More crashes, more injuries, leads ICBC to seek 4.9 per cent rate hike
VANCOUVER — The Insurance Corporation of British Columbia will be seeking a 4.9-per-cent hike to its basic auto insurance rates.
The corporation has submitted its application to the B.C. Utilities Commission, with interim approval expected in early September, covering rates effective Nov. 1.
Mark Blucher, the corporation’s president and CEO, says a final decision is due by the spring and ICBC estimates the increase will add about $3.50 per month to the cost of basic insurance coverage.
Blucher says more crashes, more damage to vehicles, higher repair costs and a leap in injury claims are some of the reasons for the rate increase.