Province holds the line on ICBC rates

NORTH VANCOUVER — The province says drivers in B.C. will not face a rate increase for basic automobile insurance rates for the next two years. The announcement was made this morning (Dec. 12) by Premier David Eby and the Minister of Public Safety and Solicitor General Mike Farnworth.

“Our government is committed to keeping costs down for all British Columbians,” said Premier David Eby. “Holding firm on ICBC’s basic insurance rate for two more years will help millions of drivers with their monthly bills amid global inflation.”

In a news release, the government claims the introduction of the Enhanced Care program in May 2021 has resulted in B.C. rates dropping from most expensive in Canada to among the most affordable. A Canada-wide rate comparison report by Ernst & Young found that British Columbians pay among the lowest auto insurance rates in Canada.

“A key priority with Enhanced Care was to make insurance rates more affordable and to keep them that way, and this rate application continues to deliver on that,” said Mike Farnworth, Minister of Public Safety and Solicitor General. “We are pleased that, during this time of rising inflation and the cost of everyday life increasing, ICBC is able to keep Basic insurance rates stable for British Columbians for another two years.”