By CRM staff
Toronto, Ontario – January 31, 2019 – British Columbia has the highest premiums in the country, and it is only going to get worse. Vice president of the Insurance Bureau of Canada (IBC) for the Pacific region Aaron Sutherland strongly agrees that a private sector of auto insurance would decrease prices for B.C. drivers.
With ICBC rates set to rise by 6.3 percent in April, Sutherland announced at a recent luncheon in Cowichan that premiums could still rise by another 9.5 percent in 2020.
“Auto insurance is a challenging industry,” he acknowledged, “repairs have gone up dramatically but only here in B.C. is it causing massive increases in premiums,” he told local news outlet Cowichan Valley Citizen.
Drivers in B.C. pay approximately $1,680 in annual premiums, representing the highest rates in the country.
But according to Sutherland, ICBC has brought forth some changes to their system despite the increases in premiums.
Sutherland told Cowichan Valley Citizen that he supports the minor injury cap ICBC has set at $5,500.
The public insurer is also looking into increasing premiums for drivers that are not so experienced.
Sutherland concluded that ICBC needs more competition. “The best thing people can do is make this a political issue by contacting your MLA and letting them know you want to change,” Sutherland added. “ICBC needs competition and consumers need choice.”