The BC government is increasing ICBC rates to 6.4% in an effort to fix its financial situation.
This will cost an extra $57 a year on average for customers, applying to those on basic and optional insurance, or both.
BREAKING: Attorney General @Dave_Eby says @icbc is asking for a 6.4% increase on basic rates; $57/yr for average driver | #bcpoli pic.twitter.com/RyHDwWqMAf
— My Prince George Now (@mypgnow) September 5, 2017
Attorney General David Eby says the public provider lost nearly half-a-billion dollars last year as a result of the lower rates.
“ICBC’s annual losses, if no changes are made, are projected to increase to almost $1 billion if we don’t take action to ensure affordable rates because 30% rate increases for basic insurance for British Columbia families is not an option.”
Eby explains multi-year, short-term projects are in the works to reduce the number crashes and claims in the province.
“Existing red light cameras at intersections will be activated 12 hours a day. We need to stop people from running red lights and causing accidents that potentially kill and injure people. Our aim is to restrict high-risk drivers from using cell phones.”
The pilot courses are said to aid new drivers and repeat offenders.
Eby claims the previous provincial government took $1.2 billion from ICBC to balance last year’s general revenue.
.@Dave_Eby: @icbc will not be covering the costs of claims; projected to rise more if no action is taken, hence increase to 6.4% | #bcpoli
— My Prince George Now (@mypgnow) September 5, 2017
.@Dave_Eby: Last gov’t took $1.2B from @icbc savings to balance their budgets; adds this deceived the public from the real issues | #bcpoli
— My Prince George Now (@mypgnow) September 5, 2017