Drivers will officially be paying 6.3 per cent more for basic car insurance rates starting in April.
New drivers or those seeking a renewal on their basic insurance rates on or after April 1 will see an average increase of about $60.
ICBC said it’s projecting a net loss of $890 million for its current fiscal year, as external pressures continue to grow from a record number of crashes, and the increase in claims volume and higher claims costs.
The review of ICBC’s full application will continue into March. Anyone interested in requesting intervener status or submitting a letter or comment can visit bcuc.com.