity for the people of British Columbia who use their automobiles as a utility to have the right to decent automobile insurance protection at no-profit rates."
344:
In
December 2022, the NDP provincial government announced it had filed an application for there to be no basic insurance rate increases for two years with the BC Utilities Commission, marking 5 years of no basic insurance rate increases.
394:
Revenue collected by the
Corporation goes mostly towards paying insurance benefits and operational costs. The remainder is devoted to fulfilling ICBC's mandate to promote safe driving (the "RoadSense" campaign), as well as various other
322:
claims in 2022". Of the $ 2.9 billion, $ 1.2 billion will be "redirected into boosting treatment benefits and quickening response times for claims", and 1.7 billion were to be used to implement the 20% rate cut. In
January 2021 the
329:
In
February 2021 the BC government announced that BC drivers "will get a one-time cheque averaging $ 190" due to "An improved financial outlook at ICBC, partially the result of fewer crashes and accident claims during the
563:
362:, ICBC's enabling statute. The board of directors, the CEO, and ICBC management govern ICBC in accordance with corporate governance best practices, and in accordance with the provisions of the enabling legislation, the
218:
protection, and inverse liability (which provides compensation if a driver is involved in an accident in jurisdictions that forbid drivers from recovering losses incurred from a driver who is at fault in the accident).
244:, who subsequently passed legislation ensuring ICBC's profits remain with the company and cannot be transferred to the provincial government. Since ICBC's creation, its responsibilities have expanded to include
515:
Government has nothing to do with it. It stands on its own. Rates are established for that reason and for actuarial reasons. The bottom line is: break-even and don't end up with a surplus or a deficit." (
614:
184:
206:
By law, any vehicle registered and driven or parked on public streets in
British Columbia must be covered by ICBC's basic insurance package, which can be purchased from independent
337:
In March 2022 the BC government announced that ICBC "will provide a one-time relief rebate of $ 110 to customers to ease the financial burden of increased gas prices caused by the
1221:
291:
In 2019, ICBC overhauled its rate structure for liability insurance by shifting to a private-sector model where drivers in higher risk categories will pay higher premiums. Then-
1019:
476:
1201:
1216:
709:
305:" model. Under this new model "people involved in vehicle crashes can no longer sue for damages except in cases involving court convictions for offences like
437:
735:
825:
865:
1012:
588:
1206:
402:
ICBC funds services, such as counselling for clients who have been in a car accident or who have had a family member pass due to a car accident.
371:
891:
502:
1211:
1005:
792:
298:
condemned the high rates, stressing the need for price reductions for young drivers, while acknowledging that rates are still subsidized.
1164:
575:
1154:
516:
374:. As of May 1, 2022 decals are discontinued and will no longer be issued. This was done as part of the transition to online renewals.
766:
1119:
988:
22:
1099:
241:
1180:
367:
331:
323:
196:
301:
In February 2020 the BC provincial government announced that they were switching ICBC from a "litigation based model" to a "
1094:
181:
1124:
1226:
1114:
559:
432:
1052:
683:
338:
1129:
236:
144:
743:
1170:
660:
530:
1031:
272:
46:
1057:
442:
1149:
1109:
1074:
576:
http://legisquebec.gouv.qc.ca/en/showversion/cs/S-11.011?code=se:23&pointInTime=20170620#20170620
555:
427:
277:
240:
eventually totaled $ 1.2 billion. This was undone by the NDP government after their victory in the
210:
across the province. This basic coverage, called "Autoplan," includes protection from third party
1079:
1042:
866:"ICBC customers to get an average $ 190 rebate after $ 600 million in savings from fewer crashes"
850:
318:
215:
35:
566:. All three are disallowed from remitting profits or dividends to the provincial treasury. See:
1144:
85:
1069:
640:
McCandless, Richard (Summer 2013). "Politics and Public Auto Insurance in British Columbia".
