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Expect A Major ICBC Rate Hike January 16

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Victoria – More crashes, more claims and the rising cost of both injury claims and vehicle repairs are the primary external pressures on insurance rates in B.C.

These pressures are very real and are accelerating. The combination of all of these factors led us to ask the B.C. Utilities Commission (BCUC) for a 4.9 per cent increase on ICBC basic rates. On September 2, 2016, the BCUC approved the increase on an interim basis, for policies effective November 1, 2016 and later.*

On December 19, the provincial government directed BCUC to approve a basic rate increase of a maximum of 4.9 per cent or less by January 16, 2017. If the final decision differs from the interim rate, basic premiums will be adjusted subject to the BCUC’s final order.

* Customers whose policies are effective before November 1 will pay the 5.5 per cent basic insurance increase that came into effect in November 2015.

More information can be found here.

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