ICBC proposing 6.3% rate increase
It seems that financial dumpster fire at ICBC is ongoing.
The challenges at ICBC are about to hit us in the pocketbook again.
The Corporation will be applying to the B.C. Utilities Commission for a 6 point 3 per cent rate increase.
The insurer says that increase would have been almost 40 per cent were it not for major reforms to B.C.’s auto insurance system.
If the rate increase is approved, the new basic insurance rate would be effective April 1st and will mean an average increase around 60 dollars for basic insurance coverage.
B.C. Attorney General David Eby had called the financial situation at ICBC a dumpster fire early this year while blaming the Liberals for the start of it, saying they knew about the fire but pushed the dumpster behind the building instead of putting it out.