Come next year, ICBC will be introducing a new way of doing auto insurance in British Columbia.
ICBC will embark on a new way of doing auto insurance in British Columbia, the most significant transformation in its 40-year history.
The Enhanced Care coverage bill received royal assent last week and will save British Columbians, on average, 20 per cent or about $400 on their auto insurance.
It will also provide increased care and recovery benefits for people, and will increase from the current limit of $300,000 to a maximum of at least $7.5 million, providing the care people need for as long as they need it, should they be injured in a crash.
Other benefit enhancements, such as an income replacement benefit 60 per cent higher than today, are other changes British Columbians can expect, where British Columbians will be eligible for up to $1,200 per week.
Also, new legal requirements that ICBC must assist each claimant with making a claim and endeavour to ensure they are informed of, and receive, all the benefits to which they are entitled, and, more stable premiums that support the long-term affordability of public auto insurance for British Columbians, and the sustainability of a public insurance system.
This insurance, known elsewhere as no-fault insurance, has proven to be a successful and effective model for other public auto insurers in Canada, including in Manitoba and Saskatchewan.
These public insurers are providing some of the lowest, and most stable, insurance rates across Canada.