Interim hike to ICBC basic insurance kicks in today

By

VANCOUVER (NEWS1130) – You probably didn’t feel any different when you woke up this morning, but as of today, driving your car just became that much more expensive.

ICBC is increasing basic car insurance rates as of November 1st, but the Crown corporation is quick to downplay the increase.

ICBC’s Adam Grossman claims it’s so small, you won’t even notice it.

“For about 80 per cent of our customers, so those who purchase their full personal vehicle insurance through ICBC, their basic optional insurance, will see an average increase of less than a dollar a month as a result of these changes,” he explains.

“So [you’re] looking at a total of around $11.00 additional for the whole calendar year.”

This increase is just on an interim basis, while the BC Utilities Commission decides on whether to approve a larger 4.9 per cent hike to basic rates ICBC has asked for.

Grossman blames unforeseen circumstances for the proposed bump.

“Unfortunately, as a result of some factors outside of our control… the increase our claims costs [in] particular our bodily injury claims costs, which are set to top $2 billion for the first time this year.”

There is no timeline on when the BCUC will make that decision.

Top Stories

Top Stories

Most Watched Today