January 2005 News Releases
ICBC keeps its commitment
to low and stable rates — January 21
Tips for Safe Winter Driving — January
6
ICBC keeps its commitment to low and stable rates — January 21
Basic auto rates will not increase in 2005
The BC Utilities Commission has released its decision on the application submitted by ICBC in July 2004. The application did not include a request for adjustments to basic auto insurance rates.
“Basic auto insurance rates will not increase in 2005,” said Paul Taylor, ICBC's president and CEO, “which is good news for our customers.”
Rates for optional coverage, which are not regulated by the BCUC, have also not increased since 2003.
“The BCUC has endorsed ICBC's investments in road safety as a means to keep rates low and stable for our customers,” said Taylor. The decision also included direction on measurement and approaches for these programs. In each of the past three years, ICBC invested approximately $40 million in road safety and loss management awareness and prevention programs.
A key focus of the decision is on ICBC's overall financial allocation methodology -that is, how ICBC divides the costs and revenues of its basic and optional insurance products. According to the Commission, good progress has been made and further steps have been identified, including a public workshop in the near future to review certain details of the allocation which will lead to finalizing the methodology.
Based on the Commission's decisions, ICBC will also prepare a capital management plan and submit the plan to the BCUC for review, and file a comprehensive revenue requirement application as directed by the Commission.
The BCUC was appointed in 2003 as the regulator of basic auto insurance and ICBC's rates and service levels for basic coverage are now subject to review in an independent and transparent process.
Details of ICBC's July application, along with the BCUC decision, are available at www.icbc.com (see BCUC).
For more information contact:
Doug Henderson 604-982-1332
Tips for Safe Winter Driving — January 6
With serious winter conditions on many roads around the province, ICBC is reminding motorists to use extra caution on snowy or slippery roads.
“The safest choice for motorists is to stay home when weather conditions are severe, but if they must be on the road, they should be very cautious,” said Laurie Baker, ICBC manager of road safety.
ICBC encourages motorists to use the following tips:
- Allow for extra time to reach your destination.
- Slow down, and allow extra space between your vehicle and others.
- Accelerate gently and steer smoothly.
- Carefully test your braking and steering at a very slow speed.
- Slow down before curves and corners.
- Go down icy hills in a low gear.
- Avoid passing other vehicles.
- If your wheels lock, ease off the brakes, then re— Apply them to maintain steering control.
Winter weather also means that Dial-A-Claim can be busy. Customers who are able to call outside of business hours may have a shorter wait when reporting a claim. Another option is to file the claim online at www.icbc.com.
ICBC's Dial-A-Claim service is available 24 hours a day, including holidays, at 604-520-8222 or 1-800-910-4222.
For more information contact:
Doug Henderson 604-982-1332
Moira Wellwood 604-982-2480
