The Insurance Corporation of British Columbia (ICBC) has issued a release warning drivers in the province that there has been a sudden spike in the number of auto insurance claims due to snowfall.
In the release, the insurer noted that snowfall on BC’s South Coast led to the auto claim surge. As of Tuesday, November 29, claims had spiked by 94% to 3,567, up from 1,837 in the week prior to November 22.
“With the possibility of more snow in the coming days and weeks ahead, ICBC is asking drivers to slow down and adjust their driving to winter conditions, and ensure their vehicle is prepared,” the insurer said in its release.
ICBC has advised drivers in the province to outfit their vehicles with winter tires, drive slowly, be patient while on the road, and be aware of black ice. The insurer has also mentioned that drivers also have the option to avoid driving in poor conditions and plan their trips ahead of time. The option to take public transit, a taxi, or a ride-hailing service also exists, the insurer gave a reminder, and if individuals can work from home they should do so.
ICBC recently published its projections for the current fiscal year, estimating that it would lose $298 million. To add to this, the Insurance Bureau of Canada issued its own release, which pointed out that ICBC’s operating expenses could increase to more than $1 billion next year – which is an increase of over 35% since 2018.
