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The district municipality of Sicamous in British Columbia has joined a growing group of organizations and people who wish to see BC’s auto insurance market opened to private insurance companies.
The city’s council has approved a resolution requesting that auto insurance in the province be opened up to private competition. BC Local News reported that the resolution will be passed on to the Union of BC Municipalities (UBCM).
Sicamous’s resolution on the provincial issue comes not long after the BC Chamber of Commerce voiced its own opinion, calling for an end to the Insurance Corporation of British Columbia’s (ICBC) domination over the province’s auto insurance system – a position the Insurance Bureau of Canada has supported.
Passed during the Sicamous city council meeting on May 22, the resolution states that ICBC charges drivers the highest average car insurance rates in Canada. The resolution also recommends that UCBM work with the provincial government to open the basic auto insurance market to the private sector.
Last month, ICBC raised its auto insurance rates by 6.3%. During the same period, the insurer introduced a $5,500 cap on pain and suffering claims for minor injuries in car accidents, in an attempt to curb the rising costs of insurance in the province.
