A BC Liberal government will officially end the ICBC monopoly by opening up the automobile insurance market to competition from the private market so drivers can shop for the best possible rate, along with lower premiums for young drivers to give them a break at a time in life when they need it the most, party leader Andrew Wilkinson announced on Tuesday.

For three years BC NDP Leader John Horgan and the NDP have driven up auto insurance rates and have made driving unaffordable for people, especially young drivers, said the BC Liberals.

“B.C. drivers are tired of being gouged by John Horgan and the NDP,” said Wilkinson. “The ICBC monopoly is a failure and it’s time to offer drivers cheaper rates — that’s what competition will do and that’s what the BC Liberals will deliver.”

In addition to giving drivers the choice to purchase vehicle insurance coverage directly from the private market, the BC Liberal plan will also give a break to young drivers who are being ripped-off by Horgan and the NDP, said the BC Liberals.

“When I hear stories of young people with clean driving records stuck with bills of over $5,000 it’s clear the system is failing and needs to be fixed,” said Wilkinson. “Young people face enough pressure these days, so the BC Liberals will make sure they have affordable auto insurance.”

Backgrounder

BC Liberals say they will open up the market to give British Columbians true choice in auto insurance by ending the ICBC monopoly and letting drivers pick the best rate available to save money.

A BC Liberal Government will:

• End the ICBC monopoly and give drivers the choice to purchase vehicle damage coverage (collision, comprehensive, specified perils and liability insurance for property damage) direct from the private market.
• Give drivers the choice to purchase the best rate for accident benefits coverage for bodily harm and injury from either the private market (tort system) or ICBC (no-fault system).
• Give all new drivers credit for two years of driving experience, increasing to four years if a new driver has completed driver education. This will result in significantly lower premiums for new drivers with clean records who demonstrate safe driving habits and will be available to both new drivers with their own policies and parents with children listed as occasional drivers.
• Return excessive premiums charged by ICBC during 2020 to their rightful owners- the drivers of BC – this should have been done months ago, as other provinces have already done, but the NDP want to bribe you with your own money to get your votes in this election. Don’t let the NDP take your money and then try to buy your votes to get it back.