British Columbians could see their ICBC rates drop by about 20 per cent starting in the spring, according to the provincial government. Most drivers can expect to save around $400 a year starting May 1.
“If approved by the British Columbia Utilities Commission (BCUC), this basic insurance rate decrease will be the largest in our province in more than 40 years,” said Mike Farnworth, minister of public safety and solicitor general.
Drivers can also expect a one-time refund for the difference between their current plan and the new, less expensive coverage
ICBC applied to BCUC on Dec. 15 for a 15 per cent decrease to basic and optional vehicle insurance rates. The provincial government said it asked ICBC to maintain the lower rate until at least 2023, as part of its Enhanced Care coverage.
“ICBC is committed to more affordable insurance premiums and rate stability for British Columbians now and into the future,” said Nicolas Jimenez, president and CEO of ICBC.
The corporation will also reduce optional third-party liability rates starting in February.