Great post! Many people do not understand insurance and that the age old " you get what you pay for" is true. People just love to hate ICBC.What your posts should say is;
"I would rather the mandatory minimum requirement for insurance be like the USA (next to nothing), and they charge me accordingly".
Here are your USA state minimum requirements. Many folks have the BARE MINIMUM, it's all they can afford. Buying an ICBC calibre policy with 5 MILLION dollars worth of liability coverage would be unobtainable.
•New Hampshire 25/50/25
•New Jersey 15/30/5
•New Mexico 25/50/10
•New York 25/50/10
•North Carolina 30/60/25
•North Dakota 25/50/25
•Rhode Island 25/50/25
•South Carolina 25/50/25
•South Dakota 25/50/25
•West Virginia 20/40/10
The first number is the dollars in liability PER PERSON if you hit someone. The second number is the MAXIMUM LIABILITY. So if you are 20/40, it's $20,000 injury to any one person, $40,000 in total. So if you hit a family of 5, it's $40,000. The last number is property damage. Look at those numbers.
Someone runs you over in California on your sportbike.. and you don't have underinsured motorist protection... you might be looking at $15,000 in payment for bodily injury, and $5,000 towards your bike that was totalled, and THAT IS ALL SHE WROTE.
You could be a quadripalegic. $15,000. That's all you get. Not a penny more from their insurance.
Yeah, gimme some of that cheap USA car insurance. At least here EVERYONE has 14 times that minimum.
Go try and buy a policy in the states that has $2,000,000 in liability insurance.. or $5,000,000 and see what it costs. Then ask what it would cost if you are a single male with some tickets in the 21-45 age group on a sportbike.
People don't buy $200,000 insurance liability down there... the cost of care in facilities is so astronomical that if you really insure someone, it's going to be a multi million dollar lawsuit. So people carry minimums, take their chances.. and go tits up if they have a situation. Most folks carry maximum mortgages on properties for tax deductability reasons, so you won't usually find much money there either.