ICBC's no-fault auto insurance program rolls out


The British Columbia Insurance Company (ICBC) will start its extended car insurance program for maintenance, known as "Fully Comprehensive" insurance, starting May 1st.

The new insurance program can save drivers up to $ 400 a year, ICBC said, as the program aims to address the problem of costly litigation.

"A big part of the savings in the new system is that we won't be spending hundreds of millions of dollars on litigation," said Nicholas Jimenez, President and CEO of ICBC.

The injured party in an accident also loses their right to file a claim for damages and loss of wages under the new system through no fault of their own. At the same time, the liable party can receive the same coverage and benefits as the other party.

Some industry experts are not particularly interested in the new program.

"The whole point of insurance is that the many care for the few," Colin Brown, president and CEO of Stratford Underwriting, told CTV News. "The few are the ones who need the money - and they have taken that aspect away."

Brown, who helped BC found the ICBC in 1971, noted that while he is not a fan of fully comprehensive insurance, he has little choice on the matter.

"It's a lot easier since they're a monopoly," he said. "They are in control of what is called 'Basic' and if they say that all of this is now in Basic, so be it."

However, ICBC remains confident that its new program will benefit everyone.

"It's not just a good thing, it's a great thing," said Jimenez. "I think people will know when to renew their insurance and they will see that it will cost less."


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https://businessservicesnews.ca/icbcs-no-fault-auto-insurance-program-rolls-out/

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