More crashes, more injuries, leads ICBC to seek 4.9 per cent rate hike
VANCOUVER — The Insurance Corporation of British Columbia will seek a 4.9-per-cent hike to its basic auto insurance rates, but a company official warns the increase could have been much higher.
The corporation has submitted its application to the B.C. Utilities Commission, with interim approval expected in early September, covering rates effective Nov. 1.
ICBC estimates the increase will add about $3.50 per month to the cost of basic insurance. A 2.8-per-cent increase is also proposed for optional insurance rates, such as comprehensive coverage that applies to everything from theft and vandalism to vehicle damage caused by an earthquake or a falling tree.
The corporation estimates customers who buy optional, extended third-party liability, plus collision or comprehensive, should expect to pay an additional $5 per month, if the utilities commission approves the application.