Should car insurance be private or public?

[Brannigans Law]

I was talking at work with some friends about intact insurance and car insurane in general. It kind of annoys me that companies are allowed to make huge profits on something you must have to drive, but I suppose the counter argument to that is you dont have to drive. Where do you come down on the subject?

[TurnedTheCorner]

Private.

[SebC]

Originally Posted by Brannigans Law

I was talking at work with some friends about intact insurance and car insurane in general. It kind of annoys me that companies are allowed to make huge profits on something you must have to drive, but I suppose the counter argument to that is you dont have to drive. Where do you come down on the subject?

"Huge profits" come insufficient competition, not from insurance being manditory. I don't know if they're actually making huge profits though.

[undercoverbrother]

Originally Posted by Brannigans Law

I was talking at work with some friends about the oil and gas industry. It kind of annoys me that companies are allowed to make huge profits on something you must have to drive, but I suppose the counter argument to that is you dont have to drive. Where do you come down on the subject?

Fixed your post.

[TurnedTheCorner]

Originally Posted by undercoverbrother

Fixed you post.

Fixed your post.

[SebC]

Originally Posted by TurnedTheCorner

Fixed your post.

You didn't fix anything!

[Dion]

Profit seems to be a dirty word around here. Mind you the flood in Alberta and the disaster in Quebec has taken a huge bite out of those profits and as a result everyones rates will go up.

[Flames in 07]

I can't think of a single good reason to privatize it. If it's so profitable, more companies will jump in and drive margins down, and so goes the free market economy. You need profit incentive out there to allow private people/companies take risks, if you don't you get state controlled business/industries that never, EVER work out.

There's nothing wrong with profit. You can choose to complain and be a victim, or you can buy shares in companies/industries that you think are making too much.

[Brannigans Law]

The canard of the free market economy always working out for the best interest of all is quite tiresome to run into. Should we privatize firefighting while were at it?

[burn_this_city]

I don't think you understand how they make money. Typically they make money off investing the premiums they take in. I don't want another ICBC clone in this province after seeing how they operate in BC.

[psicodude]

Anyone have a factual comparison of prices in BC vs. AB? People in BC always say we have it much cheaper, but I have no idea if it's true.

[smoothpops]

Originally Posted by psicodude

Anyone have a factual comparison of prices in BC vs. AB? People in BC always say we have it much cheaper, but I have no idea if it's true.

Wouldn't it be better to compare it to Saskatchewan's insurance; since they are gov. owned and you see a ton of cars with Sas. plates in Alberta because of their lower rates?

[DownhillGoat]

Originally Posted by smoothpops

you see a ton of cars with Sas. plates in Alberta because of their lower rates?

But they don't have lower rates. The rates are more equal among all drivers. So for a 20 year old or someone with a poor record, rates are cheaper. For someone in their 30s or 50s, the rates are higher. And bikes are ludicrous out there now.

[burn_this_city]

Originally Posted by smoothpops

Wouldn't it be better to compare it to Saskatchewan's insurance; since they are gov. owned and you see a ton of cars with Sas. plates in Alberta because of their lower rates?

I've never heard of anyone holding on to their Saskatchewan plates to maintain cheaper insurance.

[Vulcan]

I held onto my Alberta plates for a while because ICBC rates were way more expensive for me. Especially the motorcycle rates and having to get letters from previous insurers showing a history of being insured. The starting rate in B.C. is expensive and than they start giving discounts. Now that I've been here for a while my rates are more reasonable but still Alberta's are probably cheaper, more so when you get past basic coverage.

[Flames in 07]

Originally Posted by Brannigans Law

The canard of the free market economy always working out for the best interest of all is quite tiresome to run into. Should we privatize firefighting while were at it?

Other than you, who is talking about firefighting?

Besides, what do you expect when starting a thread like this?

[opendoor]

Originally Posted by psicodude

Anyone have a factual comparison of prices in BC vs. AB? People in BC always say we have it much cheaper, but I have no idea if it's true.

I believe in general it's cheaper in Alberta, but anecdotally I've found it to be the opposite. I've filled out online quotes for Alberta car insurance out of curiosity before and the rates came in a fair bit higher than what I pay in BC.

For about $1085 including tax and fees, I have the following insurance on a 2007 Jetta:

-$2M liability
-collision and comprehensive with a $500 deductible ($300 for glass)
-some other stuff like rental vehicle coverage and loss of use coverage

[ThePrince]

Originally Posted by smoothpops

Wouldn't it be better to compare it to Saskatchewan's insurance; since they are gov. owned and you see a ton of cars with Sas. plates in Alberta because of their lower rates?

You see a lot of cars with Sask plates because a lot of them are work trucks.

[Street Pharmacist]

Originally Posted by opendoor

I believe in general it's cheaper in Alberta, but anecdotally I've found it to be the opposite. I've filled out online quotes for Alberta car insurance out of curiosity before and the rates came in a fair bit higher than what I pay in BC.

For about $1085 including tax and fees, I have the following insurance on a 2007 Jetta:

-$2M liability
-collision and comprehensive with a $500 deductible ($300 for glass)
-some other stuff like rental vehicle coverage and loss of use coverage

Having lived in Alberta most of my life, now here, I can give the following general sentiments:

Young Drivers/Bad Drivers - way more expensive in Alberta
Long Term Good drivers - more expensive BC

Essentially, BC spreads the cost out by evening the premiums compared to Alberta. The sense of entitlement here with regards to what ICBC will/should cover is a bit ridiculous here. Keep in mind, it's a non profit corporation here

[psicodude]

Originally Posted by opendoor

I believe in general it's cheaper in Alberta, but anecdotally I've found it to be the opposite. I've filled out online quotes for Alberta car insurance out of curiosity before and the rates came in a fair bit higher than what I pay in BC.

For about $1085 including tax and fees, I have the following insurance on a 2007 Jetta:

-$2M liability
-collision and comprehensive with a $500 deductible ($300 for glass)
-some other stuff like rental vehicle coverage and loss of use coverage

Take out the glass coverage, because it's not worth it. Most windshields in AB cost under $500 anyway. that's maybe a discussion for another thread...the cost of windshields in BC is crazy. I just replaced my it in my wife's Subaru for $360 all in. I was in BC just last week, and my sister in law got a quote for her Cobalt, and it was nearly $700. Of course she used insurance.