Basic ICBC premiums to jump 11 per cent

Cut in optional rates to offset much of the pain for most B.C. motorists

Most motorists will pay ICBC about $27 more in premiums next year, but the bite will be deeper for those who opt only for basic insurance.

Basic premiums will rise $68 or 11.2 per cent per customer if the B.C. Utilities Commission approves the public auto insurer’s proposed rate hike.

Optional premiums will be $41 lower on average, or six per cent.

It reflects a continuing pattern of ICBC reducing the cost of its optional insurance – where it faces competition from private insurers – relative to the basic package, where it has a monopoly.

President and CEO Jon Schubert said the two rates should be looked at in combination, because most motorists buy all their coverage from ICBC.

The combined premium hike works out to an extra 2.1 per cent, lifting the average amount most motorists pay from $1,277 now to $1,304.

Individual rates vary depending on claims history, vehicle type, region of the province, years of experience and level of coverage.

“After four years of not having to increase our rates, we now unfortunately face a different reality,” Schubert said. “We’re not happy that we need to increase our rates but the majority of our customers will be paying just a few dollars more, on average, than they did in 2008.”

He said the drop in optional rates was possible mainly due to declining auto crime and damage claims.

Overall claims costs rose $200 million in the first nine months of 2011.

“We have seen increasing pressure, in particular, from bodily injury costs,” Schubert said.

Bodily injury costs are to hit $1.7 billion this year, up $350 million from five years ago.

Low interest rates due to the global economy have also pushed investment income down.

Just Posted

November 75 per cent drier than normal in Maple Ridge

Environment Canada weather station located in Maple Ridge records data

Onni starting site work for Phase 4 of Golden Ears Business Park

Developer offers Pitt Meadows a $1.5 million amenity ‘gift to the city’

Ridge kid teeing up a university golf career

Maple Ridge’s Kahlert signs with UBC

Maple Ridge child centre gets $120K reno help

New location after flash flooded out in 2018

RCMP investigating threats at two Maple Ridge high schools

General threat at Westview, individual targetted at SRT

Christmas concert at Maple Ridge secondary

More performances in the park this Friday and Saturday

Swoop airlines adds three destinations in 2020 – Victoria, Kamloops, San Diego

Low-fair subsidiary of WestJet Airlines brings new destinations in April 2020

Aid a priority for idled Vancouver Island loggers, John Horgan says

Steelworkers, Western Forest Products returning to mediation

Navigating ‘fever phobia’: B.C. doctor gives tips on when a sick kid should get to the ER

Any temperature above 38 C is considered a fever, but not all cases warrant a trip to the hospital

Transportation Safety Board finishes work at B.C. plane crash site, investigation continues

Transport Canada provides information bulletin, family of victim releases statement

Trudeau sets 2025 deadline to remove B.C. fish farms

Foes heartened by plan to transition aquaculture found in Fisheries minister mandate letter

Planning price tag for futuristic ‘We Town’ concept in Abbotsford revealed

Developer says highrises would house 30,000, but Abbotsford mayor says project is in wrong place

Man accused of child sex crimes out on bail: Delta police

Gurchetan Singh Samra, 69, must stay away from — and not communicate with — anyone under 16 years old

1,300-signature petition for free menstrual products turned over to UFV president

‘Go with the flow’ campaign calls for all University of the Fraser Valley bathrooms to be stocked

Most Read