ICBC freezes basic insurance rates for drivers until 2027

The Government of B.C. is freezing basic auto insurance rates through to 2027 in a move it says is a “commitment to affordability.”

In an announcement made on Tuesday, Oct. 28, after a review of its finances, ICBC concluded that basic rates do not require any change through to the 2026-27 fiscal year.

The move removes any requirement for an application to change rates with the B.C. Utilities Commission (BCUC) this year, and postpones any possible application for a rate change until late 2026.

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“Keeping basic insurance rates low and stable is part of our government’s commitment to affordability and helping people manage their day-to-day budgets,” said Niki Sharma, attorney general and minister responsible for ICBC.

“We’re making sure drivers have access to affordable coverage and some of the strongest care and recovery benefits in the country without compromising financial sustainability.”

The Government of B.C. also touted that it has been seven consecutive years without an increase to ICBC’s basic auto insurance rates.

In 2019, ICBC received a green light from the BCUC to hike insurance rates by 6.3 per cent.

It has also been nearly five years since the introduction of Enhanced Care, which B.C. calls a “turning point for auto insurance” in the province.

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“With insurance rates stable, we can put our efforts toward enhancing customer experience and expanding online services,” said Jason McDaniel, interim CEO and president of ICBC, in a statement.

“As a public auto insurer, run by British Columbians for British Columbians, we are dedicated to providing affordable, steady rates and fiscal stability to the people and places where we live.”

A new ICBC usage-based discount was introduced to eligible drivers this spring.

In April, the provincial Crown corporation announced that individuals driving less than 15,000 km per year will be eligible for the discount on their optional insurance premium.