-I find the arbitrary insurance cc brackets to be most irksome. They are essentially saying that a 1800 cc Goldwing has a much higher liability potential than a GSRX 750.
-If ICBC is better, why should they disallow competition for basic?
-When ICBC looses money they can get a booster shot from the government (at the tax payers expense), whereas when a private company looses money they would have to pull up their socks and find economies or eventually they will fold (as they should) due to survival of the fittest.
ICBC can raise rates and you cannot shop around to compare if these rate increases are justifiable.
ICBC makes unsubstantiated claims that their rates are “competitive” with provinces that have private insurance, but there is no way to make a accurate comparison given that ICBC can suck at the nipple of government support to sponsor these claimed “competitive” rates.