ICBC files for no increase to basic insurance rates for two more years
Government reforms to ICBC are paying off with affordable, steady rates and fiscal stability for people.
ICBC is filing an application with the British Columbia Utilities Commission (BCUC) for no increase to basic insurance rates for the next two years, which marks five years of no increases to basic insurance rates.
“Our government is committed to keeping costs down for all British Columbians,” said Premier David Eby. “Holding firm on ICBC’s basic insurance rate for two more years will help millions of drivers with their monthly bills amid global inflation.”
With the introduction of Enhanced Care in May 2021, auto insurance rates in British Columbia have gone from some of the most expensive in Canada to being among the most affordable. A Canada-wide rate comparison report by Ernst & Young looked at 30 different driver profiles and compared how much auto insurance would cost in nine provinces across Canada. The report found that British Columbians pay among the lowest auto insurance rates in Canada.
“A key priority with Enhanced Care was to make insurance rates more affordable and to keep them that way, and this rate application continues to deliver on that,” said Mike Farnworth, Minister of Public Safety and Solicitor General. “We are pleased that, during this time of rising inflation and the cost of everyday life increasing, ICBC is able to keep Basic insurance rates stable for British Columbians for another two years.”
If the BCUC approves the application, British Columbians will continue to benefit from stable and more affordable basic auto insurance rates for another two years.
“This filing means British Columbians will have seen no increase to basic insurance rates for five years. We’re very pleased to see Enhanced Care continues to deliver on one of its key principles: more affordable auto insurance for our customers,” said Nicolas Jimenez, president and CEO, ICBC.
In support of ICBC’s basic insurance rate application, government has provided direction to BCUC to ensure ICBC builds sufficient capital reserves, which paves the way for a two-year rate filing.
Along with more affordable and stable insurance rates, Enhanced Care is providing British Columbians with some of the best care, recovery and income-replacement benefits available in Canada. Under Enhanced Care, British Columbians injured in crashes can have peace of mind knowing they will be supported with benefits when they need them for as long as they need them.
Information about basic insurance and Enhanced Care is available here: https://www.icbc.com/insurance/products-coverage/Pages/basic-insurance.aspx
Information about the Ernst & Young report is available here: https://www.icbc.com/about-icbc/newsroom/Pages/2022-dec08.aspx
Learn about ICBC’s relief rebate: https://news.gov.bc.ca/releases/2022PSSG0016-000430