The Insurance Corp. of B.C. says it's applied to the B.C. Utilities Commission to reduce the rates by an average of 1.9 per cent beginning Nov. 1.
ICBC has not reduced basic rates in more than 10 years.
Company president Jon Schubert says the number of insurance claims has dropped and he's thanking motorists, saying their smart driving has helped the company control costs.
However, he also warns that while claims have fallen the cost of the average claim continues to rise.
It's not yet known what will happen to optional rates, which have already decreased 17 per cent over five years.
