As a vehicle owner certain things are expected of us, pay your insurance, drive safely and respect the rules of the road. When mistakes happen your insurance company should be there to support you, for instance in an accident or if your vehicle is stolen.
I’ve only had one major dealing with automobile insurance over my 20+ years of driving, after sliding on ice last year and wreaking my vehicle. My overall experience was not terrible, but I had to spend weeks researching the actual value to receive acceptable payment for the loss of my car. What I do not understand is how ICBC can be a monopolistic company in BC for starters, and how they can regularly low-ball people’s claims. How is ethical for them to do this to people time and again?
Fortunately for me my incident occurred during a particularly bad time during the pandemic, so while locked down I had plenty of time to properly research my vehicle and send a rather lengthy document with several examples proving why ICBC was incorrect in their valuation of my vehicle. As a result, I received nearly double the payout, enough to purchase a similar vehicle as is the point of insurance. Had I not taken the time to prove my case, there is no way I would have been able to find a suitable replacement.
I don’t believe it is ethical of insurance companies to force their customers to fight for what is owed them based on what should be right. Furthermore, how is it ICBC can operate in this province without any competitors? Surely, one or two additional agencies in competition would both encourage ICBC to operate more ethically and to become more competitive in the market. During my case it came to the point of take it or leave it, forcing me to forgo thousands of dollars I felt were justified by my research into the actual valuation of my vehicle. How is that ethical of a company in contract with a customer?
My case is rather benign, I can only imagine the battle for life insurance valued at 20x or more the value of a meagre vehicle…
28 January 2022 at 7:27 pm
With fresh eyes I am able to spot a few spelling/grammar mistakes.
I am not shy and am open to any constructive criticism, all tips and advice would be greatly appreciated. It has been many years since I was last required to do any formal writing.
3 February 2022 at 5:25 pm
Ok this is a great example of pondering an ethical issue in business and you have identified how a monopoly can influence business practices of an industry. I really like this post because it ties in the story you experienced with bigger issues and questions and this is the point of blogging. Reflect on experience.
Secondly you have levelled up because you already know how you can improve your writing. You, yourself see this so keep your own advice in mind when you post your next blog.
6 February 2022 at 12:58 pm
I really liked this example of business ethics, a thing so unethical, yet so common, it is accepted as is.
It echoes my experiences in my home country. It may be called a monopoly, it may be called corrupt practice. What is the main difference between a country of laws like in Canada is that avenues of correction and remedial actions have effects and have “their day in court”.
9 February 2022 at 12:38 am
Unfortunately that day in court is often not financially beneficial. The numbers just don’t work out in the defendants favour when comparing remaining payout against legal fees, especially when people are already granted a portion of what they feel is just. Most people either take valuations at face value, or shrug the remainder off as the remnants are not worth the time or added expense. Neither outcome is ethical in my opinion.