Basic ICBC premiums to jump 11 per cent

Cut in optional rates to offset much of the pain for most B.C. motorists

Most motorists will pay ICBC about $27 more in premiums next year, but the bite will be deeper for those who opt only for basic insurance.

Basic premiums will rise $68 or 11.2 per cent per customer if the B.C. Utilities Commission approves the public auto insurer’s proposed rate hike.

Optional premiums will be $41 lower on average, or six per cent.

It reflects a continuing pattern of ICBC reducing the cost of its optional insurance – where it faces competition from private insurers – relative to the basic package, where it has a monopoly.

President and CEO Jon Schubert said the two rates should be looked at in combination, because most motorists buy all their coverage from ICBC.

The combined premium hike works out to an extra 2.1 per cent, lifting the average amount most motorists pay from $1,277 now to $1,304.

Individual rates vary depending on claims history, vehicle type, region of the province, years of experience and level of coverage.

“After four years of not having to increase our rates, we now unfortunately face a different reality,” Schubert said. “We’re not happy that we need to increase our rates but the majority of our customers will be paying just a few dollars more, on average, than they did in 2008.”

He said the drop in optional rates was possible mainly due to declining auto crime and damage claims.

Overall claims costs rose $200 million in the first nine months of 2011.

“We have seen increasing pressure, in particular, from bodily injury costs,” Schubert said.

Bodily injury costs are to hit $1.7 billion this year, up $350 million from five years ago.

Low interest rates due to the global economy have also pushed investment income down.

Just Posted

HATS invites Hope residents to talk about addiction in the midst of opioid overdose crisis

First talk happening Thursday, Nov. 15 at Blue Moose Coffee House

Agassiz Harrison school bus driver starts petition to get seatbelts on school buses

Petition come on the tail of Transport Canada announcement to investigate school bus data

BC Ferries passengers wait to leave Vancouver Island after Remembrance Day

Traffic aboard BC Ferries slows after Remembrance Day long weekend

Gymnastics program on a roll at Hope rec centre

“Gymnastics can make such a difference in a childs ’ development”: instructor, Chelsea Currie

Hope mental health advocate shares story and message: ‘You are not alone’

During my twenties, I was hospitalized many times for mental illness. It… Continue reading

Calgarians vote ‘no’ to bidding for 2026 Winter Games, in plebiscite

Out of 767,734 eligible voters, 304,774 voted and 171,750 said ”no.”

B.C. MLAs urge Trudeau to call byelection immediately in Burnaby-South

Four NDP provincial politicians from British Columbia are urging Prime Minister Justin Trudeau to immediately call a byelection in the federal riding of Burnaby-South.

Provincial housing boss brought home more than $350,000 in 2017-18

BC Housing develops, manages and administers a wide range of subsidized housing options

Prince Charles turns 70 with party, new family photos

Charles is due to have tea on Wednesday with a group of people who are also turning 70 this year

Kuhnhackl scores 2 odd goals as Isles dump Canucks 5-2

Vancouver drops second game in two nights

Fear of constitutional crisis escalates in U.S.; Canadians can relate

Some say President Donald Trump is leading the U.S. towards a crisis

B.C.-based pot producer Tilray reports revenue surge, net loss

Company remains excited about ‘robust’ cannabis industry

Canada stands pat on Saudi arms sales, even after hearing Khashoggi tape

Khashoggi’s death at Saudi Arabia’s consulate in Istanbul further strained Riyadh’s already difficult relationship with Ottawa

Feds pledge money for young scientists, but funding for in-house research slips

Canada’s spending on science is up almost 10 per cent since the Liberals took office, but spending on in-house research is actually down

Most Read