Listen Live
Listen Live

BC Government issues immediate review board to tackle ICBC insurance rates

The on-going topic of ICBC’s basic insurance rates continues to elude British Columbians.

As a result, the provincial government has issued an immediate third party review board to make recommendations on how to make insurance rates more affordable.

Minister of Transportation and Infrastructure Todd Stone says this is a personal priority.

“We’re open and eager to see what these experts will recommend. What I can also say is that it’s not our intent to move to a privatized model; our objective is to find ways to work within our current model, and in doing so, put BC’s ratepayers first.”

Stone says the ultimate goal is to keep rate hikes under 4.9% to avoid.

He adds the board will be motivated by fairness and long-term sustainability.

“We’re committed to finding and implementing the best solutions possible to gain control over the rising costs of auto insurance. We’re committed to getting ICBC’s rates in line with inflation and we will build on past successes to do so.”

Stone says the second largest insurance company in the country needs to adapt their business model to the changing world.

ICBC Board Chair Barry Penner agrees and says he’s is in full co-operation with the Ministry of Transportation.

“We have already launched the process of starting to draft the terms of reference; we’ve given some direction on that to staff to assist us in terms of reference. I expect that a committee of the board will be working on this over the holidays.”

Penner says while it seems unfair to have the board work over Christmas, he believes the sooner rates gets resolved and simpler, the better outcome for all motorists and those struggling to make ends meet.

Something going on in the Prince George area you think people should know about?
Send us a news tip by emailing [email protected].

Continue Reading

cjci Now playing play

cirx Now playing play

- Advertisement -

Related Articles

<p>

- Advertisement -
</p>

Latest News

Local cyclist says hit and run highlights the danger riders encounter on regular basis

One suspect who was driving a black dodge 1500 truck was taken into custody. The Tour de North rides is scheduled for September 12th to 18th consisting of an 850-kilometre journey from PG to Prince Rupert raising money for childhood cancer research.

Website refresh surfaces more of your important local stories

Regular visitors to this website will have noticed some changes to the home page and other templates in recent days.

City launching update for Active Transportation Plan

The City of Prince George is launching an update to its Active Transportation Plan, and is inviting feedback from residents. According to the City, the updated plan will guide the development of infrastructure and programs which support safer, more accessible, and more convenient travel options for people of all ages and abilities. 

RCMP looking to identify suspects in repeated vandalism investigation

The Prince George RCMP are looking to identify suspects in an investigation into repeated vandalism at a residence on the 100-block of McQueen Crescent. According to police, the initial investigation began in late May, when unidentified suspects threw a rock through the front window of the home, and spray painted the front with orange spray paint.
- Advertisement -