Rates for ICBC customers are poised to remain the same for the next two years, pending approval from the B.C. Utilities Commission. (File Photo/NanaimoNewsNOW)

By Jordan Davidson

keeping costs down

Province files application to keep basic insurance rates frozen for two years

Dec 12, 2022 | 11:13 AM

NANAIMO — Car insurance rates will remain stable for the next two years.

Premier David Eby announced on Monday, Dec. 12, an application from ICBC was filed to the British Columbia Utilities Commission (BCUC) for the rate freeze.

Eby said B.C. is experiencing some of the fastest growth of newcomers seen in several decades, and this is a way to make living in an already expensive province a bit easier.

“This will help keep insurance affordable for British Columbians at a time when people are facing significant cost pressures. This marks five straight years in a row with no rate increases, and some of the highest rebates in Canada.”

He said more than 70,000 people have moved here in the first two quarters of the year, the fastest population growth rate in 60 years.

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According to the province, B.C. residents pay among the lowest auto insurance rates in Canada.

Eby said being able to afford a vehicle is vital if you live in an area without easily accessible public transportation.

“I know that having a vehicle is incredibly important for many, many people across our province, and the affordability of car insurance is a key part of owning a car. We’re working to build a British Columbia where nobody is left behind.”

Public safety minister Mike Farnworth said one of the key priorities in ICBC’s Enhanced Care program launched in May 2021, was making things more affordable for drivers.

“We are pleased that, during this time of rising inflation and the cost of everyday life increasing, ICBC is able to keep basic insurance rates stable for British Columbians for another two years.”

More information on basic insurance and the Enhanced Care program can be found here.

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by Jordan Davidson

Province files application to keep basic insurance rates frozen for two years

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