The British Columbia Utilities Commission (BCUC) has granted the temporary approval of ICBC’s changes to basic auto insurance to help ease the financial burden on customers during the COVID-19 crisis.
ICBC applied to make the interim changes on April 16, and the BCUC accelerated its review and granted the temporary approval for a 60-day period, starting April 23 to June 21. The approval was granted a day earlier than requested by ICBC.
Starting immediately, the changes to auto insurance include:
- Waiving the $30 cancellation fees on non-fleet owner’s insurance
- Waiving the $18 replating fee when customers want to reinsure
- Permit fleet customers to suspend their basic insurance and obtain a refund without the need to cancel
- Permit customers to temporarily use their vehicles for delivering food and medical products during the pandemic without charging additional premiums or changing rate classes
If required, ICBC may apply to the BCUC for an extension. A regulatory timetable has also been established for a public hearing for the interim approval to be made permanent for the proposed period.
The BCUC is a regulatory agency responsible for oversight of energy utilities and compulsory auto insurance in British Columbia.
Rebecca Lawrence
