David Eby's Days of Giving continue, as ICBC to hold line on increases on basic rates until 2025

A Monday morning information session with the Premier has brought some Christmas savings ahead for British Columbians with the Government continuing with its reforms on ICBC. 

The Premier announcing today that the Insurance Corporation would be filing an application with the British Columbia Utilities Commission to hold the line on increases for the next two years.

The Premier noting of the rising cos of expenses for British Columbians as part of their moves on ICBC.

“Our government is committed to keeping costs down for all British Columbians. Holding firm on ICBC’s basic insurance rate for two more years will help millions of drivers with their monthly bills amid global inflation.”

Mike Farnworth, Minister of Public Safety and Solicitor General also spoke to the rising inflation in comments towards today's announcement.

“A key priority with Enhanced Care was to make insurance rates more affordable and to keep them that way, and this rate application continues to deliver on that. We are pleased that, during this time of rising inflation and the cost of everyday life increasing, ICBC is able to keep Basic insurance rates stable for British Columbians for another two years.”

The full statement and how to learn more about the Government's direction for ICBC can be reviewed here.

The full 26 minute appearance with the announcement and Q and A from reporters on hand can be reviewed from the video below:

Of note from the questions were areas of concern related  to "No Fault' insurance in the province, the financial themes for ICBC and how that has impacted on the agency, areas of affordability and the fate of the ICBC headquarters and any potential move.

Another topic reviewed what the Province may do if the BCUC refuses their request, with the Premier noting he would wait to see how the request was responded to.

More notes from the Legislature can be explored through our regional archive pages.