Smells like government bs to me . . their basic insurance premiums are similar . If owners of highend luxury cars can afford a highpriced car , they certainly can afford to pay higher premiums to cover the real cost for their repairsThis quote means Stone is trying to be deceptive or he has no idea how car insurance works in BC . I don ' t know which is worse . The basic ICBC is purely liability , UMP , medical , etc . Nothing within that covers damage to vehicle insured , except UMP , but that is a stretch to say this coverage is effecting premiums on a meaningful level . Where the vehicle insured comes into play is on collision and comprehensive . By law people can already go to private insurers for this . All ICBC has to do is say they no longer provide optional coverage for luxury vehicles and that ' s it . No need to change laws . Or better yet , they just rate the asset correctly and go on with their day ? Some vehicles too hard to rate ? Risk not written , move along . Seems like they are making a lot of changes and unnecessary work for a problem with simple fixes . Either it ' s a politician trying to make a name for themselves or their reasoning for the changes are BS . If the latter , they should just tell what they are actually trying to achieve with these changes and stop hiding behind smoke and mirrors .