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ICBC applies to hike vehicle insurance rates

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By Contributor
July 13th, 2011

The Canadian Press

Insurance rates for B.C. drivers will go up next year, if an application from ICBC is approved by the B.C. Utilities Commission.

ICBC spokesman Mark Jan Vrem says the public insurer will file a rate application with the commission by the end of the year to get approval for higher rates.

Jan Vrem says basic rates are under pressure because of rising injury costs at a time when more people are on the road due to an improved economy.

He says the basic rate was reduced by 2.4 per cent last year but the insurer hadn’t anticipated the economy would recover so fast.

He also says wet driving conditions this rainy summer have led to more collisions on B.C. roadways.

Jan Vrem says drivers will pay more next year if the utilities commission approves the hike, but he doesn’t know how much more.

The proposed increase follows the government’s rejection of an ICBC proposal in May to raise rate for drivers who get tickets for speeding and other moving violations.

 

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