Back in April, the Insurance Corporation of British Columbia (ICBC) received approval from the BC Utilities Commission (BCUC) to waive insurance cancellation fees, and today, by Order G-12-21, the BCUC has now also approved the Crown corporation’s request for a 15% decrease to basic insurance rates on an interim basis.
This will come into effect on May 01, 2021, and, according to a press release, the interim rate will remain in effect until the BCUC comes to a decision on the final permanent rate.
The news follows ICBC’s application for the decrease back in December and will be the largest basic rate decrease in more than 40 years. “The rate application will cover the next two years, rather than the typical one-year duration, which will help provide greater rate stability,” noted the insurer in a news release.
The decrease is part of ICBC’s ‘paving of the way’ for its introduction of enhanced care coverage, during which time drivers in the province will see average savings of 20% on their full basic and optional vehicle insurance.
As part of the review process for the rate decrease, the BCUC will hold a public proceeding. This will include a chance for the public to comment and participate, by requesting intervener status, submitting a letter of comment, or registering as an interested party online to receive updates on the proceeding.
Additionally, as noted the BCUC, by Order G-13-21, the regulatory body has also signed off on changes to ICBC’s Tariff pages, so that it can provide rebates to basic insurance policyholders.
