ICBC Crown corporation accountability

[geForce]

http://www.theprovince.com/business/Fal ... story.html

I think we talked about this a bit in some other thread. This is a different spin on it though. The government is claiming ignorance in ICBC's over-spending on superfluous management and big salary increases.

The government has an oversight committee for the specific purpose of keeping track of this stuff, but they don't know what's going on... but yet, a non-profit organization was able to come up with this report to be publicized. I'm kind of disgusted about that too.

[Duncan]

it's just like how bc ferries are going bankrupt, yet they can justify paying the execs like 200k+ per year...

it's pretty annoying how government/crown sectors are crying poor yet there's so much money to go around for top execs

[joel]

i'm not much of a political prognosticator, but i have a feeling with the way things are going with some of the crown corps recently, christy clark's days are numbered...

[nature boy]

Salary is salary. People get paid for what they do well. I'm sure if your boss told you that they're goijg to cut your wage, you'd either quit or work less hard.

Having said that, icbc sucks.

[geForce]

ICBC president is resigning
http://www.vancouversun.com/business/20 ... story.html

http://www.mapleridgenews.com/news/166826596.html

Everytime I see numbers from ICBC's books, it just irks me so much. They've hired an abundance of managers and executives who earn $200k per year, and yet STILL have managed to accumulate over $3 billion in cash reserves after they transfered $500 mil to the government. To me, that just blatantly shows that we're being charged way too much for insurance.

I think the reason why they're hiring so many high paid managers and executives is to keep their cash reserve accumulation down to an "unsuspicious" level, justifying the high rates that they're charging us.

[joel]

you know that when these top-level execs resign they are being given some pretty impressive packages to do so too... likely a years worth of salary or more.

[geForce]

Yeah, I know.. They screw up and quit and they still get paid.

[nature boy]

time to work for icbc then i guess.

[geForce]

Out of curiosity, I did a couple of cost comparisons for car insurance.

For my car, full "good driver" discount.
ICBC - $1700

Calgary - $950
Seattle - $500 - $1000 (there's a big range because there are just so many different insurance companies, but with a more well known company like State Farm, it's $1000)

[Duncan]

is the calgary quote lower partially because of the one tax thing?

[geForce]

That one tax is only 7%.. Or about $75

[nature boy]

alberta has different rates of coverage. with icbc, the only way you can cut down is to increase your deductible and lower your liability, unless you're a veteran. even if you change your car from regular to pleasure use, you still don't save that much.
but the rest of canada (at least abt and sk that i know) gives you a lot more customisability on your coverage to save you money.

[geForce]

That's part of my point too. It's either ICBC or nothing... well, not "nothing", but I find those alternative offerings pretty slim.

[nature boy]

i think the rest of canada has that too, i could be wrong. they just have more options within that crown monopoly.

[Wetundies]

In BC we have to buy the basic from ICBC, the extras you can buy from 3rd parties. ONT has multiple insurance agencies to chose from, but i heard their rates are pretty high.