BCUC approves ICBC basic rate decrease on interim basis
January 15, 2021
With the introduction of ICBC's new Enhanced Care coverage in May 2021, drivers will save on average 20 per cent on their combined basic and optional vehicle insurance.
As a key part of these savings, the British Columbia Utilities Commission (BCUC) has approved, on an interim basis, a 15 per cent decrease to basic insurance rates – the largest reduction to basic rates in more than 40 years.
Enhanced Care will help make auto insurance in B.C. more affordable with the goal of keeping it that way – to support this, ICBC will not file another application for a basic rate change until December 2022.
There are a number of ways for the public to participate in the review process. Read the Public Notice – Appendix B.
The BCUC has also set the regulatory timetable for the review of ICBC's basic rate application.
|Regulatory timetable||Date (2021)|
|ICBC Notice of Application ||Thursday, January 21|
|Intervener Registration ||Thursday, February 4|
|Workshop* ||Thursday, February 18|
|BCUC Information Request (IR) No. 1 ||Tuesday, March 2|
|Intervener IR No. 1 ||Tuesday, March 9|
|ICBC Responses to BCUC and Intervener IR No. 1 ||Wednesday, April 14|
|Further Process||To be determined|
At the end of the regulatory process, the BCUC will reach a final decision on ICBC's basic rate application. The BCUC will determine how any difference between the approved interim rate and permanent rate will be refunded or collected at the time of its final decision.