ICBC announced an increase in rates back in September of 2017; however, they aren’t finishing hiking up costs for some of their clients.
Recently, more than 30,000 people participated in a recent survey called ICBC Rate Fairness. In it, the survey focused on increasing insurance rates for high-risk drivers and decreasing it for low-risk drivers.
Since then, the survey results convey that 82.3% of British Columbians believe bad drivers should have to pay more for their insurance premiums.
Now, penalties for high-risk drivers will increase by 20 per cent in the first year, and another 20 per cent the following year.
The Driver Risk Premium program includes the following:
- Speeding
- failing to yield
- ignoring traffic control devices
- following too closely
- improper passing
ICBC Rates
Last year, Attorney General David Eby warned that the provider was on its way to a much larger deficit. In fact, he predicts that they are on track to lose an additional $400 – $500 million by this year.
As a result, many traffic tickets have in creased in price.
What’s more, a driver caught twice in a three year period will receive up to $2,000 in fines as well as points. Not only will repeat offenders incur this enormous fine, but additional offences could mean a revoked license. They may not be able to drive for 3 months up to year.
Of course, most people are well aware that they will get a ticket for speeding; however, there are few traffic tickets that come as a surprise to many people.
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