B.C. drivers may need to brace for a hike in basic insurance rates in 2016, potentially as high as 6.7 per cent.
ICBC says that’s due to an increase from injury claims, which topped $2-billion for the first time in 2014.
Transportation minister Todd Stone is pledging to keep a potential rate hike as low as possible.
“We’re going to continue to do everything we possibly can to drive rates down as low as they can possibly be.”
“I have made staff from the Ministry of Transportation and Infrastructure as well as the Ministry of Finance available to ICBC to work with them through their numbers to identify some additional strategies that ICBC could embrace to mitigate these cost pressures.”
Todd Stone was speaking as ICBC announces it may apply to the BC Utilities Commission to raise rates by as much as 6.7% next year.
Stone is not, however, pledging to reduce the amount of money the province takes from ICBC.
The public insurer is blaming a 10% spike in bodily injury claims this past year.
Those claimed topped $2-billion for the first time last year.
It’s expected to climb to $2.3-billion next year.
The province has asked crown corporation expert Gordon Macatee to help ICBC determine how costs can be whittled down.