ICBC’s interim 6.3% rate hike approved

Basic insurance rates to increase by an average of about $60 for drivers in April

Drivers will officially be paying 6.3 per cent more for basic car insurance rates starting in April.

ICBC announced Wednesday that the BC Utilities Commission approved its application for the rate increase, which was made in December.

New drivers or those seeking a renewal on their basic insurance rates on or after April 1 will see an average increase of about $60.

The increase follows last year’s hike that raised basic insurance rates by 6.4 per cent.

READ MORE: ICBC overhaul includes new $50 fee for lending out your car to friends, family

READ MORE: ICBC doubles compensation for crash victims with serious injuries

ICBC said it’s projecting a net loss of $890 million for its current fiscal year, as external pressures continue to grow from a record number of crashes, and the increase in claims volume and higher claims costs.

The review of ICBC’s full application will continue into March. Anyone interested in requesting intervener status or submitting a letter or comment can visit bcuc.com.

READ MORE: Pay, bonuses for ICBC executives being reduced, David Eby says

READ MORE: ICBC moves to tighten driver discount rules


@ashwadhwani
ashley.wadhwani@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Just Posted

Willow Point Summer Market back for third go-round

Now accepting applications for ‘anything and everything,’ but specifically in need of entertainers

Carihi fly fishers earn invite to National Championship

10 students will travel to Maple Ridge next month, but they need your help to get there

Storm sweeps Saanich in semifinals

Despite starting well after the other semi-final series, the Storm now has to wait….

CF movie hits home pretty closely to me

Campbell River woman offers perspective on Hollywood’s Five Feet Apart

Penstocks coming out at old John Hart Generating Station

UPDATED WITH VIDEO: Work is part of decommissioning of old power station in Campbell River

Penstocks coming out at old John Hart Generating Station

UPDATED WITH VIDEO: Work is part of decommissioning of old power station in Campbell River

Nowhere to grieve: How homeless people deal with loss during the opioid crisis

Abbotsford homeless advocate says grief has distinct challenges for those living on the streets

ICBC shifts to Alberta model, with higher rates, private insurers say

Minor injury cap, court restrictions take effect April 1 in B.C.

B.C., feds accused of ‘environmental racism’ over Site C, Mount Polley

Amnesty International Canada says governments failed to recognize threats to Indigenous peoples

New Leger polls suggests federal Liberals lagging Conservatives

Overall, 31 per cent of respondents polled said they would vote for Justin Trudeau’s Liberals

Number of homeless deaths more than doubled in B.C. as opioid crisis set in

New data shows trend between more overdose deaths and the number of people dying in the street

Four people spat on in ‘random, unprovoked’ assaults: Vancouver police

Police ask additional victims to come forward after woman in a wheelchair spat on

Indian Day School students eligible for $10K apiece

Islanders included in settlement package reached with Canada’s federal government

Most Read