Victoria (ICBC Release) – Drivers in British Columbia will continue to benefit from affordable and stable auto insurance costs with no increase to basic rates through to spring 2027, marking seven consecutive years without an increase.
“Keeping basic insurance rates low and stable is part of our government’s commitment to affordability and helping people manage their day-to-day budgets,” said Niki Sharma, Attorney General and minister responsible for ICBC. “We’re making sure drivers have access to affordable coverage and some of the strongest care and recovery benefits in the country without compromising financial sustainability.”
After careful analysis of its finances, ICBC concluded that basic auto insurance rates do not require a change through to 2026-27 fiscal year, eliminating the need for an application to change rates with the B.C. Utilities Commission in 2025 and postponing any potential need for an application until late 2026.
“With insurance rates stable, we can put our efforts toward enhancing customer experience and expanding online services,” said Jason McDaniel, interim CEO and president, ICBC. “As a public auto insurer, run by British Columbians for British Columbians, we are dedicated to providing affordable, steady rates and fiscal stability to the people and places where we live.”
The introduction of Enhanced Care in 2021 marked a turning point for auto insurance in B.C. The care-based model led to an immediate reduction in basic insurance rates, saving the average customer $496, approximately 28% less than what they were paying. The new model has also played a key role in keeping the rates steady ever since. As a result, British Columbia has moved from having some of the highest auto insurance rates in Canada to being among the most affordable.
Since launching Enhanced Care, eligible basic customers have also received $640 in five separate rebates, totalling approximately $2.7 billion. The rebates were made possible by ICBC’s improved financial performance and rates set based on projections.
Alongside more affordable and stable insurance rates, Enhanced Care benefits are available based on individual needs and are designed to support people for as long as required after an accident.
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Information about basic insurance and Enhanced Care is available here: https://www.icbc.com/insurance/products-coverage/Pages/basic-insurance.aspx
