They are fairly efficient in situations where it's obvious whose fault the accident was (if anyone's). The biggest thing about ICBC that gets me is the lack of competition.
For example, when I was 18 and got my first vehicle, a 10 year old half-ton Ford F-150 4x4, my insurance rates were $1956 per year...and that's on a vehicle that's worth around $10,000 total. That was even with the 10% discount I got for not having been in an accident since I got my driver's licence (5% per year without an at-fault accident).
Had there been any real competition in the market, I highly doubt I'd have payed nearly so much; but the combination of my age, relative lack of driving experience, and lack of competition combined to siphon the money out of me at a horrendous rate!
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