$200M ICBC windfall
Re: ICBC rate hikes.
I received my ICBC renewal notice for my car. I am invoiced 4.9 per cent more for the basic coverage, which amounts to an increase of $44 after my 43-per-cent discount.
ICBC states in the cover letter that the BC Utilities Commission has approved this “interim” rate hike since November 2013. Then the letter continues to reassure, “We are also able to reduce our Optional rates to lessen the impact on you.”
Well, I am covered for my collision and comprehensive parts of optional insurance through other private insurance companies, leaving ICBC to cover only the third-party liability. The bill that I received did not “reduce,” but actually increased the impact on me by demanding $50 more this year for the third-party liability. Overall, I am billed $94 more than the last renewal period.
Imagine more than two million B.C. residents being billed $100 extra this year – that is a whopping extra revenue of more than $200 million for ICBC.
Who regulates the ICBC rate hikes on optional insurance items?
T. George, Delta