ICBC asks for 6.3% auto insurance rate hike
Insurance Corporation of British Columbia | December 17, 2018
Motorists in British Columbia should ready themselves for potentially higher insurance rates in 2019, with the Insurance Corporation of British Columbia (ICBC) asking the BC Utilities Commission for a 6.3% increase in basic insurance rates. The request comes amid a growing sense of financial gloom at the public auto insurer, which is projecting a loss of $890 million this year. The new basic insurance rate would come into effect on April 01 if approved and will mean an average increase of just under $60 for personal customers’ basic insurance coverage.