B.C. drivers can expect to pay less to insure their vehicles this year.
The BC Utilities Commission has approved a 15 per cent cut to ICBC‘s basic insurance rates, effective May 1, 2021.
The 15-per cent cut is the largest in the public insurer’s history.
The move stems from the province’s move to a no-fault insurance regime, which the NDP government has dubbed “enhanced care.”
The B.C. government has promised a 20-per cent decrease in overall car insurance rates.
The regulator has also approved changes to ICBC’s Tariff Pages to provide rebates to B.C. drivers on the difference between their current coverage and the new, no-fault coverage.
Under the new system, crash victims will have access to up to $7.5 million in medical and rehabilitation benefits, up from the current $300,000.
However, they will also be prohibited from suing for financial compensation in most cases, unless they are involved in a crash with someone charged with a criminal offence or if either a manufacturer or repair facility is found to have done faulty work.
The approval is on an interim basis pending the BCUC’s final decision, which will follow a review by the regulator that includes public input.
— With files from Richard Zussman