B.C. drivers pay among the lowest auto insurance rates in Canada
December 8, 2022
Following the introduction of Enhanced Care in May 2021, British Columbia auto insurance rates are among the most affordable in Canada when compared to other provinces, according to a new report conducted by Ernst & Young (EY).
The report, commissioned by ICBC and supported by provincial auto insurers in Manitoba and Saskatchewan, looked at 30 different driver profiles and compared how much their auto insurance would cost in nine provinces across Canada. EY found that auto insurance in provinces with publicly owned care-based models is more affordable than in provinces with private insurance models.
“Government and ICBC listened to British Columbians when they told us auto insurance was not affordable so we took action by introducing the Enhanced Care model," said Nicolas Jimenez, ICBC president and CEO. “B.C. now has some of the most affordable auto insurance in Canada while also providing anyone injured in a crash with significantly improved care and recovery benefits when compared with the old model."
British Columbia transitioned to Enhanced Care, its care-based auto insurance model, in May 2021. As a result, ICBC customers saved an average of approximately $490 or 28% on their full coverage personal auto insurance when renewing for the first time under the new model.
According to the EY report*:
An 18-year-old man with a novice licence and a 2012 Honda Civic LX would pay:
B.C. - $2,551 AB - $5,936 SK - $1,129
ON - $5,199 N.S. - $4,861 P.E.I - $2,988
A 30-year-old woman with 14 years driving experience, a recent at-fault crash and a 2019 Ford F350 would pay:
B.C. - $2,065 AB - $4,839 SK - $1,417
MB - $1,435 ON - $3,501 N.S. - $3,657
A 40-year-old woman with 24 years driving experience and a 2017 Ford Escape SE would pay:
B.C. - $1,049 AB - $1,895 SK - $1,207
ON - $1,509 N.S. - $1,318 N.L. - $1,191
A 58-year-old man with 42 years driving experience and a 2018 Honda CR-V EX would pay:
B.C. - $977 AB - $1,907 MB - $1,240
ON - $1,448 P.E.I - $997 N.S. - $1,346
The savings B.C. drivers have experienced are possible because Enhanced Care largely removes the adversarial approach of suing drivers and the hundreds of millions that were being spent on legal fees under the previous litigation-based system. It's a lower cost model that passes those savings onto customers through lower insurance rates and sees more money going directly towards the care and recovery of British Columbians injured in crashes.
The full EY rate comparison report is available to download.
*These figures are an average of auto insurance prices across various cities within each province. Please see the report for the auto insurance cost in each of those cities.