ICBC’s interim 6.3% rate hike approved

Basic insurance rates to increase by an average of about $60 for drivers in April

Drivers will officially be paying 6.3 per cent more for basic car insurance rates starting in April.

ICBC announced Wednesday that the BC Utilities Commission approved its application for the rate increase, which was made in December.

New drivers or those seeking a renewal on their basic insurance rates on or after April 1 will see an average increase of about $60.

The increase follows last year’s hike that raised basic insurance rates by 6.4 per cent.

READ MORE: ICBC overhaul includes new $50 fee for lending out your car to friends, family

READ MORE: ICBC doubles compensation for crash victims with serious injuries

ICBC said it’s projecting a net loss of $890 million for its current fiscal year, as external pressures continue to grow from a record number of crashes, and the increase in claims volume and higher claims costs.

The review of ICBC’s full application will continue into March. Anyone interested in requesting intervener status or submitting a letter or comment can visit bcuc.com.

READ MORE: Pay, bonuses for ICBC executives being reduced, David Eby says

READ MORE: ICBC moves to tighten driver discount rules


@ashwadhwani
ashley.wadhwani@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Just Posted

Mounties warn about open liquor at Rossland Carnival

They’ll be out there watching for illegal drinking

The Trail Smoke Eaters win in a shootout over Wenatchee Wild

The Trail Smoke Eaters split its two-game series against the Wenatchee Wild on weekend

River rising in Trail

For up-to-date reservoir elevation and river flow information, visit BC Hydro’s website bchydro.com

Former ski champ and MLA’s son hope to open Castlegar cannabis store next month

Felix Belczyk and Ben Conroy are in the approval process for local Spiritleaf outlet

Victorian-era magnate, con artist had Rossland connections

New book explores fascinating history of Whitaker Wright

2-for-1: Total lunar eclipse comes with supermoon bonus

On Sunday night, the moon, Earth and sun lined up to create the eclipse, which was visible throughout North and South America

Trial starts for man accused of killing Winnipeg bus driver

The Winnipeg bus driver was stabbed multiple times back in 2017

Giuliani clarifies comments about Trump Tower Moscow project

Trump’s lawyer Rudy Giuliani clarifies comments he made

Teen in confrontation with Native American: I didn’t provoke

Nick Sandmann of Covington Catholic High School said he was trying to defuse the situation

New military armoury opens in Cranbrook

Military presence in the Key City a part of the 44th Engineer Squadron

Speaker brings report on allegations to B.C. legislature committee

Report describes Darryl Plecas’ suspicions about senior staff

B.C. man charged in 2014 snake venom death of toddler

Henry Thomas was taking care of the North Vancouver girl the day before she died

Parole granted for drunk driver that killed BC RCMP officer

Kenneth Jacob Fenton will be able to attend alcohol abuse treatment, nearly three years after crash that killed Const. Sarah Beckett

Doug Ford says the Liberals’ carbon tax will plunge Canada into recession

The Ontario premier said there are already warning signs of difficult economic times ahead

Most Read