Yes my little squidlets you have your wish ICBC is beginning it's transition effective April 1st, 2008. ICBC spokesperson Malvina Soright outlined this and the transition of all ICBC staff to the new private insurers in a press conference held at ICBC's Head Office in North Vancouver this morning.
I put together a quick summary and it is outlined below
Summary of changes announced from the press conference. ICBC will be carrying coverage for up to one year for current insureds if your policy renews before April 1, 2008 your coverage will transition when it expires.If your policy is a storage policy it will renew with the private insurers after April 1st, 2008.
We will all get private insurance now. I am delighted because based on my driving record and age my bikes will now cost for the same coverage about $400.00 a year to insure not $2,000.
It is not all good news though males 20-25 with 1 ticket will pay a minimum of $6700.00 per year.
Riders/Drivers under age 21 or with less than 5 years driving or riding experience who are accident and ticket free will pay a flat $5500.00 an year. Their insurance will not be renewed if they have an accident or a moving violation.
Motorcyclists/Drivers of any age with an DUI charge or 24 hour suspension will not be offered insurance by the private insurers.
Individuals not offered coverage by the regular insurers due to age, driving experience or lack of a safe driving record will be offered coverage though a facility program at much higher rates.
Loaning your vehicle will result in the same penalties/insurance surcharge to the registered vehicle owner as to the driver involved in the accident/violation.
Special dispensation will be given to commercial fleet operators/taxis and bus lines.
Well if nothing else used Sport Bike prices will be coming down .