ICBC plans to seek no changes to its basic insurance rate for the next two years.
The Insurance Corp. of B.C. is expected to submit its next basic rate application with the British Columbia Utilities Commission and plans to seek a basic insurance rate freeze for two years.Start your day with a roundup of B.C.-focused news and opinion delivered straight to your inbox at 7 a.m., Monday to Friday.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
A recent Ernst & Young report, commissioned by ICBC, found auto insurance rates in B.C. are among the lowest in Canada. The report compared rates in B.C., Alberta, Saskatchewan, Manitoba, Ontario, Nova Scotia, Prince Edward Island and Newfoundland, using profiles of drivers of varying ages, vehicles, and commuting distances.
The report comes more than a year after ICBC switched to enhanced care coverage in May 2021, which the insurance corporation said saved drivers an average of $490 on full-coverage personal auto insurance.
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