BC to freeze basic car insurance rates for two years

BC has applied to freeze basic car insurance rates for the next two years amid the rising cost of living in the province.

Premier David Eby made the announcement Monday, saying the move should help low and middle-income earners in BC.

“This will help keep insurance affordable for British Columbians at a time when people are facing significant cost pressures,” Eby said.

He added British Columbians shouldn’t have to think about quitting their jobs due to the exorbitant cost of car insurance — where increases in recent years have been felt especially by young drivers.

“Having a vehicle is incredibly important for many, many people across our province. And the affordability of car insurance is a key part of owning a car,” Eby said. “We’re working to build a British Columbia where nobody’s left behind, where people don’t have to choose between having a job or not based on their car insurance rates.”

The BC Utilities Commission still needs to review the rate freeze, but Eby said he’s confident the regulator will agree with the decision.

If approved, this would mark five years of no increases to basic insurance rates.