By Goat Staff
As of May 1, 2021, BC drivers will pay less for car insurance as part of the Province’s move to no-fault ‘enhanced care’ insurance.
Earlier this month, the independent regulatory body, BCUC, approved a request by ICBC for a 15 per cent decrease to its basic insurance rates, according to a release by B.C. Utilities Commission.
The rate reduction is part of the provincial government’s promise to reduce auto insurance costs by 20 per cent. The no-fault system largely eliminates the ability of drivers to sue the insurance company in compensation following accidents.
The BCUC also approved changes to the ICBC’s Tariff which will give a rebate to drivers for any monetary difference between the old and new insurance coverage rates.
The new interim rate will remain in effect until a permanent rate is set following a public review of ICBC’s revenue requirements application.
Anyone interested in requesting intervener status, submitting a letter of comment, or registering as a party of interest in the review should contact BCUC prior to Feb. 4, 2021.