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

Like us on Facebook and follow us on Twitter.

Want to support local journalism? Make a donation here.

ICBC

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

The Regional District of Nanaimo faces challenges with garbage bin replacement requests. (Michael Briones photo)
Regional District of Nanaimo faces challenges to meet requests for garbage bin replacements

Waste manager says RDN will have a surplus of 100-litre carts

Members of the Freshwater Fisheries Society of B.C. set up the tube where rainbow trout were released into Spider Lake on Thursday, March 4, 2021. (Michael Briones photo)
Fishing time: 1,800 rainbow trout released into Spider Lake

Society records spike in fishing licences during pandemic

A map showing where the new developments for affordable housing will be located on Moilliet Street in Parksville. (submitted photo)
Parksville city council approves development permit for 87 housing units

Development to include four-storey apartment and eight townhouses

B.C. Health Minister Adrian Dix and provincial health officer Dr. Bonnie Henry head for the B.C. legislature press theatre to give a daily update on the COVID-19 pandemic, April 6, 2020. (B.C. government)
B.C. nears 300,000 COVID-19 vaccinations, essential workers next

564 new cases, four deaths, no new outbreaks Thursday

A vial of some of the first 500,000 of the two million Oxford-AstraZeneca COVID-19 vaccine doses that Canada has secured through a deal with the Serum Institute of India in partnership with Verity Pharma at a facility in Milton, Ont., on Wednesday, March 3, 2021. THE CANADIAN PRESS/Carlos Osorio - POOL
B.C. dentists and bus drivers want newly-approved Oxford-AstraZeneca vaccine

BC Dental Association says dentists and their teams cannot treat patients remotely,

Surrey Pretrial in Newton. (Photo: Tom Zytaruk)
B.C. transgender inmate to get human rights hearing after being held in mostly male jail

B.C. Human Rights Tribunal member Amber Prince on March 3 dismissed the pretrial’s application to have Makayla Sandve’s complaint dismissed

President of the BC Teacher’s Federation (BCTF) Teri Mooring is calling for teachers to be vaccinated for COVID-19 by summer. THE CANADIAN PRESS/Chad Hipolito
Why it’s ‘urgent’ B.C. teachers get vaccinated from COVID-19 before summer

President Teri Mooring says not enough is being done to prevent virus transmission in schools

FILE - In this Jan. 18, 2014, file photo, endangered orcas from the J pod swim in Puget Sound west of Seattle, as seen from a federal research vessel that has been tracking the whales. A new study from federal researchers provides the most detailed look yet at what the Pacific Northwest's endangered orcas eat. Scientists with the NOAA Fisheries Northwest Fisheries Science Center spent years collecting fecal samples from the whales as well as scales from the fish they devoured. They say their data reaffirm the central importance of Chinook salmon to the whales. (AP Photo/Elaine Thompson, File)
Study reinforces importance of Chinook to Pacific Northwest orcas

Data confirms how central the big salmon are to the orca’s diet year-round

Shiromali Krishnaraj arrives from India and receives a mandatory COVID-19 test at Pearson International Airport during the COVID-19 pandemic in Toronto on Monday, Feb. 1, 2021. B.C.’s approved rapid tests also use a nasal swab, with a machine to scan for COVID-19 antibodies. THE CANADIAN PRESS/Nathan Denette
B.C.’s rapid COVID-19 tests have produced only two positive results

Tests deployed for exposures in schools, outbreaks in care homes, jails

BC Emergency Health Services confirmed that a call was received just before 10 a.m. Ground paramedics, as well as an air ambulance, are on the way to the area. (SUSAN QUINN/ Alberni Valley News)
UPDATED: 2 people in serious condition after helicopter goes down on Bowen Island

Unclear how many passengers aboard and unclear where the helicopter was going

The Nanaimo bar display at the Nanaimo Museum. (City of Nanaimo Instagram)
City of Nanaimo points to correct recipe after New York Times botches batch of bars

City addresses ‘controversy’ around dessert square’s layers

Most Read