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VANCOUVER — More long-haul commuters are buying monthly transit passes and riding the West Coast Express as they start to feel the squeeze of the recession.
At the same time, a decline in the number of vehicles on the road has contributed to a drop in claims for the Insurance Corporation of B.C. during the first quarter of 2009. ICBC spokesman Mark Jan Vrem said claims and related costs dropped to $735 million from $761 million compared with the same period in 2008.
"We are theorizing that the downturn in the economy means that people aren`t driving as much. Or they may have a second car and have decided not to insure and drive it," Jan Vrem said.
TransLink spokesman Drew Snider said the number of two- and three-zone fare cards sold in the first three months of this year rose by five per cent and two per cent respectively over 2008, while sales of concession cards jumped by 10 per cent. (Concession fares are available for students, seniors and people with disabilities.)
Although ridership numbers have remained flat or dipped on buses and SkyTrain so far this year, Snider said the West Coast Express posted a 4.8-per-cent increase in passengers during the first quarter.
This, along with the boost in fare card sales, shows more people are committed to taking public transit, especially on longer journeys, he said.
The rise in concession card sales also indicates more seniors are trying "to pull in their horns where they can."
Although Snider said it was too early to say whether the economy triggered the boost in fare card sales, he concedes it`s more than likely, noting that commuters typically turn to transit when gas prices go up or it costs more to drive.
Passenger trips rose to 302.4 million last year, up 2.9 per cent from a year earlier.
"With the economy, they`re trying to get the best deal they can and monthly fare cards are a great deal," Snider said. "It probably has a lot to do with the economy, but we can`t say that [with certainty] right now."
BC Ferries is also feeling the effects of the recession, with passenger numbers down four per cent and vehicle traffic down 4.9 per cent for March and April, while the May long weekend was flat.
Meanwhile, ICBC said the drop in claims helped the auto insurance provider post strong financial results for this year`s first three months despite the economic problems. Net income for the first quarter was $117 million, up from $102 million for the same period in 2008.
Read the full article here.
At the same time, a decline in the number of vehicles on the road has contributed to a drop in claims for the Insurance Corporation of B.C. during the first quarter of 2009. ICBC spokesman Mark Jan Vrem said claims and related costs dropped to $735 million from $761 million compared with the same period in 2008.
"We are theorizing that the downturn in the economy means that people aren`t driving as much. Or they may have a second car and have decided not to insure and drive it," Jan Vrem said.
TransLink spokesman Drew Snider said the number of two- and three-zone fare cards sold in the first three months of this year rose by five per cent and two per cent respectively over 2008, while sales of concession cards jumped by 10 per cent. (Concession fares are available for students, seniors and people with disabilities.)
Although ridership numbers have remained flat or dipped on buses and SkyTrain so far this year, Snider said the West Coast Express posted a 4.8-per-cent increase in passengers during the first quarter.
This, along with the boost in fare card sales, shows more people are committed to taking public transit, especially on longer journeys, he said.
The rise in concession card sales also indicates more seniors are trying "to pull in their horns where they can."
Although Snider said it was too early to say whether the economy triggered the boost in fare card sales, he concedes it`s more than likely, noting that commuters typically turn to transit when gas prices go up or it costs more to drive.
Passenger trips rose to 302.4 million last year, up 2.9 per cent from a year earlier.
"With the economy, they`re trying to get the best deal they can and monthly fare cards are a great deal," Snider said. "It probably has a lot to do with the economy, but we can`t say that [with certainty] right now."
BC Ferries is also feeling the effects of the recession, with passenger numbers down four per cent and vehicle traffic down 4.9 per cent for March and April, while the May long weekend was flat.
Meanwhile, ICBC said the drop in claims helped the auto insurance provider post strong financial results for this year`s first three months despite the economic problems. Net income for the first quarter was $117 million, up from $102 million for the same period in 2008.
Read the full article here.