Palms made a very smart move by transferring assets from its name. This in am example of how to protect yourself when you own a lot of property or have money in bank and ICBC tries to SCREW YOU with thousands of dollars, which a working man or woman can not pay.

When ICBC tries to SCREW YOU, and you do not want to lose a whole lot of money to ICBC, simply move your assets to your family member or a friend you trust and declare Bankruptcy. ICBC can not do anything (This is true and tried formula; its extreme but its the only thing that works against ICBC).

Appeal to Office of the Superintendent of Motor Vehicles:
Click here for more information.

OR

If you are young and you have no financial obligations, AND your annual income isn’t great, and you are forced to pay $15,000 or more, you could look into declaring Bankruptcy. This may sound a bit extreme, but only do this as your last resort. Once you declare Bankruptcy, ICBC can not get a penny from you (Bankruptcy Lawyers are great at this).

The Insurance Corporation of B.C. says it’s taking a step back on two contentious measures.

Spokesman Doug McLelland says ICBC is shelving a plan to impose a $25 dollar premium when higher risk drivers, other than the principle operator, use a vehicle.

He says the company is moving ahead with its driver risk premium, which will see bad drivers pay dramatically higher rates.

But it will delay until next year a part of the program that would hit drivers who get three other vehicle related offences over a three year period.

McLelland says some drivers had clearly rejected the idea that ICBC had identified them as a higher risk driver.

He says a lack of understanding of how rates are set is part of the reason for the delay.