ICBC’s basic insurance rate hike approved

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August, 2012 – The British Columbia Utilities Commission has approved an 11.2 percent increase on basic insurance rates in the province.

In December 2011, ICBC submitted an application with the Commission for an 11.2 percent increase on basic insurance, which it said would be offset by an average decrease in its optional insurance rates. When combined, ICBC said the changes will cost the majority of customers an average of $27 more per year, bringing the average premium to $1,304 from $1,277.

The increase will be effective for the Policy Year 2012, commencing February 1, 2012 says the decision by the Commission.

The full decision is available online. (PDF)

The Commission’s decision came on the same day as the B.C. government’s review of the auto insurer. The provincial government made 24 recommendations to ICBC in order to “be better aligned with the government’s priority of cost containment.” ICBC has agreed with all 24 recommendations and has completed or begun many.

About ICBC

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.