ICBC has filed an application that could prevent an increase in basic insurance rates marking a 5 year lack of increase.
If approved, ICBC’s application to the BC Utilities Commission will see stable auto insurance rates for the next 2 years.
The application is part of the Enhanced Care plan announced in 2021 which works to make insurance more affordable and more supportive for those injured in vehicle incidents.
According to a report from Ernst and Young, BC residents are paying some of the lowest auto insurance rates in Canada.
The report was commissioned by ICBC and supported by other provincial auto insurers to look at 30 different driver profiles across 9 provinces.
That report showed that ICBC customers apparently saved 28 percent on their policy renewal following the May 2021 start of Enhanced Care.
Premier David Eby said that the province is committed to keeping costs down for British Columbians and that ICBC’s move to stabilize their rates will help millions of drivers with their monthly bills amid global inflation.
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