How about you tell me how much cheaper it would be with government insurance. You can insure just about anything in Ontario you would just need to pay the appropriate fee. I would rather have a choice to find a rate that I can afford then to be stuck with only one option. You want government run insurance companies, as if the private companies have free reign to do as they please but it is the same government that approves any changes in rates. I am sure there are companies that do try to restrict the pay outs but there is flipside of that as well. Like I said in the previous post the insurance industry is like most other industries (repair shop, banks etc...) there are good ones and bad ones. I wouldnt paint the entire industry with such broad strokes.
As per IBC " All government-run auto insurers in Canada have required taxpayer subsidies as a result of charging too little in premiums and having insufficient start-up funds. In 1975-76, BC taxpayers had to bail out their government-run insurance company – Insurance Corporation of British Columbia (ICBC) – in the amount of $181 million ($645 million in 2006 dollars), just two years after it had begun operations. This money has never been repaid. At the same time, ICBC had been so mismanaged, with insurance being sold significantly underpriced, that the government was forced to increase rates by at least 25%."
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