B.C. Attorney General David Eby is expected to announce changes to ICBC insurance rates Thursday.
Earlier this year, the province promised changes that would see good drivers pay less and bad, or risky drivers, pay more for basic insurance.
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More than 80 per cent of British Columbians agreed to that decision during ICBC’s public consultations.
Eby has called the insurance corporation a “financial dumpster fire” with ICBC losing more than $1 billion last year alone.
In February, Eby introduced legislation to impose limits on soft-tissue injury payouts from vehicle accident claims that could save enough to cover soaring costs that led to the public insurer losing $1.3 billion in the last fiscal year.
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“We hope and are advised that this legislation might get ICBC back in the black, which means that the savings are in the neighbourhood of $1 billion,” Eby said. “This is not the extent or the end of the work we are doing at ICBC.”
The new legislation did not address rates.
But the cap on soft-tissue injuries and a move towards shifting ICBC claims from B.C. Supreme Court to the Civil Resolution Tribunal should save ICBC around $1.3 billion. The legislation moves ICBC claim cases of under $50,000 to the tribunal, with a target of resolution in as few as 90 days.
— With files from Richard Zussman