228:
1104:
260:
8:
292:
245:
710:"High-end car dealers not consulted as ICBC says it will stop insuring expensive autos"
302:
997:
982:
937:"ICBC files for no increase to basic insurance rates for two more years | BC Gov News"
936:
921:
465:
Insurance Corporation of British Columbia 2020/21 ANNUAL SERVICE PLAN REPORT (Report).
358:
ICBC is governed by a board of directors appointed according to the provisions of the
21:
This article is about the Canadian insurance company. For the multinational bank, see
1139:
383:
192:
106:
567:
370:. Proof of insurance is demonstrated, in part, by the application of a decal to the
1047:
1028:
314:
249:
207:
188:
89:
334:". A second rebate was announced in July 2021, averaging $ 120 per policy holder.
1175:
1159:
992:
396:
211:
133:
117:
231:
in British Columbia by operating on a non-profit basis. However, in March 2010,
227:
The original purpose of ICBC was to provide universal and affordable compulsory
1195:
419:
310:
232:
391:
profits), and through its ability to issue Special Directives to the BCUC.
366:, other legislation applicable to ICBC, and directives from the provincial
200:
975:
164:
571:
1089:
826:"B.C. to cut ICBC rates 20 per cent and switch to 'no-fault' insurance"
503:
Hansard: 2nd session, 30th Parliament, Afternoon March 6, 1973, p. 1042
306:
126:
615:"ICBC profits should not be used to cover other government costs: NDP"
295:
281:
56:
1064:
256:
793:"ICBC sticker shock: Young drivers walloped under new rate system"
767:"Premier John Horgan regrets big ICBC rate hikes for young people"
589:"Government vows to keep hands off ICBC dividends for three years"
1084:
387:
with lower driver factors meaning lower premiums and lower risk.
924:(Press release). Government of British Columbia. March 25, 2022.
317:, or in cases of faulty manufacturing, botched repairs and the
95:
259:
on all automobile insurance in the province, but in 1977 its
851:"BCUC approves ICBC basic rate decrease on interim basis"
214:, under-insured motorist protection, accident benefits,
1027:
658:
1222:
Financial services companies based in British Columbia
554:
There are three other public auto insurers in Canada:
517:
Hansard: 2nd Session, 34th Parliament, 22 April 1988
460:
458:
409:
892:"COVID-19: ICBC to issue drivers a second rebate"
568:https://www.mpi.mb.ca/en/PDFs/PolicyGuide2017.pdf
455:
1202:Financial services companies established in 1973
1193:
661:"2004 Revenue Requirements Application Decision"
382:Like other insurance companies, ICBC bases its
255:When ICBC was established, it initially held a
1217:Government-owned insurance companies of Canada
684:"ICBC will stop insuring high-end luxury cars"
1013:
659:BC Utilities Commission (November 12, 2003).
935:Premier, Office of the (December 12, 2022).
1165:Private Career Training Institutions Agency
564:Societé de l'assurance automobile du Québec
469:
438:Société de l'assurance automobile du Québec
1155:Organized Crime Agency of British Columbia
1020:
1006:
639:
34:
1135:Insurance Corporation of British Columbia
528:
174:Insurance Corporation of British Columbia
29:Insurance Corporation of British Columbia
889:
853:(Press release). ICBC. January 15, 2021.
764:
271:
1120:Creston Valley Wildlife Management Area
934:
922:"ICBC relief rebate coming for drivers"
531:"Cash grab from ICBC will cost drivers"
252:, and various road safety initiatives.
23:Industrial and Commercial Bank of China
1207:Crown corporations of British Columbia
1194:
1100:British Columbia Securities Commission
916:
914:
912:
863:
819:
817:
815:
813:
572:https://www.sgi.sk.ca/about/index.html
16:Provincial crown corporation in Canada
1181:Transportation Investment Corporation
1001:
790:
377:
324:British Columbia Utilities Commission
1095:British Columbia Lottery Corporation
823:
1212:Motor vehicle registration agencies
909:
890:Crawford, Tiffany (June 11, 2021).
