ICBC Admits Lobbied "Minor" Injury Caps Will Impact "Complex and Costly" Claims
As discussed last month, after years of record profits ICBC is experiencing a bout of financial hardship. In turn the government is considering stripping your rights if you are injured by a distracted or impaired driver. Stripping judicial rights to save bad drivers and ICBC money. A poor trade-off.
Today ICBC published a press release noting they “are working hard alongside government to take the steps necessary to bring about long-term solutions which will put ICBC back on a stable financial footing, one that will create a sustainable auto insurance system for B.C.”
The “work” is persuading government to pass a law placing a cap on what they call ‘minor’ injury claims.
ICBC’s own press release, however, advanced the best argument why caps are a defective idea that target seriously injured victims.
In ICBC’s own words
“older claims – some dating as far back as 2010 – which were initially presented as minor injury claims have since emerged as more complex and costly, large loss claims. Over the past 12 months, we have experienced an unprecedented 80 per cent growth in large loss claims which have an average cost of $450,000 per claim.”
I could not make the argument better myself. You can be injured by a bad driver and suffer “complex and costly” injury that initially presents as minor. ICBC knows a “caps” law will catch claims worth hundreds of thousands dollars and instead result in victims receiving pennies on the dollar for long term pain and disability. They want victims to shoulder the shortfall so bad drivers and the insurance industry can benefit.
If this seems unfair to you contact your MLA and tell the government plainly and clearly ‘no to caps’.