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ICBC Applying for 5.5% Hike on Basic Rates

ICBC rates may be going up again.

The organization will be applying to the BC Utilities Commission for a 5.5% bump in basic rates, which is lower than the previously proposed 6.7%

ICBC President Mark Blucher says the group is responding to a jump in personal injury claim payouts. Last year, bodily injury costs totaled over $2.17 billion, up almost 10% in
one year.

“For our basic insurance customer, that rate increase of 5.5% will mean an extra $3.70 per month,” he said.

“We’ve been working with government over the past 4-5 weeks to find a way to reduce the rate to the 5.5%, and we will continue to work with government on our rate applications for next year.”

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ICBC says that an increase in fraudulent claims have also put pressure on their bottom line, something they are trying to address by beefing up fraud prevention departments.

New Democrat ICBC Critic Adrian Dix blasted the government, accusing them of using “bait and switch” tactics to push through the 5.5% increase.

“Every year we hear different excuses about why this might be the case, but the reality is that regular people are paying more.”

Dix is also the BC Hydro critic and took the opportunity to criticize the Liberals for increases in rates across the board.

“The Hydro rate goes up you pay, the ICBC premium goes up you have to drive,” he said.

“The consequences of that are making life less affordable for ordinary people.”

Dix says ICBC rates have climbed 30% in 4 years under the Christy Clark government.


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