Bill 93 Gives Regulations

New legislation that is going into effect today in British Columbia will regulate all home, business and car insurance. Bill 93 will separate basic car insurance, etc. from optional products. This will give those with insurance options when choosing what to get.

The bill will also ensure that all of the house, business, and car insurance that you get through private insurers are the same across the board. It regulates them and makes them accountable to the same legislation. Prior to the bill being passed, there were two different acts dictating how they were run.

Now there will be more flexibility and more competitiveness for those looking to purchase car insurance, etc. It gives drivers more flexibility and options, and this way they will be able to find the insurance plan that will suit their needs. This will also drive prices downward, something insureds are looking forward to.

The ICBC’s (Insurance Bureau of Canada) monopoly on mandatory coverage for home, business and car insurance remains unchanged, but the new bill is a step in the right direction. It will start the change that is needed to bring healthy competition to the insurance market.

With B.C. drivers still among the highest paying auto insurance holders in the Canada, this change still needs help. Experts think that if the government just opened the market to other car insurance companies, motorists would not continue to be held hostage by the ICBC.

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