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  1. #1
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    ICBC loss is 935 million

    Just saw on the news about ICBC. There are many reasons why ICBC has a loss. From the new vehicles that are junk right from the factories and not repairable to the extreme cost of replacement parts and many many other reasons. But IMO maybe people should just slow the PUCK down. Holy crap why do people need to pass when it is unsafe too!!! why do people need to be distracted while driving??? no need to text and drive at the same time... how about the need to pass everything that's in front of you??? Is it really worth dying over?????I see around here the extreme amount of IDIOT drivers that will end up costing the good drivers more money every time they go to renew their insurance. I get the max discount and still pay alot. that's my rant for the week.



  2. #2
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    Re: ICBC loss is 935 million

    Quote Originally Posted by LUCKY 7 View Post
    Just saw on the news about ICBC. There are many reasons why ICBC has a loss. From the new vehicles that are junk right from the factories and not repairable to the extreme cost of replacement parts and many many other reasons. But IMO maybe people should just slow the PUCK down. Holy crap why do people need to pass when it is unsafe too!!! why do people need to be distracted while driving??? no need to text and drive at the same time... how about the need to pass everything that's in front of you??? Is it really worth dying over?????I see around here the extreme amount of IDIOT drivers that will end up costing the good drivers more money every time they go to renew their insurance. I get the max discount and still pay alot. that's my rant for the week.
    I think one of the main reasons for this is that they are being overcharged for repairs. I can go to the glass shop and have my windshield replaced for less than the deductible if I pay myself. ICBC pays more than that over and above the deductible we pay. They need to review the fee structure first before they reach deeper into our pockets.
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  3. #3
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    Re: ICBC loss is 935 million

    It would be interesting to see how many executives are paid $1,000,000 annually plus bonuses and the number of minor executives in the $100,000 - $500,000 range. The biggest mismanaged corporation in BC...............albeit BCFerries are a close second.

    Private enterprise does a much better job of running insurance companies. Does anybody know of a privately owned insurance company that is on the verge of bankruptcy ?

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  4. #4
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    Re: ICBC loss is 935 million

    Quote Originally Posted by catinthehat View Post
    I think one of the main reasons for this is that they are being overcharged for repairs. I can go to the glass shop and have my windshield replaced for less than the deductible if I pay myself. ICBC pays more than that over and above the deductible we pay. They need to review the fee structure first before they reach deeper into our pockets.
    Absolutely! Pay cash for a windshield and it is one quarter the cost. That is just one example.

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  5. #5
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    Re: ICBC loss is 935 million

    Quote Originally Posted by ferniesnow View Post
    Private enterprise does a much better job of running insurance companies. Does anybody know of a privately owned insurance company that is on the verge of bankruptcy ?
    True, but not really an apples to apples comparison. Although private insurance companies rarely go under, they will pay for their own mismanagement out of their customers pockets. After the floods in southern Alberta my parents insurance rates went up 30% to help pay for it. The insurance company claimed "due to increased chance of floods with climate change". Those areas in southern Alberta have flooded before, and will flood again, had the insurance company done their research they would have known that and charged rates to those customers accordingly, when one area has a large amount of claims we all pay for it.

    ICBC isn't a model for good management either, I know people that have lived here in Alberta for a few years that keep a BC address so they can take advantage of the lower ICBC insurance rates due to DUI's Tickets etc. because they would never be able to afford insurance rates from a private company here. Something is seriously wrong with that system if the same high risk driver pays significantly less rates to ICBC.
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  6. #6
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    Re: ICBC loss is 935 million

    Quote Originally Posted by ABMax24 View Post

    ICBC isn't a model for good management either, I know people that have lived here in Alberta for a few years that keep a BC address so they can take advantage of the lower ICBC insurance rates due to DUI's Tickets etc. because they would never be able to afford insurance rates from a private company here. Something is seriously wrong with that system if the same high risk driver pays significantly less rates to ICBC.
    You got that right. There is something terribly wrong and I pointed my finger at what I see as one of the big problems. Paying big salaries for incompetent management.

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  7. #7
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    Re: ICBC loss is 935 million

    any idea where they lost it? might be worth going out to take a look?
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  8. #8
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    Re: ICBC loss is 935 million

    Quote Originally Posted by ferniesnow View Post
    You got that right. There is something terribly wrong and I pointed my finger at what I see as one of the big problems. Paying big salaries for incompetent management.
    I'm not sure if BC has this, but here in Alberta we have salary disclosure legislation, so that all Government employees earning over $100,000 have their compensation posted on a government webpage for the public to view. It's a good step, but not sure what the public would be able to do about something we don't agree with on the list.

    Anyway, here it is, Alberta currently has just over 3,500 government paid employees being compensated over $100,000.
    https://www.alberta.ca/salary-disclosure-table.cfm
    Last edited by ABMax24; January 29th, 2018 at 10:23 AM.
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  9. #9
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    Re: ICBC loss is 935 million

    Quote Originally Posted by ferniesnow View Post
    It would be interesting to see how many executives are paid $1,000,000 annually plus bonuses and the number of minor executives in the $100,000 - $500,000 range. The biggest mismanaged corporation in BC...............albeit BCFerries are a close second.
    Also be interesting to see how much of their revenue got transferred (stolen) into government general revenue. Provincial government is famous for that.

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  10. #10
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    Re: ICBC loss is 935 million

    NDP robbing money to cover up their embarrassing spending habits, something like the federal government with carbon tax, we reduced taxes on middle income people.....bullsh!t and lies.

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