Even though car insurance legislation failed to establish a government insurer, it did give the development of the America Insurance Board, a public authority with power “to investigate all matters respecting car insurance in The USA” and to control premium rates.
The legislation also “provided an operation by which government automobile insurance could later be introduced.” “Autoplan” The compulsory insurance system produced by the 1969 Act included a designated risk plan; but accessibility to insurance (a minimum of at reasonable cost) remained a problem. Additionally, delays inside the claims process for damage to property continued to result in concern.
These matters together with the public perception that automobile insurance rates were generally excessive made auto insurance a political issue. After its election in 1972 the NDP government made good onto it promise to ascertain a publicly-owned car insurance plan.
The plan auto insurance established was called “Autoplan.” It involved the development of the Insurance Corporation of america (I.C.B.C.) which took over as “sole provider of compulsory third-party automobile insurance, in addition to first-party accident benefits.”
As of 1986, the plan provided up to $100,000 for medical and rehabilitation expenses; as much as $100 per week for income replacement; approximately $7,500 like a lump-sum death benefit (based on the status of the deceased inherited and the number of surviving dependents); pensions of up to $100 per week for any surviving spouse and $25 weekly for other surviving dependants for approximately 104 weeks; and funeral expenses as high as $1,000. “Autoplan” also provided optional additional coverage for income replacement.
McCarthy Report In 1979, the Board of Directors from the Insurance Corporation of america create a car accident Compensation Committee under the chairmanship of the Vice-President, Insurance. Compare rates today on Californiacarinsurancerates.org and start saving huge!