Vancouver/CMEDIA: Continuing to benefit from affordable and stable auto insurance costs, drivers in British Columbia will see seven consecutive years without an increase to basic rates through to spring 2027.
“Keeping basic insurance rates low and stable is part of our government’s commitment to affordability and helping people manage their day-to-day budgets,” said Niki Sharma, Attorney General and minister responsible for ICBC. “We’re making sure drivers have access to affordable coverage and some of the strongest care and recovery benefits in the country without compromising financial sustainability.”
A careful analysis of its finances by ICBC concluded that basic auto insurance rates do not require a change through to 2026-27 fiscal year.
This would also eliminate the need for an application in 2025 to change rates with the BC Utilities Commission and postponing any potential need for an application until late 2026.
“With insurance rates stable, we can put our efforts toward enhancing customer experience and expanding online services,” said Jason McDaniel, interim CEO and president, ICBC. “As a public auto insurer, run by British Columbians for British Columbians, we are dedicated to providing affordable, steady rates and fiscal stability to the people and places where we live.”
A turning point for auto insurance was marked by BC’s introduction of Enhanced Care in 2021 which led to an immediate reduction in basic insurance rates, saving the average customer $496, approximately 28% less than what they were paying.
Also playing a key role in keeping the rates steady ever since, the new Enhanced Care model has enabled British Columbia to move from having some of the highest auto insurance rates in Canada to being among the most affordable.
The launching of Enhanced Care has also enabled eligible basic customers to receive $640 in five separate rebates — made possible by ICBC’s improved financial performance and rates set based on projections — totalling approximately $2.7 billion.
Alongside more affordable and stable insurance rates, individual needs are also a criteria for the availability of Care benefits which are designed to support people for as long as required after an accident.
Learn More:
Information about basic insurance and Enhanced Care is available here: https://www.icbc.com/insurance/products-coverage/Pages/basic-insurance.aspx
