ICBC cuts optional rates
By Nelson Daily Editor
By Timothy Schafer, The Nelson Daily
Less frequent crashes have contributed to around $80 million being given back to residents in BC after the province’s auto insurance company elected to cut its rates in response.
ICBC announced it will take an average of three per cent off of its optional auto insurance premiums, in addition to a 2.4 per cent basic rate reduction approved by regulators.
ICBC president and CEO Jon Schubert said less frequent crashes in the last six years have contributed to ICBC’s optional premiums falling by 20 per cent.
Although this is the first basic rate cut in 10 years, ICBC is still a source of revenue for the province, with $487 million being transferred from its reserves in 2010.
editor@thenelsondaily.com
