Annual rise in ICBC rates unfair, displays monopoly’s inefficiency

Re: ‘Perfect storm’ hits ICBC, Aug. 26

Canada was built on the spirit of competition and a robust free enterprise system. ICBC is a monopoly, as we are required to purchase our basic insurance from them. For many years now, I have purchased my optional insurance from independent and very competitive companies, saving myself many hundreds of dollars each year. At a combined rate increase of over 10 per cent in two years, I wonder how much money we could save if the monopoly was ended and free enterprise was allowed. I suspect ICBC would quickly become a thing of the past and we would all save a lot of money. Tom Duncan, Chilliwack

Since 2012, Christy Clark’s provincial government has received $514 million from ICBC in “dividends” — political speak for another tax.

We have no choice in this as we cannot go to another insurance company to shop around for a better rate.

I have been driving here for over 37 years with no major claims, and as a senior my rates should be going down every year, not up. This is another example of government inefficiency at its worst. If you need anything screwed up or mismanaged, turn it over to federal, provincial or municipal governments. G. Nordal, Langley

If claims are soaring, then start charging those who cause the accidents (at-fault drivers) and folks who drive while distracted. It’s not fair that drivers with good records keep having to pay for the bad drivers. ICBC doesn’t seem to get this simple solution. They just keep raising the rates for all of us! Allan Watt, Penticton