Just got back from my friendly ICBC insurance broker, where I went to get BC insurance on my motorcycle.
I drive it a few times a month – and have owned it for 10 years. I’ve had my motorcycle license for 26 years, and have had no accidents or tickets (in the past 10 years).
Knowing BC insurance rates are ridiculous, I opted for liability only (the minimum required). After all, how much damage can I do with a motorbike?
The rate for 1 year- $1,200!?!
I can drop it for those winter months you don’t normally use the bike to save money… the rate goes up to $120/month.
So, as I can’t drive my car and motorbike at the same time, you’d think they’d give me a break. No such luck.
For a comparison of how far out of wack ICBC is, hop over to a national insurer in the US. Use an American zip code (try 33333 – Florida).
I was paying $150 per year with Progressive Insurance.
It’s time BC residents start asking questions of ICBC, and why a monopoly would overcharge by so much. The idea is that by “allowing” the government a monopoly, we get lower rates that we could with free enterprise competition.
Something is terribly wrong.
I think it has do do with engine size, and as I have a bike that’s over 1000 cc’s, they charge me a lot more. Unfortunately, motor size in inversely proportional to risk. Anyone with a 1000-1600 cc motor most likely older, and has years of driving experience =less risk.
Makes no sense, but ICBC is a monopoly and there is no reasoning with these bureaucrats.
Not sure what it takes to get BC residents to revolt against this monopoly and allow free enterprise into the province. It’s time ICBC was sold off or shut down.