ICBC to apply for significant basic rate decrease
December 14, 2020
ICBC is paving the way for the introduction of Enhanced Care coverage next year when B.C. drivers will see average savings of 20% on their full basic and optional vehicle insurance.
As part of these savings, ICBC will apply to the British Columbia Utilities Commission (BCUC) tomorrow (December 15, 2020) for its largest basic rate decrease in more than 40 years – a decrease of 15%. The rate application will cover the next two years, rather than the typical one-year duration, which will help provide greater rate stability.
Read the full announcement via the B.C. government's news release and backgrounder.