A Ferrari after a crash in Australia. A similar incident in B.C. resulted in an ICBC payout of nearly $800,000 for repairs. (Flickr)

Exotic cars aren’t a drain on ICBC, David Eby says

Auto body repairs, legal bills pushing up vehicle insurance rates

Payouts like that of nearly $800,000 to repair a crashed Italian sports car aren’t the problem for the Insurance Corporation of B.C., Attorney General David Eby says.

Eby wouldn’t comment on the pending court case over a 1990 Ferrari F40 whose driver is suing ICBC after it paid out $789,375 to repair it after struck a utility pole in Vancouver in 2012.

Asked about the case at the B.C. legislature Monday, the minister responsible for ICBC said there is still some work to do to protect drivers of ordinary cars from the high costs of repairing high-end vehicles, but the provincial auto insurer’s cost overruns aren’t due to fixing fancy sports cars.

“I’m assured that we’re at a place with luxury cars where they are now paying for themselves, plus profit for ICBC,” Eby said. “The situation that I’m concerned about, that I’ve asked ICBC to address, is where the person is not at fault in an accident and he’s driving a luxury car, where someone else hits that car and is covered by that person’s basic insurance, which is where I think the cost can really get out of control.”

The former B.C. Liberal government moved in 2016 to refuse to sell collision and other optional coverage to drivers with vehicles valued at more than $150,000, because of the high cost of repairs. They had to turn to private insurers, except for pickup trucks, recreational vehicles, collector cars and limousines.

With ICBC facing a loss of more than $1 billion this year, the main cost pressures are clear.

“The big costs driving ICBC right now are twofold,” Eby said. “One is auto body repair costs generally, which are up 30 per cent across the board for all vehicles, and legal costs related to minor injuries that we are capping and moving over into a separate system, not B.C. Supreme Court, while improving coverage for people in B.C. to get better through rehabilitation.”

RELATED: ICBC to cap pain and suffering payouts

Just Posted

Judd Repole honoured with jersey retirement

Repole played for five years with the Osoyoos Coyotes in the KIJHL

Part 2: Online shopping, taxes and labour pressure on Rupert’s retail

Part Two of a series investigating the shrinking retail sector on the North Coast of B.C.

Fire crews put out basement fire on 6th Avenue East

Prince Rupert fire chief said the fire is not being considered suspicious

Northern Savings buys old Dairy Queen building

Old Prince Rupert DQ building has been vacant in since the 1990s

VIDEO: This is what buying legal pot in B.C. looks like

Take a look inside B.C.’s first and only legal pot shop located in Kamloops

This Week Pocast – Episode 107

Rainbow Nation’s host Russel Adams joins the show to talk about elections, cannabis and Halloween

Delivering the paper as a family

The Northern View is looking for newspaper carriers in Prince Rupert, join our team today

Jets score 3 late goals to beat Canucks 4-1

Winnipeg ends three-game Vancouver win streak

Two B.C. cannabis dispensaries raided on legalization day

Port Alberni dispensaries ticketed for “unlawful sale” of cannabis

Canada not sending anyone to Saudi business summit

Sources insist Ottawa never intended to dispatch a delegation this time around

Earthquake early-warning sensors installed off coast of B.C.

The first-of-its kind warning sensors are developed by Ocean Networks Canada

VPD ordered to co-operate with B.C. police watchdog probe

According to the IIO, a court is ordering Vancouver police to co-operate with an investigation into a fatal shooting

B.C. woman looks to reduce stigma surrounding weed-smoking moms

Shannon Chiarenza, a Vancouver mom of two, started weedmama.ca to act as a guide for newcomers to legal cannabis, specifically mothers

B.C. teen gives away tickets to Ellen Degeneres show, plans O Canada welcome

The Grade 9 student wanted to give away tickets in the spirit of inclusivity

Most Read