BC Drivers Eager for More Choice in Auto Insurance
VANCOUVER, Feb. 4, 2019 /CNW/ - In light of the recent challenges in British Columbia's (BC's) Crown auto insurance system, the province's drivers have a clear message: They want more choice.
Insurance Bureau of Canada (IBC) recently commissioned Maple Leaf Strategies to survey the attitudes of British Columbians toward their auto insurance and the Insurance Corporation of British Columbia's (ICBC's) monopoly. In the survey, 82% of respondents indicated that they want more choice in auto insurance and favour competition over any other solution. Here are some other key findings.
- The desire for increased choice and competition crosses all political lines: 86% of BC Liberal voters, 80% of BC Green voters and 73% of BC NDP voters voiced support for more choice and competition.
- 76% support the government's efforts to limit payouts for minor injuries.
- There is little support for eliminating the ability to sue for pain and suffering (to move to a no-fault auto insurance system). Only 10% of respondents strongly supported this solution.
According to data from ICBC and the General Insurance Statistical Agency (a statistical agency created and overseen by provincial insurance regulators), BC drivers pay the highest auto insurance prices in Canada, with annual premiums averaging $1,680. Current reforms are not expected to reduce prices; in fact, ICBC has announced a 6.3% rate increase effective April 1, 2019.
"It's clear that British Columbians want change, and they want choice in auto insurance," said Aaron Sutherland, Vice-President, Pacific, IBC. "Opening BC's auto insurance marketplace to competition would save drivers up to $325 annually. Competition provides a powerful incentive for any company to deliver the best service at the best price."
Maple Leaf Strategies surveyed 800 British Columbians across the province from January 16 to 20, 2019. The survey is considered accurate within +/- 3.5%. For the full survey results, click here.
This survey was done exclusively for IBC and theorca.ca.
About Insurance Bureau of Canada
Insurance Bureau of Canada (IBC) is the national industry association representing Canada's private home, auto and business insurers. Its member companies make up 90% of the property and casualty (P&C) insurance market in Canada. For more than 50 years, IBC has worked with governments across the country to help make affordable home, auto and business insurance available for all Canadians. IBC supports the vision of consumers and governments trusting, valuing and supporting the private P&C insurance industry. It champions key issues and helps educate consumers on how best to protect their homes, cars, businesses and properties.
P&C insurance touches the lives of nearly every Canadian and plays a critical role in keeping businesses safe and the Canadian economy strong. It employs more than 126,000 Canadians, pays $9 billion in taxes and has a total premium base of $54.7 billion.
For media releases and more information, visit IBC's Media Centre at www.ibc.ca. Follow us on Twitter @IBC_West or like us on Facebook. If you have a question about home, auto or business insurance, contact IBC's Consumer Information Centre at 1-844-2ask-IBC.
If you require more information, IBC spokespeople are available to discuss the details in this media release.
SOURCE Insurance Bureau of Canada
To schedule an interview, please contact: Vanessa Barrasa, Manager, Media Relations, 416-550-9062, [email protected]
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