By CKPG Today

ICBC

ICBC announce two-year rate freeze

Dec 12, 2022 | 10:37 AM

NORTH VANCOUVER — The provincial government has announced a two year rate freeze at ICBC.

Premier David Eby says it will help British Columbians with the high cost of living and says the move was made possible by the change to no fault insurance in 2019.

ICBC is filing an application with the British Columbia Utilities Commission (BCUC) for no increase to basic insurance rates for the next two years, which marks five years of no increases to basic insurance rates.

“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.”

With the introduction of Enhanced Care in May 2021, auto insurance rates in British Columbia have gone from some of the most expensive in Canada to being among the most affordable.

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A Canada-wide rate comparison report by Ernst & Young looked at 30 different driver profiles and compared how much auto insurance would cost in nine provinces across Canada. The report found that British Columbians pay among the lowest auto insurance rates in Canada.