B.C. says insurance rates to go up by 4.9 per cent as affordability is reviewed
VICTORIA — Those who insure their vehicles in British Columbia will see a rate increase for basic insurance of 4.9 per cent.
The provincial government has directed the B.C. Utilities Commission to approve the rate for next year for the public auto insurer, but it wants to make sure that in the long term, the rates are in line with inflation.
Transport Minister Todd Stone told reporters in a conference call that he acknowledges an increase of nearly 5 per cent year-over-year is not affordable for most families.
“I’ve heard the message loud and clear that people are worried about the increasing cost of living,” he said.