ICBC seeking 5.2% increase to basic insurance rates
Your basic insurance rates may be going up next year.
ICBC has applied to the British Columbia Utilities Comission raise basic insurance rates by 5.2 per cent next year.
They say the hike is needed to cover current payouts and prepare for future ones, saying higher legal and medical costs have caused claims to rise by $500 million in five years.
In 2013, they say bodily injury claims totaled $1.9 billion, up $73 million from 2013.
If approved, ICBC says the average customer will see a $3 increase on their monthly bill.
ICBC is hoping the BCUC will allow them to raise rates on November 1 on an interim basis while they make their final decision.
The insurance company is in the process of sending out refunds to 441,000 customers who were overcharged in the last six years.
© Shaw Media, 2014