With many British Columbians set to face an increase in housing and grocery prices, it’s nice to hear that drivers can expect a bit of a break in 2022.
ICBC has just indicated that there is money to be saved this year on car insurance, and the savings could be big for some.
On average, drivers can expect to save up to 20% on their annual insurance. This can equate to about $400 on insurance premiums with ICBC.
In 2021, the average annual insurance premium for B.C. drivers was approximately $1,900. ICBC has indicated that that drivers can expect to pay much less than that. ICBC rates actually decreased on May 1, 2021 with the implementation of the Enhanced Care insurance model. The BC Utilities Commission approved the basic rate decrease to help provide stability with basic insurance until at least 2023.
“In the first four months of Enhanced Care, the majority of customers who renewed their full personal auto insurance saved $496 or about 28 per cent compared to last year’s premiums – more than the average of $400 or 20 per cent originally projected in 2020 – and we’ll continue to deliver on the 20% average savings forecast in the first year of Enhanced Care (May 1, 2021 – April 30, 2022),” ICBC told us.
Enhanced care and the new “no-fault” insurance system has been met with criticism though. It puts a cap on minor injury payouts and limits the types of collisions that can be taken to court for additional damages.
This system, however does benefit those drivers not involved in collisions, and they will see savings. It also helps protect against those that have abused the system before, for which ICBC has seen many.
Drivers can get a personalized estimate online of their expected annual ICBC cost.
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