Re: Are we loaning our money to ICBC? (Letters, Sept. 11).
We wanted to let your reader know that the British Columbia Utilities Commission announced their approval of our basic insurance rate change on Aug. 16. This followed their approval of this rate change on an interim basis, effective from Feb. 1.
The increase is the first for basic insurance in five years, and means the majority of our customers will pay about $27 more than they did last year. To put that in perspective, it’s only $9 more than they paid in 2008 due to rate decreases over the past four years.
We remain committed to providing customers with the best insurance coverage at the lowest possible price.
Mark Blucher
Senior Vice President,
Insurance ICBC