Basic ICBC premiums to jump 11 per cent

Cut in optional rates to offset much of the pain for most B.C. motorists

Most motorists will pay ICBC about $27 more in premiums next year, but the bite will be deeper for those who opt only for basic insurance.

Basic premiums will rise $68 or 11.2 per cent per customer if the B.C. Utilities Commission approves the public auto insurer’s proposed rate hike.

Optional premiums will be $41 lower on average, or six per cent.

It reflects a continuing pattern of ICBC reducing the cost of its optional insurance – where it faces competition from private insurers – relative to the basic package, where it has a monopoly.

President and CEO Jon Schubert said the two rates should be looked at in combination, because most motorists buy all their coverage from ICBC.

The combined premium hike works out to an extra 2.1 per cent, lifting the average amount most motorists pay from $1,277 now to $1,304.

Individual rates vary depending on claims history, vehicle type, region of the province, years of experience and level of coverage.

“After four years of not having to increase our rates, we now unfortunately face a different reality,” Schubert said. “We’re not happy that we need to increase our rates but the majority of our customers will be paying just a few dollars more, on average, than they did in 2008.”

He said the drop in optional rates was possible mainly due to declining auto crime and damage claims.

Overall claims costs rose $200 million in the first nine months of 2011.

“We have seen increasing pressure, in particular, from bodily injury costs,” Schubert said.

Bodily injury costs are to hit $1.7 billion this year, up $350 million from five years ago.

Low interest rates due to the global economy have also pushed investment income down.

Just Posted

Agassiz-Rosedale Bridge construction could start in 2021, MLA says

The project is expected to cost substantially more than budgeted in 2017

Fraser Valley developer offering to build barn owl nesting boxes for free

Gore Brothers says anyone with a suitable building can help the threatened raptor

EDITORIAL: Post-grad years are your time

Editor Grace Kennedy shares a few words for this year’s high school grads

Dinosaurs will reign at Sto:lo Children’s Festival

Jurassic Park theme takes over long-standing, free community event

COLUMN: Llamas, goats and snakes, oh my!

Making friends on the Ryder Lake Ramble not a walk in the park

VIDEO: Reading splashes into Agassiz’s Ferny Coombe Pool

The Agassiz Library held its annual Reading in the Pool event Friday, June 14

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

Dinosaur statues from defunct Dinotown theme park stolen in Chilliwack

The dinosaur figures once graced the theme park but were destined for Chilliwack fundraiser

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

Langley’s oldest and last strip bar shuts its doors

The Alder Inn, in operation since 1957, has reportedly been purchased

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

Most Read