The provincial government has ordered ICBC to delay their insurance rate application until February 2020.
The insurance corporation is expected to apply another price hike after its 6.3% increase to basic insurance rates was approved by the BCUC in January 2019.
“After years of the previous government’s mismanagement of ICBC, British Columbians are paying too much for car insurance. We have much work ahead to get these costs down for families,” reads a statement from BC Attorney General, David Eby.
“As a result, government has directed a delay in ICBC’s rate application until February in order to do the necessary financial analysis of two sets of planned reforms currently underway to help reduce costs, and by extension, car insurance rates.”
“First, we are working on reforms to respond to a recent court decision striking our limit on expert reports and associated costs,” he states.
“Second, we are working on additional reforms in the tort system that will help to reduce costs and have a positive impact on any required rate changes.”
ICBC rate application usually takes place on December 15th, before the BCUC approves possible increases.
The most recent rate hike of 6.3% went into effect on April 1st, 2019. This increase roughly translated to a $60 increase to each customer’s basic insurance coverage.