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ICBC proposes higher rates for speeders

May 5th, 2011

People who speed or have a significant amount of traffic violations could be paying more for their auto insurance, the province’s public auto insurer announced recently.

The change proposed by ICBC is still subject to approval by regulators.

The higher insurance premiums will give those drivers with a clean record a better discount on their insurance.

The proposal is part of changes by ICBC that includes the shedding of 350 jobs.

The change will reflect a driving record model for calculating premium discounts, instead of relying on the at-fault claims history.

Discounts now go as high as 43 per cent for drivers with a long claims-free record.

The new system could replace ICBC’s Driver Risk Premium (DRP) system introduced in 2009 that fines motorists convicted of drunk driving and excessive speeding.

The system charges motorists an extra $320 per year for three years if caught speeding excessivly.

 

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