February 6, 2020
Government is transforming ICBC by removing lawyers and legal costs from the system to reduce rates and substantially increase care benefits, making public auto insurance work for British Columbians again.
Legislation will be introduced in the coming weeks that will lower ICBC premiums by approximately 20% – an average of $400 in savings per driver. At the same time, maximum care and treatment benefits for anyone injured in a crash will increase to at least $7.5 million, and new benefits will provide care for those most seriously injured, for as long as they need it. These benefits will be available to every British Columbian without having to hire a lawyer.
Read the full announcement via the B.C. government's news release.
More affordable auto insurance rates
Significantly enhanced care & recovery benefits
Technical briefing presentation
Better benefits, lower rates: Moving to a care-based insurance model (government paper)
Basic insurance rates for 2020 and looking ahead