The Insurance Bureau of Canada (IBC) has released the results of a new study which found that most British Columbians were in favour of opening the province’s auto insurance market to more competition.
IBC commissioned Maple Leaf Strategies to conduct a survey to gauge the attitudes of British Columbians toward their current auto insurance system and the Insurance Corporation of British Columbia’s (ICBC) monopoly. Eight hundred (800) residents from all across BC participated in the survey, which ran from January 16 to 20, 2019.
Notably, the survey discovered that 82% of respondents said that they want more choice in auto insurance, and that they favour competition more than any other solution.
Other key findings of the survey include:
“It’s clear that British Columbians want change, and they want choice in auto insurance,” commented IBC Pacific vice-president Aaron Sutherland. “Opening BC’s auto insurance marketplace to competition would save drivers up to $325 annually. Competition provides a powerful incentive for any company to deliver the best service at the best price.”
The survey comes after ICBC asked the BC Utilities Commission for a 6.3% increase in basic insurance rates, effective April this year.