ICBC is expected to announce today that it’s asking for an increase to the basic insurance rate paid by B.C. drivers.
It reportedly plans to request a 4.9 per cent price hike from the B.C. Utilities Commission.
ICBC says it has been facing more claims related to injuries.
If the request is granted, drivers would start paying more as of November 1.
The company says the increase will be offset for most drivers who also buy optional insurance through the corporation.
Those rates have dropped because of drops in auto crime and job cuts.
ICBC previously hiked the basic insurance rate by 11.2 per cent in February of last year.
Interim president and CEO Mark Blucher released the following statement this morning:
At ICBC, we know we have a great responsibility to British Columbians and you rightfully expect high-quality service and insurance coverage from us. We also know your main concern is how much you pay for your insurance.
That’s why we want to let you know about our requirement to file an application today for a basic insurance rate increase with the British Columbia Utilities Commission, our first application since late 2011.
We are also able to reduce our optional rates which will lessen the impact on our customers. As a result, about 80 per cent of customers – those who purchase their full personal vehicle insurance with ICBC – will see an average increase of less than a dollar a month.
To read the rest of the statement, go here.
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