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

Tofino Hatchery wraps up successful season

“If you give those things half a chance, they will go to the ‘nth degree’ to get up those rivers.”

Tofino-Ucluelet Westerly News earns four national awards

The Westerly was announced as the recipient of four Canadian Community Newspaper Awards last week.

Culture provides authentic means to education for Ahousaht and Klemtu students

Tying lessons into a real-world scenario creates a more significant and community-based classroom

Tofino police believe alcohol was a factor in Thursday night car crash

The crash knocked out power to the community from 6:44-10:01 p.m

Ucluelet Secondary School Class of 2019 embark on a new chapter

School will host graduation ceremony on Saturday, June 15 at 2 p.m.

PHOTOS: Elusive ‘ghost whale’ surfaces near Campbell River

Ecotourism operator captures images of the rare white orca

Victoria mom describes finding son ‘gone’ on first day of coroners inquest into overdose death

Resulting recommendations could change handling of youth records amidst the overdose crisis

Dash-cam video in trial of accused cop killer shows man with a gun

Footage is shown at trial of Oscar Arfmann, charged with killing Const. John Davidson of Abbotsford

Suicide confirmed in case of B.C. father who’d been missing for months

2018 disappearance sparked massive search for Ben Kilmer

Eight U.S. senators write to John Horgan over B.C. mining pollution

The dispute stems from Teck Resources’ coal mines in B.C.’s Elk Valley

Threats charge against Surrey’s Jaspal Atwal stayed

Atwal, 64, was at centre of controversy in 2018 over his attendance at prime minister’s reception in India

Anti-vaxxer Robert F. Kennedy Jr. to speak in Surrey

He’s keynote speaker at Surrey Environment and Business Awards luncheon by Surrey Board of Trade Sept. 17

Otters devour 150 trout at Kootenay hatchery

The hatchery has lost close to 150 fish in the past several months

B.C. church’s Pride flag defaced for second time in 12 days

Delta’s Ladner United Church says it will continue to fly the flag for Pride month

Most Read