ICBC Wants to Raise Rates by 5.2 percent
Drivers in BC brace for another possible rate hike. It seems that another ICBC rate hike may be on the way. ICBC wants a 5.2 per cent hike in basic rates.
Pending approval by the BC Utilities Commission the average monthly payment will go up on average $3 per month.
According to Global BC, the hike is necessary in over to cover current and future payouts, citing a rise in claims by nearly half a billion dollars in five years. The primary culprit, distracted drivers. Texting and driving has become the second leading cause of car crash fatalities in British Columbia.
The news of possible rate increases comes weeks after the insurance corporation announced that they would be sending out refunds to customers that were overcharged in the last six years.
Rising claims will result in rising rates.
ICBC is asking the commission to approve the fee hike effective for November 1.