By Veronica Beltran

ICBC Transitions

ICBC looks to deliver lower rates and better benefits

Feb 6, 2020 | 11:45 AM

VICTORIA–More money in your wallet?

In a media release by the BC government this morning, it was announced that ICBC will be removing lawyers and legal costs from the system to reduce rates and substantially increase care benefits for British Columbians.

Legislation will be introduced to lower ICBC premiums by around 20%, an average of $400 in savings per driver. Maximum care and treatment benefits for anyone injured in a crash will increase to at least $7.5 million, and new benefits will provide care for those most seriously injured. These benefits will be available to British Columbians without the need to hire a lawyer.

The improvements will be able to be made through the removal of the majority of legal fees and other costs associated with the current litigation-based system.

“You shouldn’t need a lawyer to access the benefits you’ve paid for. By removing expensive lawyers and legal fees from the system, we are making ICBC work for British Columbians again with more affordable insurance rates and much better coverage, so anyone injured in a crash gets the care they need,” said Attorney General, David Eby.

Supporting Tumbler Ridge

Fort St. John RCMP barbecue raises more than $40,000 for Tumbler Ridge families

2h ago

Hazardous Traveling Conditions

Blowing snow advisory issued for Highway 97 through Pine Pass, Mackenzie and McLeod Lake

5h ago

Cougars 6 Broncos 2

Cougars blow out Broncos 6-2 to begin Prairie road stretch

9h ago

The care-based insurance system is estimated to remove more than $1.5 billion in the first full year, of which will be passed on to ICBC customers through lowered insurance rates.

As ICBC transitions to this new care-based model, the government’s previous work to improve the finances at ICBC means there will be no basic rate change this year. The 0% basic rate change that takes effect on April 1, 2020, is the lowest any government has delivered in almost a decade. Without significant changes, rates would need to continue to rise by about 35% over the next five years.

The new care-based system would take effect on May, 1st 2021.