It is in every government's best interest to implement fair policies for all vehicle owners. A periodic cost over benefit evaluation is necessary to update, adjust to the rising costs, continue operations, and service maximum clients. It doesn't matter whether it is a cheaper car or a luxurious one that needs to be accounted for.
This has a lot to do with economic balance and having a sustainable business for all, especially when it come to about insurance coverages. One of those fair policies announced by the British Columbia's transportation minister at "ICBC Vancouver" is planning to stop luxury vehicles worth more than $150,000 in getting insurances.
This announcement by ICBC Vancouver sounds fair enough, so as not to burden drivers of cheaper vehicles with high insurance premiums just to bring in the balance of covering luxury cars as a whole; knowing that parts, maintenance, and technology needed to repair luxury cars is very costly to that of the cheaper ones, this is considered a wise move for ICBC Vancouver.
Greatly affected with this news are luxury car owners; this will mean more expenses for them to allocate in their insurance coverages. This also creates the need to avail private insurance services. Luxury car owners will soon have to buy private insurances to cover for their cars' repairs --- as advised by Transportation Minister Todd Stone on Times Columnist.
On another post, Stone also stated that are making sure repairing luxury cars won't impact the basic rates for drivers of cheaper cars.
Thus, it remains a good news for cheaper vehicle owners. There's no need for any increase or changes on what they are currently paying for.
Here's a video on how insurance rates are set for car owners, as well how to determine risks on insurance policies:
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