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 2015 Santa Claus Parade in Cranbrook
 
Fencing off homeless camp part of a broader action plan: City
 
Driver of white sedan wanted by Mounties
Castlegar Winterfest cancelled
 
Staying put, for now
 
Nine seniors flu clinics reinstated
B.C. Federation of Labour votes to back transit referendum
 
Pedestrian killed in Oliver
 
Terrace man is missing

Community Events, November 2014

Add an Event

Read the latest eEdition

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

Nov 25 edition online now. Browse the archives.