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

Limits raised at YQQ due to obstacles near airport

Some flights have been rerouted or cancelled due to some trees impacting the safety margins

No missed business hours for AIDS Vancouver Island despite neighbouring fire

Despite some damage to their ceiling and doors, AIDS Vancouver Island returned… Continue reading

Dead tree with eagle’s nest cut down in Comox due to safety concerns

The landowner was granted a permit to remove the tree

RCMP looking for information as thrift store fire investigation continues

Too Good To Be Threw suffered extensive damage after a late night fire on Sunday

Commen-Terry: Helping Hands to benefit flood victims

Fundraising concert Feb. 7 in Courtenay for those affected by Mariner Apartment flood

VIDEO: Here’s what the B.C. legislature officers are accused of buying

Personal trips, purchases, alcohol and more laid out in 76-page report by Plecas

Former Blue Jays ace Roy Halladay voted into Baseball Hall of Fame

M’s legend Edgar Martinez, Rivera, Mussina also make the grade

Why would the B.C. legislature need a firewood splitter?

First sign of police involvement in investigation of top managers

New Canada Food Guide nixes portion sizes, promotes plant-based proteins

Guide no longer lists milk and dairy products as a distinct food group

YANA Online Auction runs until Feb. 8

Items include four pairs of tickets to sold-out Big Love Dinner

North Island College Activity Assistant program returns

Learn more at a free information session Feb. 6 - pre-registration required

Judge annuls hairdresser’s forced marriage to boss’ relative

Woman was told she’d be fired if she didn’t marry boss’s Indian relative so he could immigrate here

Liberals look to make home-buying more affordable for millennials: Morneau

Housing is expected to be a prominent campaign issue ahead of October’s federal election

Most Read