Some good news to start off the new year, for B.C. drivers anyways.
The BC Utilities Commission (BCUC) has approved ICBC’s request for a 15% decrease on basic insurance rates.
This will go into effect as of May 1, 2021.
This drop in insurance rates will be the most significant reduction of ICBC rates in 40 years.
The savings are expected to come from two areas:
- reducing approximately $1.5 billion in legal costs, due to B.C. adopting a “no-fault” model
- ICBC’s finances due to fewer people on the road since the start of the pandemic.
As a result of these savings, drivers can see a one-time refund due to the difference in cost now and when the decreased rates go into effect on May 1, 2021.
ICBC had filed its 2021 revenue requirements to The BCUC, and had requested the 15% decrease in basic insurance on December 15, 2020. The rates were approved on an interim basis, until they decide on a final permanent rate.
For more news updates in Metro Vancouver, check out our News section.
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