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

Figures reveal spike in highway traffic jams between Abbotsford and Langley

Nearly one in 20 westbound vehicles between Abbotsford and Langley clocked at under 60 km/h

Taser takedown in Chilliwack complex after incident gets violent

Male suspect became agitated under questioning and repeatedly punched an officer

Harrison looks to test viability of solar power

Harrison has applied for a grant to see whether solar power is an option for its village buildings

Agassiz man pleads guilty in snake venom death of toddler

Plea comes more than five years after the incident in North Vancouver

Funding uncertain, but Agassiz’s Storytime in the Park will go on, organizer says

The literacy program takes place each summer in Agassiz, Harrison and Seabird Island

VIDEO: Agassiz remembers local officer at grave-marking ceremony

Montague White-Fraser had been buried in the Old Cemetery for 92 years without a headstone

Highway 1 closed near Revelstoke

No estimated time for opening

CRA program to help poor file taxes yields noticeable bump in people helped

Extra money allows volunteer-driven clinics to operate year-round

RCMP investigate two shootings in the Lower Mainland

Incidents happened in Surrey, with a victim being treated at Langley Memorial Hospital

Recall: Certain Pacific oysters may pose threat of paralytic shellfish poisoning

Consumers urged to either return affected packages or throw them out

How a Kamloops-born man helped put us on the moon

Jim Chamberlin did troubleshooting for the Apollo program, which led to its success

Sexual harassment complaints soaring amid ‘frat boy culture’ in Canada’s airline industry

‘It’s a #MeToo dumpster fire…and it’s exhausting for survivors’

Man with gunshot wound walks into Langley hospital

Injury suffered in Surrey incident, police believe

How much do you know about the moon?

To mark the 50th anniversary of the first lunar landing, see how well you know space

Most Read