Thread by @RodneyGibson604

ICBC is a mess and British Columbia drivers pay the most for insurance than anywhere in Canada?

Well, yeah
Damage from 16 years of BC Liberal policy. We knew this was coming

In 2003, ICBC was sitting on a Billion dollars, and we paid 45% less than Ontario, 30% less than Alberta

In fact, the average for BC drivers auto insurance thru ICBC was $1,059 less than Ontario drivers, and $390 per year less than those in Alberta.

While also turning a yearly profit AND sitting on nearly a Billion dollars in investments.

In fact in 2003, British Columbian motorists got a rebate from #ICBC because of the financial success of the crown corporation, the 3rd one in 6 years for BC drivers

It was a boon for consumers AND local businesses

And then the BC Liberal policy changes started taking effect

First, they sent costs soaring by revamping the repair system, which gave let repair shops essentially write up their own estimates without oversight.

The old "self regulation" has contributed greatly to the out of control costs at ICBC.

This was after trimming over a 1000 jobs from the profitable crown corporation.

Although, high paying executive positions more than doubled at ICBC under the BC Liberals.

Gordon Campbell also change the accounting rules in 2010.
That's when the financial mismanagement really took off at ICBC. They just couldn't help themselves...

In 2010, the BC Liberals began taking profits ( or "Excess Profit Capital" ) out of ICBC and dumping them in general revenue.

That year, it was $576 Million dollars.

Over the next 6 years, that number had hit nearly $1.2 Billion dollars.

2010 was also one of the last years ICBC made money on the basic rate side of auto insurance.

They transferred $1.4 Billion from the still profitable optional insurance over to basic to make up the shortcomings, instead of beginning to adjust rates then.

At this point, the BC Liberal response was a meek "sorry...
we won't do it anymore", now that the repercussions of policy decisions were taking shape and hiding them wasnt possible anymore

Insurance rates for drivers AND the deficit at ICBC had now exploded under Christy Clark

A projected surplus at ICBC of $678 million dollars over 3 years, had now magically turned into a rapidly growing deficit $833 million dollars under the BC Liberals

The BC Liberals knew what they were doing and the problems ICBC faced.

They had commissioned a study in 2014, but Liberal minister Mike DeJong scrubbed the report of 7 pages of recommendations that would've helped stem the bleeding for BC taxpayers at ICBC.

Minister of Transportation, Todd Stone, claims even he wasnt allowed to read it

The BC Liberals were lying to BC taxpayers, for purely political reasons

BC taxpayers are dealing with those lies as the NDP tries to turn ICBC back to the profitable crown they'd handed off in 2001

The fact BC ratepayers now pay MORE than those in Alberta and Ontario should be with the realization who is responsible

The $1300 swing in BC insurance costs vs Ontario has happened in 18 years, and 16 of those were BC Liberals

Public run auto insurance USED to be much cheaper

BC taxpayers need some patience, the messes at ICBC, BC Hydro and other crown corporations can't be fixed overnight.

It was an Olympic year, who's gonna notice half a Billion dollars?