Latest Headlines
Home / News / ICBC asking for rate increase

ICBC asking for rate increase

The Insurance Corporation of British Columbia is asking for a rate hike it says will add about $3.50 a month to the cost of basic auto coverage.

The corporation has submitted an application to the BC Utilities Commission for a 4.9% increase in basic auto insurance coverage effective November 1st.

ICBC President and CEO Mark Blucher says more crashes, more damage to vehicles, higher repair costs and a leap in injury claims are some of the reasons for the rate increase.

Blucher adds that without internal measures, such as the transfer of $472-million from the corporation’s optional insurance business, ICBC would have needed a 15.5% increase.

About Gene Law

One comment

  1. This is CRAZY! They want more money but are not willing to pay for my car accident. My car was totaled back in November and I still haven’t received ANYTHING from them. They are crooks!

Leave a Reply

%d bloggers like this: