British Columbian’s auto insurance bills are going to start to look a little bit heftier come April.
ICBC has received approval from the BC Utilities Commission to boost rates by 6.3 percent, effective April 1st of this year.
In November, Attorney General David Eby described the state of the corporation as a “financial dumpster fire”, projecting a loss of 890 million for 2018-2019.
That loss comes following a 1.3 billion dollar defecit across the 2017-2018 fiscal year.
ICBC requested the increase last month in an effort to quell the losses.
For now, the increase has been dubbed as temporary, but the Utilities Commission can decide to make the hikes permanent if losses aren’t curtailed.
