It is socialism. The Insurance Corporation of British Columbia is the sole supplier of the mandatory component of liability insurance in BC. There is no competition for that market.
How much did your insurance go down Alan?
Socialism in BC. Not here. We still have competition for private auto insurance in NJ. There are around 35 auto insurance companies here in NJ. The competition is fierce.
https://www.nj.gov/dobi/division_consumers/insurance/autoinscontacts.htmInterestingly, every week I get regular flyers in the mail from different private insurance companies for auto insurance, home insurance, life insurance, and supplemental medical insurance beyond what governmental Medicare picks up for seniors. I dealt with a broker I've worked with for years rather than directly with the different companies or new brokers. It's more of a personal touch he gives me, and trust. I probably could save a few bucks switching. But you get what you pay for and it's not worth it to me.
My auto insurance went down around 20%. However, I had a speeding ticket come off my record which impacted the premiums. So I don't know how much of the savings is from that vs. just a lower rate due to less driving. My wife and I have to re-take the recurring three-year driver's safety course again to effect an additional discount of around $75 annually.