810:
276:An ICBC Driver Licensing Centre in
13:
986:, the enabling legislation of ICBC
864:DeRosa, Katie (February 2, 2021).
195:. ICBC was created in 1973 by the
14:
1238:
1115:Community Living British Columbia
967:
765:Fletcher, Tom (October 7, 2019).
560:Saskatchewan Government Insurance
529:Willcocks, Paul (March 7, 2010).
433:Saskatchewan Government Insurance
267:
1053:BC Housing Management Commission
412:
339:2022 Russian invasion of Ukraine
1125:First Peoples' Cultural Council
954:
928:
883:
857:
843:
791:Smyth, Mike (October 7, 2019).
784:
758:
728:
702:
676:
667:
652:
1130:Forestry Innovation Investment
824:Shaw, Rob (February 6, 2020).
736:"Coverage for luxury vehicles"
633:
607:
581:
548:
522:
508:
494:
145:Government of British Columbia
1:
1171:Royal British Columbia Museum
984:The Insurance Corporation Act
960:BC Utilities Commission, 4-5.
448:
353:
348:
7:
1058:Homeowner Protection Office
443:AirCare (emissions program)
405:
242:2017 BC provincial election
68:; 51 years ago
10:
1243:
1150:Liquor Distribution Branch
1110:Columbia Power Corporation
991:December 16, 2005, at the
222:
20:
1075:BC Oil and Gas Commission
1038:
556:Manitoba Public Insurance
428:Manitoba Public Insurance
360:Insurance Corporation Act
160:
150:
140:
124:
112:
102:
80:
62:
52:
42:
33:
1227:Auto insurance in Canada
1080:BC Pavilion Corporation
1043:BC Assessment Authority
477:ICBC 2010 Annual Report
319:over-service of alcohol
1145:Legal Services Society
284:
199:government of Premier
1070:BC Innovation Council
746:on September 18, 2020
275:
229:public auto insurance
1105:Columbia Basin Trust
261:enabling legislation
250:vehicle registration
716:. November 25, 2016
690:. November 23, 2016
595:. November 25, 2016
293:BC Attorney General
152:Number of employees
30:
1032:Crown Corporations
378:Rates and finances
285:
28:
1189:
1188:
1140:Knowledge Network
368:Cabinet Committee
364:Motor Vehicle Act
193:vehicle insurance
185:Crown corporation
170:
169:
107:Vehicle insurance
47:Crown corporation
1234:
1048:BC Games Society
1029:British Columbia
1022:
1015:
1008:
999:
998:
979:
978:
976:Official website
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808:
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788:
782:
781:
779:
777:
762:
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742:. Archived from
732:
726:
725:
723:
721:
706:
700:
699:
697:
695:
680:
674:
673:McCandless, 102.
671:
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656:
650:
649:
637:
631:
630:
628:
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619:Vancouver Island
611:
605:
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315:impaired driving
246:driver licensing
189:British Columbia
90:British Columbia
76:
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27:
1242:
1241:
1237:
1236:
1235:
1233:
1232:
1231:
1192:
1191:
1190:
1185:
1176:SkilledTradesBC
1160:Partnerships BC
1034:
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993:Wayback Machine
974:
973:
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964:
959:
955:
945:
943:
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621:. March 2, 2020
613:
612:
608:
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586:
582:
553:
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470:
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413:
411:
408:
397:loss prevention
380:
356:
351:
270:
225:
212:legal liability
153:
129:
98:
92:
86:North Vancouver
72:
70:
67:
26:
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12:
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941:news.gov.bc.ca
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842:
809:
783:
757:
727:
701:
675:
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632:
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580:
578:at Section 23.
