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ICBC’s current rate structure, which is more than 30 years old, could finally be seeing some upgrades but first there will be a public review by the British Columbia Utilities Commission (BCUC).
ICBC had until Aug. 15 to submit an application for a proposal that aims to level the playing field. ICBC filed an application with the BCUC seeking approval of rate design amendments. Under Order in Council No. 459, the BCUC will have 45 days from the date of the application to set ICBC’s rate design in accordance with government direction.
"We want to modernize ICBC so that British Columbians pay according to their crash history, driving records and level of risk, and take responsibility for their driving habits. It's only fair," said David Eby, B.C.’s Attorney General. "Right now, the system is broken. A driver with no crashes could be paying the same premium as a driver with three at-fault crashes in a year.”
The BCUC has established a public proceeding that includes an opportunity for public comment, a streamlined review process (SRP) and oral argument.
There are a number of ways to participate in the review process, outlined below.
Our current system isn’t working very well when 80% of British Columbians receive the top Basic insurance discount. We’re proposing changes so low risk drivers aren’t paying the same as some higher-risk drivers. Learn more at: https://t.co/81c6PBMQUj pic.twitter.com/zygBB5K5op
— ICBC (@icbc) August 16, 2018
Some of the changes proposed include moving to a driver-based model, increasing insurance discounts for drivers with up to 40 years of experience, and adding discounts for vehicles with original, manufacturer-installed automatic emergency braking technology and for vehicles driven less than 5,000 kilometres per year.