The Perfect Reason Why The Insurance CROWN Corporation of British Columbia (ICBC) is a dumb idea: Unfazed woman takes selfie from her car sinking through the ice in Rideau River – January 17, 2022

So yeah, one of the reasons why Nationalizing insurance, makes costs go up, revolves around honest people having to pay the bills of stupid people. Federal Crown Corporation known as the Canada Mortgage and Housing Corporation(CMHC) has assisted in Canada having some of the most expensive MORTGAGES in Canada, which also obviously helps CMHC because CMHC is in the mortgage insurance business, so the higher the mortgages the more money CMHC collects for it’s insurance.

Being that another Federal Crown Corporation The Bank of Canada(BoC) seeks to keep interest rates low to help the Federal and other governments service their debts, a government monopoly can flourish. With that said ICBC is a Provincial Crown Corporation that basically forces residents of British Colombia who opt to drive a car to purchase auto insurance from a government that now has the highest insurance costs in the country?

Drivers in Canada’s westernmost province pay the highest insurance rates in Canada, averaging just over $1,800 a year. That’s up over $700 since 2015 – a whopping 63% increase in less than five years!

Insurance rates by province (as of March 2020) | canadadrives.ca

Although the incident I point to below, happened in Quebec, I remind the reader that, this is often the reason why your auto insurance is going up. Now, when auto insurance goes up often people will request the government get involved, but these people don’t understand that it’s often the government’s involvement why rates are so high, to begin with. More government regulations often lead to a less fierce auto insurance marketplace, which is why Ontario ranks second to British Colombia when it comes to auto insurance.

Idiots behind the wheel is the fault of the insurance company for insuring them, but in a fierce auto insurance marketplace, if one insurance raises rates you can move to another company, now obviously I’m of the belief that malicious intent should warrant a higher premium, I personally don’t believe in these one size fits all premiums, in the video below, it can be argued that the driver in question had malicious intent and should therefore not be put in the same category as a person who got into a car accident.

Because residents of B.C don’t have much of a say in their auto insurance, they would end up paying for people who drive like this! It’s a similar argument made about gun control, I never hear about a law-abiding gun owner gangbanging in Toronto, it’s always a person with an illegally obtained gun, usually on government welfare, shooting people. It’s usually a criminal with malicious intent shooting indiscriminately, yet law-abiding gun owners who merely want to protect themselves or go hunting who get stuck paying the additional expenses?

Unfazed woman takes selfie from her car sinking through the ice in Rideau River | NationalPost.com

Interesting times ahead!