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 :).

whowasthatmaskedman · 70-79, M

A very good example of how sometimes the Free market is NOT the best option. That compulsory insurance is meant to provide a service, some protection , and spread the risk community wide. Not make a profit for shareholders.
One can make the argument that health, education and infrastructure can be looked at the same way. (Just like Defence, Law enforcement and Emergency Services)😷

Really · 80-89, M

@whowasthatmaskedman I DO make that argument, or rather hold that opinion.

Note that in the ICBC case the customers [u]are[/u] the shareholders.

That's somewhat similar to co-ops, of which I heartily approve; people legally forming their own organizations, under their own control, for their own collective benefit and without a hierarchy of external profit takers. That's [u]real[/u] freedom.