The B.C. branch of the Consumers' Association of Canada has released a report criticizing successive Liberal administrations for treating the public auto insurer as a cash cow.
Association president Bruce Cran says drivers have been overcharged for basic and optional vehicle insurance over the last decade, and the Liberals drained $677 million from ICBC profits in just the last 36-months.
Cran estimates the transfer of profits will balloon to $1.2 billion by 2015, while premiums have stayed high and payments to injury victims have not been boosted in 25 years.
The association has issued a report containing 15 recommendations it believes will fix the problem.
Recommendations include retaining any ICBC surplus within the corporation for the benefit of policy holders, and switching from a revenue-driven mandate to a broader consumer focus, offering more opportunities to encourage all road-users to cut risks and reduce insurance costs.
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