B.C. Liberals promise to end public auto insurance monopoly for lower rates

The British Columbia Liberals are promising lower vehicle insurance rates by ending the monopoly that the Crown-owned Insurance Corporation of B.C. has on the market.

Leader Andrew Wilkinson said Tuesday an elected Liberal government on Oct. 24 will open the vehicle insurance market to competition, resulting in cheaper rates, especially for young drivers.

Drivers should have the option of choosing where to take their insurance business, instead of being forced to deal with the single public agency, he said at a news conference.

"It's time to offer cheaper rates, and the way to get cheaper rates is to introduce competition for all forms of auto insurance in B.C.," said Wilkinson.

"We'll open up the auto insurance market for all forms of auto insurance."

Over the past three years, he said, insurance rates under the New Democrats have increased 48 per cent for an average of $620 per driver.

Wilkinson said the Liberals would allow drivers to shop for vehicle insurance rates and coverage that suits them.