Published On: Monday, 05 March 2018
Province Invites Input on ICBC Rates
VICTORIA - Public engagement has started on changes to ICBC’s auto insurance system that will make drivers more accountable for their decisions and driving behaviours.
ICBC hopes public feedback will help design an improved auto insurance rating system for British Columbians. ICBC is also facing a 1.3 billion dollar shortfall this year.
“Drivers have been saying for years that the system would be more fair if low-risk drivers paid less for their vehicle insurance, while high-risk drivers paid more,” said Attorney General David Eby. “This engagement is one way government is giving drivers the power to shape ICBC and restore public confidence in our public insurer.”
British Columbians can provide feedback on how ICBC should use claims and driver experience in determining basic insurance premiums, giving greater discounts to low-risk drivers, and balancing basic insurance prices to reflect increased risk with driver behaviour or location.
“Government wants to hear the voices of everyone during this engagement,” said Eby. “I hope British Columbia drivers will take some time to learn about these proposals and let us know their opinions.”
The public engagement period closes April 5, 2018, at 4 p.m. Pacific time.
Eby also noted that, as of March 1, 2018, ICBC’s Driver Risk Premium program (DRP) increased penalties for drivers using electronic devices while driving.
“We are committed to reducing high-risk behaviours that put people in danger,” said Eby. “This increased premium cost puts distracted driving on par with impaired driving and excessive speeding. We need distracted drivers to put down their phones and drive.”