Three main factors push up insurance rates for B.C. drivers: ICBC
VANCOUVER — The Insurance Corporation of British Columbia is under pressure on three fronts, all of which are contributing to a sharp increase in proposed rates for drivers, spokeswoman Joanna Linsangan says.
More crashes, more damage and injury claims, and higher costs associated with those claims mean higher rates are needed to cover expenses.
Here is an outline of those factors and how they have changed in recent years:
— There are about 875 crashes on an average day in B.C., resulting in payouts of almost $13 million in claims. The number of crashes jumped by 23 per cent between 2013 and 2016.