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B.C. car insurance rates will drop 15 per cent this spring

Driving.ca logo Driving.ca 2021-01-19 Coleman Molnar
a truck is parked on the side of a road: A three-car crash injured several people at West 70th and S.W. Marine drive in Vancouver, BC, June 14, 2015. © Provided by Driving.ca A three-car crash injured several people at West 70th and S.W. Marine drive in Vancouver, BC, June 14, 2015.

Car owners in Canada’s most western province are receiving a little Spring gift in the form of a rate decrease from their provincial automotive insurance regulator. 

The British Columbia Utilities Commission (BCUC) announced mid-January it has approved the Insurance Corporation of British Columbia’s (ICBC) request for a 15-per-cent cut to basic insurance rates.

The new interim rate will take effect May 1 and remain in place until the BCUC lands on a permanent cost. British Columbia customers can expect a one-time refund reflecting the change in rates.

 

This temporary cut, which marks the biggest drop in ICBC rates in the company’s history, was made possible by the province’s shift to a no-fault insurance structure the NDP calls “enhanced care.” The goal of the program is to redirect money from legal costs into the pockets of those injured in accidents.

The province has set its sights on a 20-per-cent reduction in premiums, or around $400 a year on average.

The BCUC is offering the public the chance to provide feedback in multiple forms. There are more details on the interim rate and how you can share your opinion on the BCUC website .

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