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Pacific Premiums: ICBC to decrease insurance rates by 20 percent

Victoria, British Columbia — ICBC announced on Monday that they are filling for the largest decrease in basic insurance for the first time in 40 years.

This move is to reaffirm the commitment the government made for more affordable auto insurance for British Columbians. With the introduction of ICBC’s new Enhanced Care coverage in May 2021, customers with full ICBC basic and optional coverage will begin seeing average savings of 20 per cent, or about $400 on their vehicle insurance.

“British Columbians deserve auto insurance that is affordable and takes care of them when they need it – this is exactly what Enhanced Care will deliver” according to the ICBC statement.

Enhanced Care will help make auto insurance in B.C. more affordable. To keep it this way, the government has directed ICBC’s basic rate application to cover the next two years, meaning the next basic rate application won’t be due until December 2022, which will help provide the citizens of B.C. with more stability in their insurance rates.

The Enhanced Care coverage, which will be implemented in May 2021, will save drivers money on their insurance and give British Columbians access to significantly enhanced care and recovery benefits if they’re hurt in a crash, regardless of who was at fault.

To learn more about Enhanced Care coverage, click here.

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