By Chad Klassen

Kamloops insurance broker encouraging motorists not to cut corners, despite ICBC hike

Apr 1, 2019 | 5:02 PM

KAMLOOPS — With a 6.3 per cent increase to ICBC rates going into effect on Monday, a local insurance broker says it would be a mistake for people to reduce auto insurance coverage to save money, and that purchasing insurance from a private company won’t be a large saving. 

Paul Ross, a minority partner with Emsland Insurance in Kamloops, says from his experience in the business, switching more of your auto insurance to a private company doesn’t necessarily translate into savings.

“We do see people often looking around and seeing what they can do to decrease their price,” said Ross. “As a broker, we always make sure you watch the price, watch what you’re comparing because coverages are very important. This would be no different. Consumers vary — sometimes they see savings, sometimes they don’t.”

Ross understands the rate increase is hitting people’s pocketbooks hard, but he’s encouraging drivers not to cut corners when it comes to their auto insurance.

One Man's Opinion

COLLINS: Are the B.C. Conservatives digging their own graves?

22h ago

Sound Off

SOUND OFF: Culturally appropriate food goes beyond the ingredients on a plate

Dec 14, 2024

Two and Out

PETERS: Whether building up or tearing down, Kamloops is what you make it

Dec 13, 2024

“Auto insurance is where you really need to watch your coverage. At the end of the day, we’re driving big, heavy vehicles down the road at 110 kilometres per hour, so definitely purchase good coverage. If you’re spending $1,000, you may as well spend $1,100 and do it right,” he noted. 

Ross says it’s not just B.C. dealing with difficulies balancing the books on auto insurance. He says provinces like Alberta, which is the envy of some with the option to choose private insurance exclusively, are struggling as well with increases in the cost to fix vehicles nowadays.

“Technology’s really moving forward in our society. A rear sideview mirror that costs $300 10 years ago costs $3,000 to replace now,” said Ross. “A bumper that was $1,000 10 years ago is a good $5,000, all the technical pieces. Insurance is going to have to keep up with our technology and our habits and our consumer wants and needs.”