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Insurance Rates Rising in April

A 6.3 percent increase in ICBC rates will go into effect this spring.

The BC Utilities Commission has given interim approval for the increase. The increase will affect all new policies and renewals as of Mondayt. This means a cost increase on average of sixty dollars.

The corporation lost an estimated $1.3 billion dollars in the last fiscal year, and is projecting a loss of $890 million this year. The corporation says broader structural changes wont take place until September.

ICBC says injury claims have increased 43 percent since 2014, while vehicle damage costs have increased 50 percent.

The utilities commission will hold a public review process to seek feedback on the ICBC application.

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