Although the compare auto insurance legislation did not begin a government insurer, it did provide for the creation of the The united states Insurance Board, a public authority with power “to investigate all matters respecting car insurance inside the USA” also to control premium rates.
The legislation also “provided an operation by which government auto insurance could later be introduced.” “Autoplan” The compulsory insurance system created by the 1969 Act included an assigned risk plan; but accessibility to insurance (a minimum of at reasonable price) remained a challenge. In addition, delays in the claims process for property damage continued to result in concern.
These matters along with the public perception that car insurance rates were generally excessive made car insurance a political issue. After its election in 1972 the NDP government made good on it promise to establish a publicly-owned auto insurance plan.
The plan car insurance rates established was called “Autoplan.” It involved the roll-out of the insurance policy Corporation of The USA (I.C.B.C.) which had become the “sole provider of compulsory third-party automobile liability insurance, as well as first-party accident benefits.”
As of 1986, the plan provided approximately $100,000 for medical and rehabilitation expenses; up to $100 per week for income replacement; approximately $7,500 as a lump-sum death benefit (based on the status from the deceased in the family and the quantity of surviving dependents); pensions as high as $100 each week for a 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 of the Insurance Corporation of The USA set up an Automobile Accident Compensation Committee underneath the chairmanship of its Vice-President, Insurance. Compare rates today on Californiacarinsurancerates.org and start saving huge!