B.C. Liberal leader Andrew Wilkinson has formalized his party鈥檚 long-standing promise to open up B.C.鈥檚 basic vehicle insurance monopoly to competition.

鈥淭he ICBC monopoly is a failure and it鈥檚 time to offer drivers cheaper rates,鈥� Wilkinson said Oct. 6. 鈥淭hat鈥檚 what competition will do and that鈥檚 what the B.C. Liberals will deliver.鈥�

The NDP government paid a $1 billion bailout in the current budget to keep ICBC rates from rising higher, mostly due to soaring accident and injury claims and associated legal costs. Before the election called for Oct. 24, NDP leader John Horgan鈥檚 government legislated an out-of-court system for most disputes and promised a rate cut for 2021.

Wilkinson also promised to give younger drivers an unspecified break from higher rates that resulted from an overhaul of ICBC鈥檚 rate structure to charge based on driver risk rather than vehicle ownership.

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