ICBC Rate Increases Announced
Prince George, B.C. – The Provincial Government says it is taking drastic measures to address the “financial crisis” ICBC is facing.
Attorney General David Eby says ICBC is applying for a 6.4% increase in basic rates, or $57 dollars a year for the average driver.
Optional insurance will increase by 3.1% November 1st, and a further 2.2% in each of the following quarters until the increase reaches 9.6% .
Those who purchase blended insurance ( basic plus optional) can expect to pay an extra $130 a year.
Eby says ICBC has lost half a billion dollars over the past year. He says even with the increases announced today, ICBC still expects to lose nearly $400 million next year.