A BC Liberal government will officially end the ICBC monopoly by opening up the automobile insurance market to competition from the private market so drivers can shop for the best possible rate, along with lower premiums for young drivers to give them a break at a time in life when they need it the most, the party announced in a press release today.
For three years John Horgan and the NDP have driven up auto insurance rates and have made driving unaffordable for people, especially young drivers, says the party.
“B.C. drivers are tired of being gouged by John Horgan and the NDP,” said BC Liberal Andrew Wilkinson. “The ICBC monopoly is a failure and it’s time to offer drivers cheaper rates — that’s what competition will do and that’s what the BC Liberals will deliver.”
In addition to giving drivers the choice to purchase vehicle insurance coverage directly from the private market, the BC Liberal plan will also give a break to young drivers who are being “ripped-off by John Horgan and the NDP”.
“When I hear stories of young people with clean driving records stuck with bills of over $5,000 it’s clear the system is failing and needs to be fixed,” added Wilkinson. “Young people face enough pressure these days, so the BC Liberals will make sure they have affordable auto insurance.”
A BC Liberal government will give all new drivers credit for two years of driving experience, increasing to four years if a new driver has completed driver education. This will result in significantly lower premiums for new drivers with clean records who demonstrate safe driving habits and will be available to both new drivers with their own policies and parents with children listed as occasional drivers.
It will also return excessive premiums charged by ICBC during 2020 to their rightful owners – the drivers of BC. “This should have been done months ago, as other provinces have already done, but the NDP wants to bribe you with your own money to get your votes in this election. Don’t let the NDP take your money and then try to buy your votes to get it back,” the party says.