ICBC releases details about rate hike
Posted December 1, 2011 6:27 pm.
This article is more than 5 years old.
VANCOUVER (NEWS1130) – ICBC has released details of its rates and how much more it is going to cost you to get around. Drivers who only buy basic coverage will pay about $68 more per year.
But the majority of drivers will only pay an extra $28 a year because they buy a lot of the extras like collision and third-party liability.
Earlier this week the corporation announced it would be applying for a rate hike that would go into effect in February of 2012.
ICBC President and CEO Jon Schubert says it’s unfortunate, but due to an unstable world economy and rising claims for injury cases, rates have to go up.
The Insurance Bureau of Canada has consistently listed BC as the province with the second highest rates; Ontario is first.
Rates were last raised in BC four years ago.
