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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.