National News

ICBC seeks raise in basic insurance rates

By The Canadian Press

VANCOUVER - The Insurance Corporation of British Columbia is aiming to hike basic insurance rates by 5.2 per cent.

Spokesman Adam Grossman says in a written release that the Crown corporation will submit an application to the B.C. Utilities Commission on Friday.

If the application is approved, customers will have to pay roughly $3 extra each month.

Grossman says the proposed rate increase stems from a rise in injury claims costs, which climbed to $1.9 billion in 2013, an increase of $73 million in just one year and a leap of more than $500 million compared to five years ago.

He says factors such as distracted driving have contributed to more injury-related crashes, while higher medical and legal bills have driven up the costs of settling the claims.

ICBC is applying for the higher rates to come into effect on Nov. 1 on a temporary basis while the utilities commission reviews its application.

We encourage an open exchange of ideas on this story's topic, but we ask you to follow our guidelines for respecting community standards. Personal attacks, inappropriate language, and off-topic comments may be removed, and comment privileges revoked, per our Terms of Use. Please see our FAQ if you have questions or concerns about using Facebook to comment.

You might like ...

The Outdoor Guy
 
Fire burns old high school library in Alberni
 
Employees of Chances officially off the job
Cullen speaks about bill banning oil transportation at Take Back Our Coast
 
Tim Hortons donates to Friends for Friends charity
 
Chamber Chatter October 15
Profile: Port Alberni mayoral candidate Mike Ruttan
 
Legion recognizes poppy support
 
Nanaimo council candidate: Karen Hovestad

Community Events, October 2014

Add an Event

Read the latest eEdition

Browse the print edition page by page, including stories and ads.

Oct 22 edition online now. Browse the archives.