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

Get your tickets to the 7th annual Vertical & Vintages Wine Weekend

Hosted at the Apex Mountain Resort in partnership with the Naramata Bench Wineries Association

Princeton GSAR credited with saving life of lost snowmobiler

Princeton Ground Search and Rescue volunteers are being credited with saving a… Continue reading

Athlete of the Week: Landon Peterman

Landon Peterman is the Penticton Western News/Canadian Tire athlete of the week

Rotary Student of the Month: Robinson a proven leader

The Grade 12 Princess Margaret student is the club’s Student of the Month for January

Penticton Mustangs hockey wins gold

Peewee rec team wins Salmon Arm hockey tournament

Rare ‘super blood wolf moon’ takes to the skies this Sunday

Celestial event happens only three times this century

Company issues lifetime ban after man jumps from cruise ship

Nick Naydev posted the video last week showing him standing on the balcony of the Symphony of the Seas

Parents in this B.C. city can no longer opt kids out of class for personal beliefs

Change comes as part of ‘big overhaul’ of school district’s learning resources policy approved by board

BC Hydro scammers bilked customers out of nearly $45,000 in 2018

Nearly 2,000 people reported scams to the utility, as they continue to be more common

Good news: Peak flu season over in B.C.

B.C. Centre for Disease Control says that while peak season is over, rates remain high this time of year

B.C. university students dumpster dive to shed light on food waste

Eating only from dumpsters, the students hope to raise money for food banks in Northern Canada

B.C. woman posts to Facebook after she and nephew reported missing for days

Roseanne Supernault says both she and her six-year-old nephew are fine and she has contacted police

Unruly passenger forces B.C.-bound flight to divert to Calgary

Police say charges are pending against a woman in her 40s

Inflation rises as higher airfares, veggie prices offset cheaper gas

Statistics Canada says inflation accelerated to two per cent in December

Most Read