Zackary Wilensky / Staff reporter
Recently ICBC has increased how much you pay for car insurance. This change is mostly affecting the youth. ICBC’s changes are meant to save money for drivers who have a safe record and to drastically increase prices for inexperienced or drivers with a bad record.
For some younger drivers, these rates are more expensive than what they paid for the car.
On September 27, 2019, Global News reported on Emily Nelson a 20-year-old university student, recent experience with the new ICBC rate. “Emily Nelson had worked hard to get her first car. A price tag of $5,000. She found out her ICBC bill was $5,921 for the year.”
This is a ridiculous price for young drivers to pay.
Younger drivers are using their cars so they can go to work and earn the money they need for the car but if the rates are too high on the car insurance how are they supposed to earn the money?
To make things even more challenging, these drivers are either in university and paying tuition or thinking about going to university. They need to make the choice on what to save their money on because it may have to be one or the other.
“Young people who are going to school or starting off their careers, they shouldn’t be hit with such a massive bill,” said Johal.
The youth are getting hit hard with these new changes because young drivers don’t have many years behind the wheel. If you want your rates to go down, you need to drive with no crashes for multiple years but that means you will have to pay the outrageous prices ICBC is asking for when you first start. For a lot of younger drivers if they don’t have finical help from other family members it will be next to impossible for them to drive.
It makes no sense how the insurance for the car is more than what the car is valued at. This doesn’t encourage new drivers to want to get on the road and buy their own vehicles. It makes sense to have younger drivers pay more than someone who has been on the road for 20 years, but the gap right now is to high.
ICBC should have a higher rate for younger drivers but after a year if you have had no accidents your insurance rate should drop. The insurance rate should drop by a good amount as well, so it is more affordable to pay. If you start to get tickets or into accidents it makes complete sense for ICBC to raise the insurance back to what it was or higher if it is consistently happening.