ICBC Review Suggests Rate Hike
Prince George, B.C. – An independent review of ICBC, called for by the previous government in the Province, has been completed and calls for change.
The report concludes there are significant pressures on auto insurance rates, including higher priced vehicles, a rapid acceleration in the number of crashes, the number of claims and the cost of those claims.
The 203 page report ( which can be read here) provides a number of possible options. While one of the suggestions is for a rate hike of nearly 30% over the next year and a half, ICBC says the “solutions are complex and require further analysis and discussion.”
Attorney General, and Minister in charge of ICBC , David Eby says that kind of rate hike is not acceptable to the new government, but they will consider recommendations made in the report that could reduce accidents, injuries, deaths and claim costs. Recent trends show the accident rate in B.C. is rising with a 23% increase in crashes between 2013 and 2016 and Eby says that is very concerning to him. He says he will be working closely with the Minister of Transportation and the Solicitor General “To make sure these roads are safe for everybody, and we reverse this trend of increasingly unsafe roads in our province.”
“However, I want to assure British Columbians that we are not considering photo radar or moving to a no-fault system for auto insurance,” said Eby.
He says solutions could include ensuring good drivers are rewarded, and bad drivers pay more “We will focus on finding answers that put the corporation back on stable financial footing, while maintaining our number one priority of making rates affordable,” adds Eby.