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BC Is Not Happy With ICBC Insurance Rates Hike: ‘It’s a Monopoly’

high-risk drivers / icbc insurance

Photo: Sworldguy / 604 Now Flickr Pool

ICBC has submitted an application to hike basic insurance rates by 6.3%, because it’s not like B.C. residents are already paying one of the highest average insurance rates across Canada.

Oh, wait… yes we are.

In November, it was reported ICBC was projecting a net loss of nearly $900 million for its current fiscal year as a result of a record number of crashes and an increase of claims.

With that statistic alone, ICBC argues that the increase is necessary. It comes as no surprise people are not happy, and calling for a change.

If approved, “the new basic insurance rate would be effective April 1 and will mean an average increase of less than $60 for personal customers’ basic insurance coverage”.

The escalating cost of injury claims is the single biggest factor impacting basic insurance rates – injury claims costs have soared by 43% in just five years; projected to total $3.67 billion in 2018 alone.

The irony of course is despite the ‘dumpster fire’, ICBC execs will take home $50,000 in year-end bonuses.

If the recent application is approved, the price hike will be effective April 1, 2019.

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