Can someone explain this one to me? Don’t you get lower insurance costs by distributing risk over as large a population as possible? Seems like unless an insurance company only chooses the least risky people to insure a state monopoly is actually the best way to achieve the lowest cost for everyone.
ClassOptimal7655 on
Ask Albertans how private car insurance is going for them?
> But premiums have taken a much bigger bite out of Alberta bank accounts in recent years, racing from an average of $1,316 in 2018 to an estimated $1,670 last year — up by one-quarter, in only five years.
Reports commissioned by the Albertan government even point out that public insurance has better prices.
> Reports the government commissioned even looked seriously at the insurance solution that’s long seemed a third rail for Alberta conservatives — public auto insurance like they have in Manitoba, Saskatchewan and British Columbia.
> And what did those reports say? Full coverage could cost roughly $765 less per year under a public regime like Alberta’s western neighbours have, according to one study by Oliver Wyman.
God damnit… We just spent years repairing the damage the Liberals had done. ICBC has its problems and it will never be back to what it was, but it’s still better than private.
beloski on
As usual, the conservatives want to help out their business pals to make more profit, and we all will pay the price for their grifting.
Justin_123456 on
The only people that benefit from private auto insurance are the ambulance chasing lawyers, and the private insurers who collect their rent.
5 Comments
Can someone explain this one to me? Don’t you get lower insurance costs by distributing risk over as large a population as possible? Seems like unless an insurance company only chooses the least risky people to insure a state monopoly is actually the best way to achieve the lowest cost for everyone.
Ask Albertans how private car insurance is going for them?
> But premiums have taken a much bigger bite out of Alberta bank accounts in recent years, racing from an average of $1,316 in 2018 to an estimated $1,670 last year — up by one-quarter, in only five years.
Reports commissioned by the Albertan government even point out that public insurance has better prices.
> Reports the government commissioned even looked seriously at the insurance solution that’s long seemed a third rail for Alberta conservatives — public auto insurance like they have in Manitoba, Saskatchewan and British Columbia.
> And what did those reports say? Full coverage could cost roughly $765 less per year under a public regime like Alberta’s western neighbours have, according to one study by Oliver Wyman.
[source](https://www.cbc.ca/news/canada/calgary/alberta-auto-insurance-reforms-analysis-1.7221427)
God damnit… We just spent years repairing the damage the Liberals had done. ICBC has its problems and it will never be back to what it was, but it’s still better than private.
As usual, the conservatives want to help out their business pals to make more profit, and we all will pay the price for their grifting.
The only people that benefit from private auto insurance are the ambulance chasing lawyers, and the private insurers who collect their rent.