B.C. Liberals promise to end public auto insurance monopoly for lower rates

MAPLE RIDGE, B.C. – The B.C. Liberals say they will end the monopoly that the Crown-owned Insurance Corporation of B.C. holds over automobile insurance coverage if elected on Oct. 24.

Liberal Leader Andrew Wilkinson says he will open the vehicle insurance market to competition, which will result in cheaper rates, especially for young drivers.

He says drivers should have the option of choosing where to take their insurance business, instead of being forced to deal with the single agency.

B.C.'s New Democrats say the former Liberal government left ICBC deeply in debt and a plan is underway to limit legal costs, improve care for accident victims and cut drivers' rates by an average of $400 annually.

The NDP also promised to provide drivers with the money the corporation has saved during the COVID-19 pandemic due to fewer accident claims.

Wilkinson says drivers should have been given their money back months ago and the New Democrats are using the potential rebate as an election promise.

This report by The Canadian Press was first published Oct. 6, 2020.