ICBC just announced a hike in their rates in order to keep them in good financial standing.
With the insurer’s reported losses are in a critical state, the company made the decision to increase rates for all of their clients.
ICBC Rate Increase
This means that the average driver can expect to pay an average increase of $60 and more on their annual fees.
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The rate is set to increase by 6.4% starting on November 1st. Attorney General David Eby stated that BC drivers were not made aware by the BC Liberal Government of how big the losses to the company were.
Many people speculate that the NDP decision to remove the bridge tolls factored into ICBC’s decision, but the former Liberal assessment paints a different picture.
The increase is 20% lower than the former proposal from the Ernst & Young report that was put in July by the Liberal Government, but it is still a considerable jump.
Other factors to consider in the price hike include a lack of competition in the BC auto insurance industry, an increase in the number of collisions, and government interference with the company’s reserve capital.
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