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VICTORIA — A plan by the B.C. government to cut off ICBC auto insurance for Lamborghinis, high-end Maseratis and similar vehicles won’t save enough to prevent massive hikes to basic insurance rates, and is only a small fraction of the savings needed to end the financial crisis at the beleaguered public auto insurer.

Transportation Minister Todd Stone admitted Wednesday that his move to end public insurance for super high-end luxury vehicles will only save $2.3 million in claims costs annually at the Insurance Corp. of B.C.

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That represents a drop in the bucket of what ICBC needs to save to avoid the worst-case scenario that it reluctantly released Wednesday, showing basic rate hikes climbing by as high as 42 per cent, compounded, over the next five years.

“We are not going to allow a scenario that would provide for that level of basic rate increases to actually happen here in British Columbia,” said Stone, who promised additional reforms in coming weeks, and a push to reduce fraud, claims costs and other financial factors.