Here in Manitoba, we have a government monopoly that runs the auto insurance industry. There's only one place to get it, and they have you by the short ones if you balk at paying what they charge.
Several times over the past few years, they've had a surplus in their coffers at the end of the year and all insured vehicle owners have gotten about a 10% rebate cheque in the mail.
Considering I pay about $1500 a year for insurance, it's been kinda nice to get that little bit of money in the mailbox.
They have been closely scrutinized by the public utilities board this year... and found to have a much larger surplus than they had admitted to. The PUB is forcing them to issue rebates of 45% to all of us motorists by the end of May at the latest. That's $320 million...
For a corporation that is mandated to operate with the best interests of car owners in Manitoba in mind, this surplus is seen by most of us as blatant thievery. I, for one, will be very glad to get that rebate cheque.
And I certainly hope to see my rates drop significantly too.
I'm surprised to learn that auto insurance is NOT a private business up there. How barbaric! Don't you guys worry about not having any competition? Don't hold your breath on that check, friend.
ReplyDeleteUB: Not all provinces are the same. Only a few have gov't insurance monopolies. And yes, it is a worry but there's not too much we can do about it. At least, not quickly. And the cheques are usually paid out quite promptly. But yeah, I'll be happy when it arrives but I won't hold my breath. ;-)
ReplyDeleteWow! Such greed makes me speechless.
ReplyDeleteAnd to think I complain because we have to pay an "Uninsured motorist" fee for all those idiots who drive without insurance!
Thank goodness for the PUB actually doing their work and catching those greedy mofos!
ReplyDeleteGood timing for you, eh?
ReplyDeleteYet another fat cat corporation ripping off the working man.
ReplyDeleteWell its better than a smack in the belly with a wet fish.
ReplyDeleteCaramba - a stately insurance!
ReplyDeleteIn the West, holy free market and shit ... good to see that they can be MADE to pay out, in other parts of the world it would be the CEO's new yacht.