ICBC seeks 4.9% insurance rate hike

ICBC has applied for a 4.9 per cent rate increase to its basic vehicle insurance rates to take effect Nov. 1

Crash on Scott Road in Surrey: ICBC says the number of injury claims and the size of awards continue to rise.

ICBC has applied for a 4.9 per cent rate increase to its basic vehicle insurance rates to take effect Nov. 1.

For an average driver who now pays $1,369 a year for basic insurance, the increase would add an extra $36. In its rate application to the B.C. Utilities Commission, ICBC is also seeking four per cent decrease in optional coverage that would reduce that annual bill by $25.

The last rate increase was 11 per cent in 2012, coupled with a six per cent cut in optional insurance where ICBC competes with private insurers.

In an open letter to customers, Mark Blucher, interim CEO of ICBC, says the increase is needed to keep up with increasing bodily injury claims, with higher payouts as more people turn to lawyers to dispute their insurance payouts.

Blucher said injury claim volume is also rising, including crashes involving drivers distracted by smartphones, and more pedestrians and cyclists on roads.

ICBC cut 260 positions last year after an audit of its operations showed its management ranks had swelled by 41 per cent between 2007 and 2011. Blucher said ICBC’s administrative costs amount to five cents out of every premium dollar, with 86 cents going to claim payouts.

Bodily injury claims, for pain and suffering, future care and loss of wages, totalled $1.9 billion in 2012, up $165 million from the previous year and $400 million higher than five years previously.

 

Just Posted

Defense says burden of proof not met in double murder case against Oak Bay father

Closing statements begin in trial for man accused of killing daughters Christmas 2017

Sealand was much more than killer whales, says ex-employee

Former Sealasd trainer revisits Sealand of the Pacific in talk

UPDATED: Hundreds gather to reflect and remember UVic students killed in bus crash

Campus community invited to reflect, support one another

Oak Bay United preparing entirely new development application

Three scenarios being considered for Granite Street redesign

Province overrules View Royal; plans to build handyDART facility

View Royal Mayor calls province’s actions “heavy handed” and “unusual”

WATCH: United Way #Drive4Five event launches campaign to raise $5 million

More than 80,000 lives changed last year by the United Way

Crime Stoppers most wanted for Greater Victoria for the week of September 17

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

Man who crushed Nanaimo RCMP cars with stolen truck gets more jail time

Majore Jackson, 34, sentenced to two more years in jail in provincial court in Nanaimo

B.C. dog breeder banned again after 46 dogs seized

The SPCA seized the animals from Terry Baker, 66, in February 2018

Surrey mom allegedly paid $400,000 for son in U.S. college bribery scam

Xiaoning Sui, 48, was arrested in Spain on Monday night

Three dogs found shot dead in Prince George ditch

The three adult dogs appeared to be well cared for before being found with gunshot wounds, BC SPCA says

B.C. party bus company to be monitored after 40 intoxicated teens found onboard

Police received tip teens and young adults were drinking on party buses and limousines in Surrey

Rick Mercer calls out Conservative candidate in B.C. for fake meme

‘Not true. All fake. Please Stop,’ tweeted Rick Mercer in response

Bear killed in Kimberley after chasing girl, wreaking havoc on town

This particular brown-coloured bear has been the subject of many calls this summer; very food habituated, CO says

Most Read