ICBC seeks to raise rates by $3/month

Vancouver, BC, Canada / (CKNW AM) AM980

ICBC is seeking to raise basic auto insurance rates by 5.2 per cent.

That comes out to about another $3 a month per driver.

“The need for the change is due to ongoing pressure from increasing injury claims costs, which cover payouts for pain and suffering, future care and loss of wages,” says the Crown corporation in a news release.

It says its injury claims totalled $1.9 billion in 2013 alone – up by $73 million from 2012.

If approved, the new rate would take effect Nov. 1.

Comments

  1. Should be a rubber stamp from the BC Utilities commission.
    They mentioned distracted drivers as a major cause for this increase, so here’s a novel idea – - – how about making those distracted drivers at fault pay.

    • Trevor – you should run for Premier! I agree with you – not sure why the rest of us need to pick up the tab for guys breaking the law. Start with a $500 fine for first time offenders, next time suspend their licences. And these are the best and brightest!

    • I agree. So government will get their lawyers to make a stronger law but then some other lawyer will find a loophole to crawl through so some judge can agree that people have the constitutional right to be in constant communication with Mommy and all the lawbreakers will get paid back so we’ll all pay the price anyway.

  2. Yea really- triple the fines for distracted driving and since it’s the cell phones that are the big problem specifically target those.
    Or if that’s too much bother-how about a levy on all phone sales. That would net a bit from pretty much everyone- drivers, cyclists, pedestrians.

  3. ICBC also performs the tasks that were previously done by the Motor Vehicle Branch. Where does the funding come from to do this. ICBC also collects the registration fee for each vehicle when one renews his/her insurance. Does this fee remain with ICBC or get turned over to the provincial government’s general revenue?

  4. ICBC was ordered to put an application for a rate increase so that the government can continue to siphon off a dividend er tax on our remiums.

    Nothing to do with higher claims costs. Just spin.

    • I could not agree more. The liberal government has broke the province. They continue to raise every rate, premium, tax – whatever you want to call it – and continue to raise the provincial debt to unrealistic levels with NNO plane to pay this debt off. I do not consider the LNG Pipe-dream to be a plan. Complete incompetence with regards to managing our money.

      This is complete spin. If the Liberal government did not siphon off any money from ICBS, Hydro etc, our rates would be going DOWN!

      Either that It is time for ICBC Manger bonuses.

  5. Then those that cause all the extra costs be accountable and pay. Don`t go to ALL the policy holders. Christy Clark can keep her hands of the 1/2 billion she gets, the bonuses can stop at ICBC and ICBC should enforce insurance on all bike riders downtown. Also, they can make a mint on traffic infractions alone, cyclists don`t have a clue how to flow with traffic.

  6. I think ICBC is watching how translink does things, how to empty the pockets. It must stop, it is just abuse of power and plainly taking advantage…..just because the `basic insurance` is the only monopoly. They spin it like they are doing us a favour. 5.2% only on the basic, what a joke! The basic is the worst part of your policy.

  7. This has virtually nothing to do with claims ,,, as long as they keep taking $ OUT of ICBC it is nothing more than a revenue grab. And they must think we are idiots.

  8. ICBC has got to be one of the most ridicules government entities in Canada. How we have listened to excuse after excuse for rate hike after rate when they have millions of dollars in surplus. We recently implemented the “hands free” rule for cell phone use while driving which MUST have reduced claims and payouts for ICBC (as well as DISTRACTED DRIVING!). Where was the reduction to premiums following that?

    Compared to all of the US states and all of our provinces, our “good drivers” pay SUBSTANTIALLY more for car insurance. This is especially a fact if you insure multiple cars, trailers motorcycles etc.

    We need to dismantle ICBC and give private insurers the opportunity to serve this market. As we’ve seen with cell phone carriers, competition is always healthy!

  9. Christy Clark knows how to do ONLY three things really well.

    1. Raise our taxes. 2. Waste our money 3. Increase the Provincial debt more that any government before her.

    Everything else is mediocrity.

    Every MLA and crown employee should take a equal pay cut to any and every “tax” increase that they are ramming down our throats. 5.2% ICBS increase = 5.2% pay cut for every ICBS employee!

    So much for NOT impacting the affordability for families with your tax increase regime eh Christy!

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