Your insurance will be going up this year, as an ICBC interim rate increase has just been approved by the B.C. Utilities Commission (BCUC).

The interim rate hike comes into effect on April 1st, 2019, and involves a 6.3% increase to basic insurance rates.

The rate jump roughly translates into a $60 increase to each customer’s basic insurance coverage.

ICBC says the rate increase is going to be used to support the insurance company’s low basic insurance capital while the permanent rate application are reviewed.

“The approval of ICBC’s basic rate change on an interim basis is consistent with past applications and will lessen the depletion of ICBC’s already low basic insurance capital while the BCUC reviews the full application.” said ICBC in a news release.

As BCUC reviews the effects of the rate increase, members of the public are able to voice their opinions by requesting intervener status, submitting a letter of comment or registering online as an interested party.

“At the end of the regulatory process, the BCUC will reach a final decision on ICBC’s basic rate application for policy year 2019,” reads the news release.

“The BCUC will determine how any difference between the approved interim rate and permanent rate will be refunded or collected at the time of its final decision.”

Currently, the insurance company is projecting a net loss of $890 million for this fiscal year.

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