Confirming its rates announcement on Tuesday, Nov. 29, ICBC will submit an application today with the British Columbia Utilities Commission (BCUC) for an increase to its basic insurance rates for 2012. At the same time, ICBC confirmed an average decrease to its optional insurance rates for next year. When combined, the changes will cost the majority of customers an average of $27 more per year.
ICBC’s application to the BCUC will ask for an average basic insurance increase of $68 or 11.2 per cent per customer, which will be reduced by an average decrease in its optional insurance rates of $41 or six per cent. When the rate changes are combined, the majority of customers will see an average rate increase of $27 or 2.1 per cent.