New rates are set to kick in on May 1, marking the largest reduction in ICBC’s 40-year history. (Pixabay.com)

New rates are set to kick in on May 1, marking the largest reduction in ICBC’s 40-year history. (Pixabay.com)

ICBC gets green light to slash car insurance rates by 15% starting in May

The new rates are set to kick in on May 1

The BC Utilities Commission has approved ICBC’s request for a 15 per cent decrease on basic insurance, marking welcomed news to drivers in the province.

The new rates are set to kick in on May 1.

The province submitted the application last month. At the time, Solicitor General Mike Farnworth called the drop one of the largest rate reductions at ICBC in four decades, stemming from savings at the public insurer as it adopts a no-fault model. The new system prohibits a driver from suing for financial compensation, with a few exceptions.

RELATED: ICBC applies for 15% rate decrease as lawyers pushed out

Instead, crash victims will have access to up to $7.5 million in medical benefits. Currently, the cap on funds is $300,000.

The regulator has also approved ICBC to provide rebates to B.C. drivers, based on the difference between the driver’s current coverage and the new model. The province has said premiums will drop by as much as 20 per cent, an average of $400 a year.


@ashwadhwani
ashley.wadhwani@bpdigital.ca

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