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

Last of southern Selkirk caribou relocated to Revelstoke area

One cow from the South Selkirk herd and two from the Purcells were moved this week

How to stay safe in the Nakusp backcountry: BCSARA

The B.C. Search and Rescue Association recommends planning, training and taking the essentials

Skier caught in backcountry avalanche near Rossland

‘The man was lucky he had the ‘A-Team’ of ski patrol people able to respond as quickly as they did,’ says Rossland rescue spokesperson

Kootenays unemployment rate best in B.C.

In one year, the region has gone from highest unemployment rate to lowest, at 3.1 per cent

Nakusp search and rescue group seeks volunteers

Senior Nakusp SAR member Ross Shkuratoff says the group is on the lookout for new members

Rare ‘super blood wolf moon’ takes to the skies this Sunday

Celestial event happens only three times this century

Scientists ID another possible threat to orcas: pink salmon

For two decades, significantly more of the whales have died in even-numbered years than in odd years

B.C. dangerous offender in court for violating no-contact order, sends letter to victim

Wayne Belleville was shocked to see a letter addressed to him from his shooter, Ronald Teneycke

Crowsnest Pass RCMP seek help locating missing male

58-year-old Stuart David Duff was last seen on Jan. 6, 2019.

Judge denies requests from Calgary couple charged in son’s death

David and Collet Stephan wanted $4 million to pay for past and future legal bills

Explosion sends B.C. firefighter to hospital

Kelowna fire crews responded to a blaze at Pope’sGallery of BC Art & Photography on Friday

Ex-Mountie investigating ‘Surrey six’ murders pleads guilty to obstruction

Derek Brassington entered his plea in B.C. Supreme Court on Friday

Man blames his loud car radio, sirens for crash with B.C. ambulance

Tribunal rejects bid to recoup ICBC costs after crash deemed 100-per-cent his fault

RECALL: Salmon Village maple salmon nuggets

Customers warned not to eat product due to possible Listeria contamination

Most Read