More crashes, more claims and higher costs are putting significant external pressure on ICBC’s insurance rates.
In January 2018, the British Columbia Utilities Commission (BCUC) approved ICBC's 2017 application for a basic rate increase of 6.4 per cent. This is an average increase of $4.75 per month for personal customers’ basic insurance coverage. These new rates became effective November 1, 2017, on an interim basis with the BCUC’s approval.
Optional insurance rates were also adjusted on November 1, with subsequent optional changes to come through the year.
We know we cannot keep asking British Columbians to pay more and more every year for their insurance.
ICBC is working with government to ensure the necessary steps are taken as quickly as possible to bring about long-term, sustainable improvements to B.C.’s auto insurance system.
For more information, visit Changing auto insurance in B.C.