Editor, The News:
Re: ICBC stands behind $41,000 per year insurance charge.
ICBC a cash cow for government? The reality is quite the opposite.
To privatize car insurance would only see much higher premiums.
I worked for insurance before ICBC was formed. Rates were always higher in B.C. ICBC lowered the average premium by cutting out competitive costs in the same way Canada’s medical monopoly system keeps our costs much lower than the U.S. free enterprise system.
Competition is good, but only with a level playing field. With private insurance, a large number of drivers were considered a risk and paid high premiums. ICBC made insurance fair.
High risk drivers should and do pay more. A very high premium for a farm truck has unexplained reasoning. I trust a justified reason and would be higher without ICBC.
I am a strong free enterprise supporter and agree monopoly or oligopoly in control of free enterprise is not good. Gas prices are one of many examples.
Monopolies under government control are good because, ultimately, the people are in control.
Governments keep costs down and certainly do not overcharge. The NDP and Liberals both realize this and will not privatize ICBC.
Dan Banov
Maple Ridge