We want to make auto insurance rates more fair.
The B.C. government and ICBC want to introduce changes to the current system to make insurance rates more fair for British Columbians by making all drivers more accountable for their decisions and driving behaviour.
The model ICBC uses to help determine insurance rates is more than 30 years old. While it has seen some improvements over the years, it is out of date. This means that right now some drivers are paying more and others are paying less than the risk they represent.
British Columbians have been saying for years that the system would be more fair if lower risk drivers paid less for their insurance, and higher risk drivers paid more. We agree. Currently, most high-risk drivers are not paying enough to cover the future risks they represent on our roads.
As a result, we’re looking at changing the way insurance rates are determined for all vehicle owners, excluding those who have fleet vehicles.
Your opinion matters.
The public engagement that ran between March 5 and April 5, 2018 has now officially closed. Thank you to everyone who took the time to provide feedback on the changes being considered.
Your feedback will help design an improved auto insurance rating system for British Columbians, and help inform ICBC’s application on Basic insurance rate design to its regulator, the British Columbia Utilities Commission.
This engagement is now closed.