Car owners in the province won’t be surprised, but British Columbians are still paying the highest auto insurance premiums in Canada.
The General Insurance Statistical Agency released numbers Tuesday showing that British Columbians pay an average of $1,832 for car insurance per year.
The organization gathering the information works behalf of insurance regulatory authorities that have private insurance options. B.C. is not a member of the organization.
The next-most-expensive province is Ontario, where drivers pay an average of $1,505 per year. Alberta rounds out the top three with an average of $1,316 a year.
The Insurance Bureau of Canada (IBC) provided the numbers to Global News. The organization strongly favours private car insurance and has vocally criticized the Insurance Corporation of B.C. (ICBC), a public insurer that has a monopoly on basic insurance.
“Under ICBC’s monopoly, British Columbians will again pay the highest auto insurance prices in Canada, with premiums now averaging $1,832 annually. While many important changes are underway in B.C., none are expected to begin to reduce the price most drivers are paying,” IBC vice-president Aaron Sutherland said.
“With ICBC stating that it will need price increases to raise over $1 billion in the years ahead, now, more than ever, the market must be opened to competition and choice to improve the affordability of auto insurance.”