Our govt's giving back money!
In British Columbia we're all getting nearly $200 back from our auto insurer!
The province's mandatory auto insurance is provided by the government-run monopoly ICBC, although extra private coverage can be added. To me this arrangement has its pros & cons but in general I like it.
Besides insurance the corporation has the authority to make driving regulations and issue demerits toward restrictions or suspension - more potential pros & cons for sure but I think in general it has worked well.
We now have annual rates based on last year's mileage; nice for my own low-travel lifestyle. With Covid-reduced mileage/accident rates the system is suddenly over funded; so we're getting a rebate (which won't hurt the govt prospects for re-election of course.)
At times it's been said that some of the ICBC income goes straight to govt general revenue and that this is wrong. A recent innovation limits thesiz of damages for various personal injuries, intended to reduce the corporation's costs for lawyer fees.
What do you think of this sort of system? - regardless whether you've experienced it or not, but trying to keep idealistic political rhetoric out of it :).
The province's mandatory auto insurance is provided by the government-run monopoly ICBC, although extra private coverage can be added. To me this arrangement has its pros & cons but in general I like it.
Besides insurance the corporation has the authority to make driving regulations and issue demerits toward restrictions or suspension - more potential pros & cons for sure but I think in general it has worked well.
We now have annual rates based on last year's mileage; nice for my own low-travel lifestyle. With Covid-reduced mileage/accident rates the system is suddenly over funded; so we're getting a rebate (which won't hurt the govt prospects for re-election of course.)
At times it's been said that some of the ICBC income goes straight to govt general revenue and that this is wrong. A recent innovation limits thesiz of damages for various personal injuries, intended to reduce the corporation's costs for lawyer fees.
What do you think of this sort of system? - regardless whether you've experienced it or not, but trying to keep idealistic political rhetoric out of it :).
