ICBC's Basic Insurance Rates Set To Increase
The British Columbia Utilities Commission (BCUC) approved a 4.9% Basic Insurance rate increase, as requested by ICBC.
The BCUC decision means that customers will continue to pay the 4.9% rate increase that was put in place by ICBC in November 2013. For about 80% of customers, the average increase is less than $12 annually for people who purchase their full personal vehicle insurance through ICBC. This is because ICBC has reduced optional rates by an average of 4%.
ICBC also decreased optional rates on vehicles classified for commercial use, including fleets. How this will impact a fleet's premium depends on a number of factors, including the types of vehicles, usage, coverage purchased, and rating territory.
The reason given by ICBC for increasing the basic rate is due to the increasing cost of bodily injury claims, which have put pressure on revenue from basic coverage. Rising bodily injury costs continue to be a concern for ICBC and managing these costs is a corporate priority.
For more information about this topic, including a link to the BCUC's full published decision, please see ICBC Basic Insurance Rate Changed Approved by BCUC by the BC Trucking Association (June 12, 2014).
Tia Chisholm, HUB International TRANSPORTATION
HUB International TRANSPORTATION specialists are based in Vancouver. Our longstanding relationships with the best providers in the business allow us to deliver the solution that serve you best. With HUB, you can run your business knowing that you are headed in the right direction.