Basic ICBC premiums to jump 11 per cent

Cut in optional rates to offset much of the pain for most B.C. motorists

Basic ICBC premiums to jump 11 per cent

Most motorists will pay ICBC about $27 more in premiums next year, but the bite will be deeper for those who opt only for basic insurance.

Basic premiums will rise $68 or 11.2 per cent per customer if the B.C. Utilities Commission approves the public auto insurer’s proposed rate hike.

Optional premiums will be $41 lower on average, or six per cent.

It reflects a continuing pattern of ICBC reducing the cost of its optional insurance – where it faces competition from private insurers – relative to the basic package, where it has a monopoly.

President and CEO Jon Schubert said the two rates should be looked at in combination, because most motorists buy all their coverage from ICBC.

The combined premium hike works out to an extra 2.1 per cent, lifting the average amount most motorists pay from $1,277 now to $1,304.

Individual rates vary depending on claims history, vehicle type, region of the province, years of experience and level of coverage.

“After four years of not having to increase our rates, we now unfortunately face a different reality,” Schubert said. “We’re not happy that we need to increase our rates but the majority of our customers will be paying just a few dollars more, on average, than they did in 2008.”

He said the drop in optional rates was possible mainly due to declining auto crime and damage claims.

Overall claims costs rose $200 million in the first nine months of 2011.

“We have seen increasing pressure, in particular, from bodily injury costs,” Schubert said.

Bodily injury costs are to hit $1.7 billion this year, up $350 million from five years ago.

Low interest rates due to the global economy have also pushed investment income down.

Just Posted

Staff member Lena Laitinen gives the wall at BoulderHouse a workout during a media tour on June 16. (Rick Stiebel/News Staff)
BoulderHouse raring to rock Langford

Popularity of bouldering continues to climb across Greater Victoria

The Sooke Potholes is a jewel in the community's crown. Transition Sooke hosts a town hall meeting on community growth on June 26. (Courtesy: Sooke News Mirror)
Sooke forum tackles community growth

To Grow or Not to Grow online town hall meeting set for June 26

General manager Lindsey Pomper says Sidney’s Star Cinema cannot wait welcome audiences when it reopens June 18, amid an easing of public health measures. (Wolf Depner/News Staff)
Sidney’s Star Cinema raises curtain for the first time after months in the darkness

Iconic theatre to reopen at half capacity for Friday night showing

A screenshot of the First Peoples Cultural Councils First Peoples’ Map. (First Peoples Cultural Council)
Online resource blends B.C.’s Indigenous language, art and culture

North Saanich advisor says initiative supports urgent need to preserve Indigenous languages

A dogs in parks pilot study unanimously approved by Saanich council will evaluate how park space can best be shared between dog owners and non-owners alike. (Photo by Megan Atkins-Baker/News Staff)
Saanich to study park-sharing strategy between those with and without pets

District-wide People, Parks and Dogs study to produce recommendations by fall

Maxwell Johnson is seen in Bella Bella, B.C., in an undated photo. The Indigenous man from British Columbia has filed complaints with the B.C. Human Rights Tribunal and the Canadian Human Rights Commission after he and his granddaughter were handcuffed when they tried to open a bank account. THE CANADIAN PRESS/HO-Heiltsuk Nation, Damien Gillis, *MANDATORY CREDIT*
VIDEO: Chiefs join human rights case of Indigenous man handcuffed by police in B.C. bank

Maxwell Johnson said he wants change, not just words, from Vancouver police

Tk’emlups te Secwepemc Chief Rosanne Casimir stands outside the former Kamloops Indian Residential School after speaking to reporters, in Kamloops, B.C., on Friday, June 4, 2021.THE CANADIAN PRESS/Darryl Dyck
Kamloops chief says more unmarked graves will be found across Canada

Chief Rosanne Casimir told a virtual news conference the nation expects to release a report at the end of June

A woman wears a vaccinated sticker after receiving a COVID-19 vaccine at a vaccination clinic run by Vancouver Coastal Health, in Richmond, B.C., Saturday, April 10, 2021. THE CANADIAN PRESS/Jonathan Hayward
B.C. ranks among highest in world in COVID-19 first-dose shots: health officials

More than 76% of eligible people have received their 1st shot

An artists conception of the new terminal building at the Pitt Meadows Regional Airport.
Air travel taking off in B.C., but lack of traffic controllers a sky-high concern

There will be demand for more air traffic controllers: Miller

Canadian Armed Forces experts are on their way to North Vancouver after a local homeowner expressed worry about a military artifact he recently purchased. (Twitter DNV Fire and Rescue)
Military called in to deal with antique ‘shell’ at North Vancouver home

‘The person somehow purchased a bombshell innocently believing it was an out-of-commission military artifact’

Amy Kobelt and Tony Cruz have set their wedding date for February, hoping that more COVID-19 restrictions will have lifted. (The Macleans)
B.C. couples ‘gambling’ on whether COVID rules will let them dance at their wedding

Amy Kobelt and Tony Cruz pushed back their wedding in hopes of being able to celebrate it without the constraints of COVID-19

A plane is silhouetted as it takes off from Vancouver International Airport in Richmond, B.C., May 13, 2019. THE CANADIAN PRESS/Jonathan Hayward
Report calls for airlines to refund passengers for flights halted due to COVID-19

Conclusion: federal help should be on the condition airlines immediately refund Canadian travellers

Green party Leader Annamie Paul speaks during a news conference on Parliament Hill in Ottawa on Tuesday, June 15, 2021. Paul has survived another day of party strife after a planned ouster shifted course, leaving her with a tenuous grip on power ahead of a likely federal election this year. THE CANADIAN PRESS/Justin Tang
Green Leader Annamie Paul blasts ‘racist,’ ‘sexist’ party execs who sought ouster

Fallout has continued, with two of the federal council’s members resigning

Most Read