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15% interim rate drop OK'd for ICBC basic insurance

The BC Utilities Commission has approved an ICBC rate drop.

An interim 15 per cent rate drop for ICBC basic auto insurance has been approved by the B.C. Utilities Commission. The decrease will take effect on May 1, and continue until the commission determines a final rate.

ICBC, a Crown corporation, asked for a rate decrease as part of an overhaul of the province’s public auto insurance system.

The provincial government has said a rate reduction will be possible, in part, because of savings in legal costs. Lawyers will be bypassed in the settling of many claims.