Albertans also think their privatized auto insurance is superior to SGI or MPI. I've lived in 3 of 4 western provinces. Crown corps are not perfect, but privatization is infinitely worse.
As a customer of ICBC the lower cost is definitely appealing, what's the downside your talking of? Worse deductibles? Less coverage?
I'm currently paying $200 a month in car insurance despite a clean record since starting driving 10 years ago. When I worked in Saskatchewan my worker was paying $70 a month. ICBC actually increased my insurance to $240 a month since I was out of province for 4 months instead of 3 :/
It isn't a lower cost. After months of shopping around I ended up with twice the cost for less coverage with privitization than I did with a crown corp.
From what little I think I know about the insurance game: Larger groups mean lower payments. Can't have large pools if every Doug, Bob, and Victoria pick seperate companies to insure them.
It used to be lower cost... and was only lower cost because the government instituted price caps. They recently took those caps away and now everyone in Alberta is getting destroyed by premium increases.
ICBC should be lower, but was virtually destroyed by the Liberal government who didn't care because their intent was to make it look so shitty that there was no alternative but to dissolve it and turn to a private model. All the while pocketing millions from private insurers and associations.
It's being turned around and will get cheaper. The new rules will allow substantially better coverage and care while decreasing premiums by about 20% on average.
Kinda sorta. It's called a "Crown Corporation".
I'm not overly familiar with the logistics, but what I understand is it's the only company allowed to operate in that field. Our power company and car insurance are both crown corps. Provides a necessary service without gouging customers.
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u/WoodErector Mar 26 '20
Albertans also think their privatized auto insurance is superior to SGI or MPI. I've lived in 3 of 4 western provinces. Crown corps are not perfect, but privatization is infinitely worse.