Victoria, British Columbia — Intact has announced that it plans to no longer offer optional automobile coverage in British Columbia.
This decision was made with careful consideration given the upcoming changes in the province after the NDP secured a majority government this past weekend. With the NDP win, the Insurance Corporation of British Columbia (ICBC) will remain on as the province’s public insurer.
B.C.’s Liberal Party had promised that, if it won the provincial election, it would get rid of the monopolistic public insurance structure run by the Insurance Corporation of British Columbia (ICBC).
“We believe that consumers should have choice and flexibility when it comes to their insurance,” said Louis Gagnon, president, of Canadian operations, Intact Financial. “We have been closely assessing the optional automobile insurance market in British Columbia for some time and made the decision to shift focus to our other lines of business and providing enhanced services to consumers.”
Intact insurance brands, Intact Insurance, and belairdirect will no longer offer optional coverage in B.C. Both brands will stop taking new business starting Dec. 1, 2020, and renewals on Jan. 1, 2021.
The issue for Intact, regarding the NDP’s new majority government, was their platform that would offer a new mandatory Basic Vehicle coverage, as the no-fault insurance models of Saskatchewan and Manitoba.
Intact’s biggest concern is the limitation of competition and choice for consumers due to this new coverage. However, As for Canada’s leading home and auto insurance provider, Intact is committed to maintaining a strong presence in the province of B.C. They will continue to provide personal property, commercial P&C, surety, and specialty insurance to individuals and businesses in B.C. through its brands.
To learn more, Intact Insurance customers can work directly with their broker. For belairdirect customers, Intact encourages them to visit belairdirect’s website.
