Convey Money. It’s a standard aphorism of British Columbia, and the way costly Canada’s westernmost province is in comparison with life on the Prairies.
Whereas that adage definitely rings true for gasoline and housing, on the subject of vehicle insurance, a brand new, 42-page report says B.C. really has among the many nation’s finest charges.
On Thursday, ICBC launched the outcomes of the report by Ernst and Younger, which in contrast charges in B.C., Alberta, Saskatchewan, Manitoba, Ontario, Nova Scotia, Prince Edward Island and Newfoundland.
The report included comparisons of costs in varied cities, together with age-related drivers, their automobiles, common each day commute and annual kilometres pushed.
The primary instance listed was an 18-year-old male pupil with a Stage 2 learner’s license and a 2012 Honda Civic LX.
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In B.C., there have been 4 costs listed for the teenager’s insurance coverage charges:
- Abbotsford ($2,994)
- Nanaimo ($2,067)
- Prince George ($2,139)
- Vancouver’s West Finish ($3,044)
- West Kelowna ($2,311)
The charges in B.C. have been significantly cheaper than the costs listed in Alberta, however nonetheless not as low-cost as Saskatchewan:
- Calgary ($6,140)
- Edmonton ($6,471)
- Grande Prairie ($5,576)
- Crimson Deer ($5,557)
- Esterhazy ($1,130)
- Saskatoon ($1,128)
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The identical worth variations have been usually mirrored throughout 30 completely different driver profiles, with B.C. coming in with decrease costs than Ontario and the Atlantic provinces.
Instance: 30-year-old male, married, employed, 14 years driving expertise with a 2019 Ford F350 SD XLT crew cab:
- Abbotsford ($2,413)
- Nanaimo ($1,689)
- Prince George ($1,911)
- Vancouver’s West Finish ($2,385)
- West Kelowna ($1,928)
- Calgary ($5,042)
- Edmonton ($4,480)
- Grande Prairie ($4,701)
- Crimson Deer ($4,939)
- Esterhazy ($1,417)
- Saskatoon ($1,416)
- Winnipeg ($1,150)
- Toronto ($5,294)
- Saint John ($4,483)
- Charlottetown ($3,023)
- St. John’s ($6,828)
Instance: 35-year-old feminine, single, employed, 19 years driving expertise with a 2018 Volkswagen Tiguan:
- Abbotsford ($1,492)
- Nanaimo ($1,043)
- Prince George ($1,137)
- Vancouver’s West Finish ($1,495)
- West Kelowna ($1,178)
- Calgary ($2,639)
- Edmonton ($2,701)
- Grande Prairie ($2,264)
- Crimson Deer ($2,546)
- Esterhazy ($1,075)
- Saskatoon ($1,073)
- Winnipeg ($1,359)
- Toronto ($1,876)
- Saint John ($1,889)
- Charlottetown ($1,386)
- St. John’s ($2,255)
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Instance: 50-year-old feminine, married, employed, 34 years driving expertise with a 2010 Dodge Grand Caravan SE:
- Abbotsford ($1,108)
- Nanaimo ($782)
- Prince George ($767)
- Vancouver’s West Finish ($1,163)
- West Kelowna ($847)
- Calgary ($1,497)
- Edmonton ($1,504)
- Grande Prairie ($1,164)
- Crimson Deer ($1,247)
- Esterhazy ($878)
- Saskatoon ($877)
- Winnipeg ($1,001)
- Toronto ($1,034)
- Saint John ($1,083)
- Charlottetown ($686)
- St. John’s ($1,346)
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“(Ernst and Younger) discovered that auto insurance coverage in provinces with publicly owned care-based fashions is extra reasonably priced than in provinces with personal insurance coverage fashions,” ICBC mentioned in its press launch.
Notably, the report got here roughly 16 months after the province modified its insurance coverage mannequin, with ICBC claiming that B.C. drivers saved a median of $490 when renewing their insurance coverage for the primary time.
That discount in worth, mentioned ICBC, got here from eradicating “the adversarial method of suing drivers and the a whole lot of hundreds of thousands that have been being spent on authorized charges beneath the earlier litigation-based system.”
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ICBC continued, saying “it’s a decrease value mannequin that passes these financial savings onto prospects by decrease insurance coverage charges and sees more cash going instantly in the direction of the care and restoration of British Columbians injured in crashes.”
ICBC’s new mannequin, known as Enhanced Care, does have its critics, although, and World Information has lined a number of tales on that subject.
ICBC issued an enhanced care buyer report final January touting its advantages. That report can be accessed on their website.
To view this week’s 42-page report, click on this link.
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