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ICBC To Stop Insuring High-End Luxury Cars

/ 97.3 The Eagle

ICBC will no longer insure high-end luxury vehicles (vehicles worth $150 thousand or more), forcing owners to buy their insurance from a private broker. Transportation Minister Todd Stone says when luxury cars get into a crash it costs about 6 times more to fix the vehicle. “I think we can all agree that this policy as it stand is unfair to the majority of British Columbian’s,” states Stone. “The owner of a luxury car pays practically the same for their basic insurance as the owner of a Toyota Corolla.” The Provincial Government and ICBC will begin working on the policy changes immediately.

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