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Chopping Block: ICBC approved for 15 percent auto rates cut

Victoria, British Columbia – Drivers in British Columbia could finally get some of the financial reprieve they have been asking for now that the BC Utilities Commission has approved a 15 percent cut to the crown insurance corporation’s basic insurance rates, effective May 1, 2021.

The BC government has promised to drop the rates of the Insurance Corporation of British Columbia (ICBC) by 20 percent overall, with this latest 15 percent cut marking the largest made in the corporation’s history.

Regulators also updated ICBC’s Tariff Pages to give customers access to up to $7.5 million in rebates, up from the current $300,000.

These changes come with tighter restrictions for litigation, however, as most crash victims will be prohibited from suing for financial compensation unless they are involved in a crash with someone charged with a criminal offence or if either a manufacturer or repair facility is found to have done faulty work.

Approval waits on the BCUC’s final decision, which will follow a review by the regulator that includes public input.

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