No fault coverages add $300 million to ICBC’s costs—that’s $74 for each passenger car.
ICBC is heading for a $1.3 billion loss this year.
On average, ICBC's $15,000 repair bill for a luxury car is roughly six times higher than for a typical car.
The recent revelation from the Finance Ministrys probe into Crown corporations that found ever-more and ever-higher paid managers at ICBC has enraged British Columbians and especially consumers of auto insurance in this province.
It is of course entirely possible that ICBC, a government-owned monopoly, has too many managers and that theyre paid too much.