Car Insurance Payments Highest for British Columbian Drivers
Car insurance is a non-negotiable expense for drivers, but the average price drivers have to pay seems to vary widely, and drivers in British Columbia are subject to the highest rates.
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“Car owners in the province won’t be surprised, but British Columbians are still paying the highest auto insurance premiums in Canada,” reports Richard Zussman, online journalist based at B.C. Legislature, Global News.
Numbers published recently by the General Insurance Statistical Agency states that the yearly average British Columbians pay for car insurance is $1,832.
“The next-most-expensive province is Ontario, where drivers pay an average of $1,505 per year. Alberta rounds out the top three with an average of $1,316 a year,” Zussman reports.
Global News learned these numbers from The Insurance Bureau of Canada, which is in favor of private insurance companies over the public insurer, the Insurance Corporation of B.C., which IBC says is the reason for such high payments for British Columbians.
“Under ICBC’s monopoly, British Columbians will again pay the highest auto insurance prices in Canada, with premiums now averaging $1,832 annually. While many important changes are underway in B.C., none are expected to begin to reduce the price most drivers are paying,” IBC vice-president Aaron Sutherland said. “With ICBC stating that it will need price increases to raise over $1 billion in the years ahead, now, more than ever, the market must be opened to competition and choice to improve the affordability of auto insurance.”
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In response to the negative criticism, ICBC reported that the increase in car accidents, legal fees, and fraud have contributed to the rise in insurance rates.
News Source:Global News
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