New rates are set to kick in on May 1, marking the largest reduction in ICBC’s 40-year history. (Pixabay.com)

New rates are set to kick in on May 1, marking the largest reduction in ICBC’s 40-year history. (Pixabay.com)

ICBC gets green light to slash car insurance rates by 15% starting in May

The new rates are set to kick in on May 1

The BC Utilities Commission has approved ICBC’s request for a 15 per cent decrease on basic insurance, marking welcomed news to drivers in the province.

The new rates are set to kick in on May 1.

The province submitted the application last month. At the time, Solicitor General Mike Farnworth called the drop one of the largest rate reductions at ICBC in four decades, stemming from savings at the public insurer as it adopts a no-fault model. The new system prohibits a driver from suing for financial compensation, with a few exceptions.

RELATED: ICBC applies for 15% rate decrease as lawyers pushed out

Instead, crash victims will have access to up to $7.5 million in medical benefits. Currently, the cap on funds is $300,000.

The regulator has also approved ICBC to provide rebates to B.C. drivers, based on the difference between the driver’s current coverage and the new model. The province has said premiums will drop by as much as 20 per cent, an average of $400 a year.


@ashwadhwani
ashley.wadhwani@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Want to support local journalism? Make a donation here.

ICBC

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

A soldier walks along the outside of a crater formed through a demolition. Photo: Aaron Hemens
Military exercises assist with restoration of Lower Kootenay Band wetlands

A total of nine craters were created through demolitions, where the goal is to have them serve as future habitats for ducks and geese.

Fields Forward’s fruit press machine. (File photo)
Regional food processing facility coming to Creston

The facility will produce juices from fruits and vegetables, package vegetables for institutions, bottle jams, freeze-dry products into powders and provide other food processing services.

Al Garrecht holds up a plaque acknowledging his “service above self” from the Creston Valley Rotary Club during a tribute meeting on Feb. 9, 2021. Photo: Dave Handy
Creston Valley Rotary Club bids farewell to longtime member Al Garrecht

“Thank you, Al Garrecht. You leave an incredible legacy of service with CVRC. You live our motto, ‘Service Above Self’. Thank You.”

Remi Drolet
Rossland skier competes at World Nordic ski championship

Remi Drolet was selected to Team Canada and will race at the 2021 FIS World Nordic Ski Championships

A rainbow shining on Kelowna General Hospital on May 12, 2020 International Nurses Day. (Steve Wensley - Prime Light Media)
New COVID cases trending down in Interior Health

24 new cases reported Thursday, Feb. 25, death at Kelowna General Hospital

Provincial health officer Dr. Bonnie Henry updates B.C.’s COVID-19 situation at the B.C. legislature. (B.C. government)
B.C. reports 10 additional deaths, 395 new COVID-19 cases

The majority of new coronavirus infections were in the Fraser Health region

The BC Prosecution Service announced last year that it was appointing lawyer Marilyn Sandford as a special prosecutor to review the case, following media inquiries about disclosure issues linked to a pathologist involved in the matter. (Black Press Media files)
Possible miscarriage of justice in B.C. woman’s conviction in toddler drowning: prosecutor

Tammy Bouvette was originally charged with second-degree murder but pleaded guilty in 2013 to the lesser charge

A kid in elementary school wearing a face mask amid the COVID-19 pandemic. (Metro Creative)
Union asks why an elementary school mask rule wouldn’t work in B.C. if it does elsewhere

B.C. education minister announced expansion of mask-wearing rules in middle, high school but not elementary students

A pharmacist prepares a COVID-19 vaccine at Village Green Retirement Campus in Federal Way on Jan. 26. (Olivia Sullivan/Sound Publishing)
Canada approves use of AstraZeneca’s COVID-19 vaccine

The country joins more than a dozen others in giving the shot the green light

A new survey has found that virtual visits are British Columbian’s preferred way to see the doctor amid the COVID-19 pandemic. (Unsplash)
Majority of British Columbians now prefer routine virtual doctor’s visits: study

More than 82% feel virtual health options reduce wait times, 64% think they lead to better health

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Carolyn Howe, a kindergarten teacher and vice president of the Greater Victoria Teachers’ Association, says educators are feeling the strain of the COVID-19 pandemic and the influx of pressure that comes with it. (Nina Grossman/News Staff)
Stress leave, tears and insomnia: B.C. teachers feel the strain of COVID-19

Teachers still adjusting to mask and cleaning rules, pressures from outside and within

Captain and Maria, a pair of big and affectionate akbash dogs, must be adopted together because they are so closely bonded. (SPCA image)
Shuswap SPCA seeks forever home for inseparable Akbash dogs

A fundraiser to help medical expenses for Captain and Maria earned over 10 times its goal

The missing camper heard a GSAR helicopter, and ran from his tree well waving his arms. File photo
Man trapped on Manning mountain did nearly everything right to survive: SAR

The winter experienced camper was overwhelmed by snow conditions

Most Read