ICBC rates will be hiked 6.4% starting November - MoneySense

ICBC rates will be hiked 6.4% starting November

Here’s what that means for your wallet

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VANCOUVER (NEWS 1130) – Attorney General David Eby has announced ICBC rates will be hiked 6.4 per cent, starting November 1st.

He says “drastic action” is needed to fix financial problems at the insurer.

For the average driver, that means an increase of about $60 a year.

Eby says BC drivers were “deceived” by losses under-reported by the previous BC Liberal government.

He says the 6.4 per cent hike is lower than the 20 per cent rate hike that was recommended by the report commissioned by the previous government and released in July 2017.

Former Premier Christy Clark promised to freeze rate hikes at five per cent and the NDP campaigned on a promise to freeze them up to two years.

The Province will also roll out 24-hour red-light cameras at high-collision intersections, which is up from the current six hours per day.

Eby has also announced a pilot program of new technologies to eliminate distracted driving among high-risk groups.

The NDP government says ICBC had its largest financial loss in the organization’s history last year, losing more than half-a-billion dollars in 12 months.

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