ICBC has been granted another rate hike by the British Columbia Utilities Commission for an ‘interim’ 5.5 per cent increase to basic insurance rates effective Nov. 1, 2015.
Reason: “The rising number and cost of injury claims.”
When I received my renewal reminder, my basic coverage rates were increased by exactly 5.5 per cent compared to last year. However, the optional insurance coverage was raised by a much larger percentage and therefore a larger dollar impact.
As a result, my monthly pre-authorized payments to ICBC increased by about $10 between 2015 and 2016. But the same would be increasing by another $15 per month between 2016-2017.
Why can’t ICBC increase the rates of only the fraudulent claimants?