ICBC plans to freeze rate of basic car insurance for another 2 years
The Insurance Corporation of B.C. has applied to the B.C. Utilities Commission to freeze its basic rate for another two years.
The cost of ICBC’s basic vehicle insurance package hasn’t increased since 2019, when it jumped 6.3 per cent. Speaking at the crown corporation’s headquarters in North Vancouver Monday , Premier David Eby said the decision aims to help address the ever-increasing cost of living British Columbians are facing.ICBC CEO Nicolas Jimenez recognized the corporation is forecast to lose close to $300 million this year, but said the decision not to hike rates is relying on future projections.
“The business is sound and we can afford to be doing what we are today,” Jimenez said in response to skepticism.
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