547:
535:Times Colonist
521:
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450:
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445:
440:
435:
430:
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268:Recent history
266:
224:
221:
168:
167:
162:
158:
157:
154:
151:
148:
147:
142:
138:
137:
132:1.538 Billion
130:
125:
122:
121:
114:
110:
109:
104:
100:
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1011:
1009:
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1003:
1000:
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990:
987:
985:
981:
977:
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942:
938:
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923:
917:
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913:
897:
896:Vancouver Sun
893:
886:
871:
870:Vancouver Sun
867:
860:
852:
846:
831:
830:Vancouver Sun
827:
820:
818:
816:
814:
798:
794:
787:
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768:
761:
745:
741:
737:
731:
715:
714:Vancouver Sun
711:
705:
689:
685:
679:
670:
662:
655:
647:
643:
636:
620:
616:
610:
594:
593:Vancouver Sun
590:
584:
577:
573:
569:
565:
561:
557:
551:
536:
532:
525:
518:
511:
504:
497:
478:
472:
461:
459:
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444:
441:
439:
436:
434:
431:
429:
426:
425:
421:
420:Canada portal
410:
403:
400:
398:
392:
388:
385:
375:
373:
372:licence plate
369:
365:
361:
346:
342:
340:
335:
333:
327:
325:
320:
316:
312:
311:street racing
308:
304:
299:
297:
294:
289:
283:
279:
274:
265:
262:
258:
253:
251:
247:
243:
238:
234:
233:Christy Clark
230:
220:
217:
213:
209:
204:
202:
198:
194:
190:
186:
183:
179:
175:
166:
163:
159:
155:
149:
146:
143:
139:
135:
131:
128:
123:
119:
116:5.52 Billion
115:
111:
108:
105:
101:
97:
91:
87:
83:
79:
65:
61:
58:
55:
51:
48:
45:
41:
37:
32:
24:
19:
1134:
983:
956:
944:. Retrieved
940:
930:
899:. Retrieved
895:
885:
873:. Retrieved
869:
859:
845:
833:. Retrieved
829:
800:. Retrieved
797:The Province
796:
786:
774:. Retrieved
770:
760:
748:. Retrieved
744:the original
740:www.icbc.com
739:
730:
718:. Retrieved
713:
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692:. Retrieved
687:
678:
669:
663:. p. 1.
654:
645:
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635:
623:. Retrieved
618:
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592:
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538:. Retrieved
534:
524:
510:
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486:November 12,
484:. Retrieved
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399:strategies.
393:
389:
381:
363:
359:
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343:
336:
328:
300:
290:
286:
278:Royal Centre
254:
226:
205:
201:Dave Barrett
177:
173:
171:
81:Headquarters
43:Company type
18:
946:October 16,
720:January 25,
694:January 25,
625:October 16,
216:hit-and-run
1196:Categories
1090:BC Transit
802:October 8,
776:October 8,
648:: 104–106.
642:BC Studies
562:, and the
449:References
354:Governance
349:Operations
307:negligence
237:BC Liberal
191:providing
182:provincial
127:Net income
1167:(defunct)
901:April 20,
875:April 20,
835:April 20,
750:April 19,
688:NEWS 1130
570:at p. 6;
296:David Eby
282:Vancouver
57:Insurance
1065:BC Hydro
989:Archived
599:June 22,
540:June 22,
482:(Report)
406:See also
384:premiums
332:pandemic
303:no-fault
257:monopoly
165:icbc.com
103:Products
53:Industry
1085:BC Rail
223:History
208:brokers
180:) is a
161:Website
136:(2021)
120:(2021)
113:Revenue
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63:Founded
574:; and
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96:Canada
480:(PDF)
141:Owner
948:2023
903:2022
877:2022
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804:2019
778:2019
752:2022
722:2017
696:2017
627:2023
601:2017
542:2017
488:2011
178:ICBC
172:The
73:1973
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646:178
235:'s
197:NDP
187:in
134:CAD
118:CAD
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Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
