We now know B.C. drivers can expect a 6.3 per cent increase to basic insurance rates in 2019.
ICBC says it is applying to the BC Utilities Commission today for the increase.
If approved by the BCUC, the change would come into effect on April 1, and would mean an average increase of close to $60 dollars in car insurance.
The corporation is projecting a net loss of $890 million this fiscal year, which it says is due to “external pressures,” those being a record number of crashes and more claims which are more expensive.
Attorney general David Eby says in a statement that “had our government not moved to stop the bleeding, the announcement today would have been almost a 40 per cent increase.”
“Our government has taken on the difficult work of fixing the problems left behind at ICBC, including implementing the very solutions the old government was told could have prevented this mess,” Eby says.