May 14, 2012 – ICBC is launching a province-wide consultation and engagement process to give British Columbians the opportunity to provide input on potential changes to the way ICBC sets premiums for Basic insurance coverage.
“Our customers have told us they think it would be fairer if lower-risk drivers paid less for their vehicle insurance and higher-risk drivers paid more,” said Mark Blucher, senior vice president of insurance at ICBC. “To do this, we need to change the structure of our premiums so we can clearly identify higher-risk drivers.”
As part of the engagement process, ICBC will consult with customers and stakeholders on various options that move towards a pricing system that focuses more on the driver and their driving record, rather than the current vehicle-based rating system which focuses on the claims history of the vehicle.
During the consultation and engagement process, ICBC will inform customers and stakeholders about changes under consideration and seek feedback on options for a fairer, more driver-based system. ICBC will highlight various risk factors that could be used to determine each customer’s Basic insurance premium including driving experience and at-fault crashes.
“Our goal is to redistribute insurance premiums to benefit lower-risk drivers and give an incentive to others to drive more safely,” said Blucher. “Depending on public feedback during the consultation and engagement process, about two-thirds of drivers could pay less than they do today and about one-third of drivers could pay more.”
ICBC is inviting all British Columbians to provide feedback on the Basic vehicle insurance rating system through a variety of consultation and engagement opportunities including a discussion guide and feedback form, online feedback form, stakeholder meetings, public open houses, webinars, online forum and written submissions. The consultation and engagement begins on Monday, May 14 and customers can learn more by visiting publicengagement.icbc.com.
ICBC will host public open houses in 12 regional centres across the province, starting next week. Each session runs from 6 p.m. to 9 p.m. at the following locations:
- Tuesday, May 22: Vancouver, SFU Vancouver Segal Graduate School of Business
- Wednesday, May 23: Kamloops, Hotel 540
- Thursday, May 24: Kelowna, Ramada Hotel & Conference Centre Kelowna
- Tuesday, May 29: Prince George, Ramada Hotel Downtown Prince George
- Wednesday, May 30: Fort St. John, Quality Inn Northern Grand Hotel
- Thursday, May 31: Surrey, Sheraton Vancouver Guildford Hotel
- Tuesday, June 5: Richmond, Executive Airport Plaza Hotel
- Wednesday, June 6: Abbotsford, Ramada Plaza & Conference Centre
- Tuesday, June 12: Prince Rupert, Crest Hotel
- Wednesday, June 13: Victoria, Hotel Grand Pacific
- Thursday, June 14: Nanaimo, Coast Bastion Inn
- Tuesday, June 19: Cranbrook, Prestige Rocky Mountain Resort
No pre-registration is required to attend the public open houses.
“It’s important to us that all of our customers have a voice on potential changes that may impact them � we want to give every British Columbian the chance to get informed about the various options we’re considering,” said Steve Crombie, vice president of corporate communications and stakeholder engagement at ICBC. “Our customers’ feedback will be an important component in the development of any new system.”
This public consultation and engagement process is not related to ICBC’s recent application for a Basic insurance rate increase. The process is focused on gathering input from British Columbians on how ICBC should structure Basic insurance rates going forward and to discuss what risk factors should be used to determine each customer’s insurance premium.
ICBC serves 3.2 million customers in the province of British Columbia, Canada. ICBC licenses and insures drivers and vehicles across the province through its service centres, plus a network of more than 900 independent brokers and government agent offices. Claims customers are served through local offices and an award-winning Dial-a-Claim call centre. ICBC’s road safety investments help create safer roads, lead to fewer crashes, and help keep rates stable. To find out more, visit icbc.com.