It could cost the average driver $50 more next year to insure a car, if B.C.’s public insurer imposes a maximum fare hike to offset growing costs.
The Insurance Corp. of B.C. said Monday it may be necessary to boost premiums for basic car insurance by 6.7 per cent — the most allowed under legislation — but will spend the next two months trying to find a way to keep the rate hike lower.
In response, Transportation Minister Todd Stone said government is now working with ICBC to try to find ways for the corporation to save money, and therefore curtail the next rate escalation.
Lori Culbert – Vancouver Sun – August 31, 2015.
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