Motorists will be paying 6.3 per cent more for basic insurance rates starting in April.
ICBC announced Wednesday that the B.C. Utilities Commission approved the insurance corporation’s application for the rate increase, which was made in December.
This means that new drivers or those seeking a renewal on their basic insurance rates on or after April 1 will an increase by an average of about $60. The application is on an interimn basis, while the full application is reviewed by the commission.
The increase follows last year’s hike that increased basic insurance rates by 6.4 per cent.
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ICBC said it is projecting a net loss of $890 million for its current fiscal year, as external pressures continue to grow from a record number of crashes taking place in B.C., 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.
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