Everything You Need To Know About ICBC’s New Premiums

The provincial government is set to share proposed changes to auto insurance in B.C. today.					CHAD HIPOLITO  THE CANADIAN PRESS

If the new model is approved by the BCUC the changes would come into effect in September of 2019.

The changes must be approved by the B.C. Utilities Commission.

"We want to modernize ICBC so that British Columbians pay according to their crash history, driving records and level of risk, and take responsibility for their driving habits", said Eby.

Almost 40 per cent of drivers would see up to a $50 reduction in their annual premiums, while 15 per cent would see more than a $100 reduction, the province said, adding that just over 10 per cent would see an up to $50 increase and 17 per cent would see their rates hiked more than $100. "Strangely, those motorists are not facing a system that unfairly labels majority as "bad drivers" and forces them to pay very high insurance rates", he said.

At-fault crashes will be tied to the driver, rather than the person who owns the vehicle.

"Strangely, those motorists are not facing a system that unfairly labels majority as "bad drivers" and forces them to pay very high insurance rates".

The other 33 per cent of drivers, however, could pay significantly more. But crashes caused by the learner before they get their licence won't be counted in their driving history. He said less-experienced drivers cause a disproportionate number of crashes and fatalities in B.C. and higher premiums better reflect their risks.

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Eby said changes announced on Thursday are expected to be revenue neutral, with around two-thirds of drivers seeing a decrease in the amount they pay, and one-third seeing an increase. Each year after that, it will extend the period by one year until 2027, when the full 10-year period will be in place.

Mr. Eby said under ICBC's proposal, less-experienced drivers - those who have been driving for less than 15 years - would see an increase in their premiums. More than 82 per cent of its 35,000 respondents said they felt risky drivers should pay more.

During the announcement, he said 39 per cent of B.C. motorists will see reductions of up to $50 a year, while 13 per cent will save between $50 and $100.

Sims, however, would not answer questions about how much money, if any, the CTF receives from private insurance companies that could have an interest in auto insurance being de-centralized in the province.

Andrew Weaver, Leader of the BC Green Party, which is supporting the NDP government, said in a written statement he was pleased with the proposed changes.

Insurance premiums for B.C. drivers could soon be calculated through a driver-based model.

The NDP countered with a news release saying the Liberals raided $1.2 billion from ICBC while they were in power in order to pad their own annual budgets.

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