A Rise in Fraud and Injury Claims Could Cause up to a 6.7% Increase in ICBC Rates

Due to an increase in injury claims and fraud, ICBC has indicated that basic auto insurance rates will most likely be forced to increase up to 6.7 percent by this October. According to the Crown Corporation, the pain and suffering payouts, future care and loss of wages increased 10 percent last year to $2.17 billion.

Although the number does seem to be a relatively significant increase, nothing is set in stone quite yet. Mark blucher, CEO of ICBC, stated that 6.7 percent is the maximum allowable increase under current legislation; however, Todd Stone, The Minister of Transportation, was quoted stating that such an increase would be unacceptable and he and his team are working with the provincial insurance company to reduce the rate spike.

For more information and to stay updated on whether or not rates will increase, follow what’s happening on ICBC!

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