B.C. drivers will be paying 4.9 per cent more for ICBC insurance.

B.C. drivers will be paying 4.9 per cent more for ICBC insurance.

ICBC rates to go up by 4.9 per cent

The provincial government directed the rate approval for next year.

Those who insure their vehicles in B.C. will see a rate increase for basic insurance of 4.9 per cent.

The provincial government has directed the B.C. Utilities Commission to approve the rate for next year for ICBC, but it wants to make sure that in the long term, the rates are in line with inflation.

Transport Minister Todd Stone told reporters in a conference call that he acknowledges an increase of nearly five per cent year-over-year is not affordable for most families.

“I’ve heard the message loud and clear that people are worried about the increasing cost of living,” he said.

The minister announced the government has launched a third-party review to make recommendations that will keep auto insurance rates affordable in the long term.

Stone said the goal is to put British Columbia drivers first and for the Insurance Corp. of B.C. to manage its cost pressures and bring rate increases closer to the inflation rate.

He said the review will look at the entire spectrum of the insurer’s operations to come up with as many solutions as possible for reducing cost pressures.

“We can’t keep doing things the same way and expect a different outcome, so we’re prepared to change,” Stone said.

The minister said the government does not intend to move to a privatized model of insurance through this review.

The insurance provider has already begun the process to prepare for the review, and the third party is expected to be selected in the new year.

Stone said the aim is to have results of the review ready by early next summer to be able to effect the insurance provider’s next round of rate filing that is due in August.

The third-party review comes as the frequency and severity of injury claims jumped, while the average cost of vehicle claims increased by 17 per cent between 2014 and 2015.

The province announced earlier this year that it would be doubling basic premiums for high-priced luxury vehicles and clamping down on fraud with a new detection tool.

ICBC is the province’s public auto insurer and almost all drivers in the province must purchase basic auto insurance for their vehicle through the corporation.

The Canadian Press

Just Posted

Visitors to a pop-up temporary aquarium in Prince Rupert will have the chance to see marine ecology from July 21 to Aug. 15, like this viewer watching sea anemones at the Ripley’s Aquarium in Toronto. (Photo: K-J Millar/The Northern View)
Prince Rupert pop-up aquarium will bring sea level to eye level in July

A permanent peak to reef ecology centre is in the planning stages by North Coast Ecology Society

Prince Rupert’s Ellen Wright and Graeme Dickens jam out during filming the two Ring System Studio concerts to be broadcast on television during June. (Photo: supplied, H. Cox)
Ring System Studio sounds on television

Two concerts by the Prince Rupert music school will be broadcast in June

Commerical marijuana grow ops that are budding up in Prince Rupert’s downtown core are legal and out of the city’s jurisdiction, Mayor Lee Brain said, on June 14. (Photo:supplied/K-J Millar)
Prince Rupert downtown’s pretty dope

Marijuana operations grow in the Prince Rupert city core

Unionized longshore and port workers gather along Highway 16 on June 15 not crossing the picket line where Prince Rupert Solidarity Movement group protests the docking and unloading of the JPO Volans, a ship with Israeli designed technology and equipment. (Photo: K-J Millar/the Northern View)
Prince Rupert Solidarity Group pickets at port in protest

Demonstrations against the container ship JPO Volans lead into the second day to dissuade docking

BC Ferries has announced the welcoming back onboard of recreational travellers on June 15 after the provincial travel restrictions were lifted. (Courtesy of BC Ferries)
BC Ferries welcomes back recreational passengers

The ferries corp will relax mask-wearing in outdoor spaces

People line up to get their COVID-19 vaccine at a vaccination centre, Thursday, June 10, 2021 in Montreal. THE CANADIAN PRESS/Ryan Remiorz
Vaccines, low COVID case counts increase Father’s Day hope, but risk is still there

Expert says people will have to do their own risk calculus before popping in on Papa

FILE – A science class at L.A. Matheson Secondary in Surrey, B.C. on March 12, 2021. (Lauren Collins/Surrey Now Leader)
Teachers’ union wants more COVID transmission data as B.C. prepares for back-to-school

BCTF says that details will be important as province works on plan for September

Provincial health officer Dr. Bonnie Henry outlines B.C.’s COVID-19 restart plan, May 25, 2021, including larger gatherings and a possible easing of mandatory masks on July 1. (B.C. government photo)
B.C. records 120 new COVID-19 cases, second vaccines accelerating

Lower Pfizer deliveries for early July, Moderna shipments up

A Heffley Creek peacock caught not one - but two - lifts on a logging truck this month. (Photo submitted)
Heffley Creek-area peacock hops logging trucks in search of love

Peacock hitched two lifts in the past month

The Calgary skyline is seen on Friday, Sept. 15, 2017. THE CANADIAN PRESS/Jeff McIntosh
2 deaths from COVID-19 Delta variant in Alberta, 1 patient was fully immunized

Kerry Williamson with Alberta Health Services says the patients likely acquired the virus in the hospital

The first suspension bridge is the tallest in Canada, with a second suspension bridge just below it. The two are connected by a trail that’s just over 1 km. (Claire Palmer photo)
PHOTOS: The highest suspension bridges in Canada just opened in B.C.

The Skybridge in Golden allows visitors to take in views standing at 130 and 80 metres

BC Green Party leader and Cowichan Valley MLA Sonia Furstenau introduced a petition to the provincial legislature on Thursday calling for the end of old-growth logging in the province. (File photo)
BC Green leader Furstenau introduces old-growth logging petition

Party calls for the end of old-growth logging as protests in Fairy Creek continue

B.C. Premier John Horgan leaves his office for a news conference in the legislature rose garden, June 3, 2020. (B.C. government photo)
B.C. premier roasted for office budget, taxing COVID-19 benefits

Youth addiction law that triggered election hasn’t appeared

A vial containing the Moderna COVID-19 vaccine is shown at a vaccination site in Marcq en Baroeul, outside Lille, northern France, Saturday, March 20, 2021. THE CANADIAN PRESS/AP/Michel Spingler
mRNA vaccines ‘preferred’ for all Canadians, including as 2nd dose after AstraZeneca: NACI

New recommendations prioritizes Pfizer, Moderna in almost all cases

Most Read