ICBC Approves Controversial Basic Rate Increase On Interim Basis

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Your ICBC insurance rate is set to go up, again.

The British Columbia Utilities Commission (BCUC) has approved ICBC’s application for a 6.3% increase to basic insurance rates on an interim basis for all new and renewal policies with an effective date on or after April 1st, 2019.

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“The approval of ICBC’s basic rate change on an interim basis is consistent with past applications and will lessen the depletion of ICBC’s already low basic insurance capital while the BCUC reviews the full application” reads a statement.

ICBC is also letting the public aware of how they can participate in the decision-making process.

This can be done by requesting intervener status, submitting a letter of comment or registering as an interested party.

Here’s what the regulatory timeline looks like:

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Photo: ICBC

At the end of the regulatory process, the BCUC will reach a final decision on ICBC’s basic rate application for policy year 2019.

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