You may be looking at a $3.50 hike in basic auto insurance coverage as ICBC has plans to raise rates by 4.9 per cent because of increased claims
ICBC wants to increase insurance rates by about $3.50 a month for basic coverage.
The insurance corporation is asking the BC utilities commission to approve a 4.9 per cent rate increase because it says the number of crashes and claims being filed is “accelerating”.
The BC government has agreed to forgo its usual $160-million annual dividend from ICBC to try to keep the increase low.
Last year ICBC raised rates by 5.5 per cent.