A proposed hike to ICBC's basic insurance rates has been approved on an interim basis, and is scheduled to take effect in less than three months.
The B.C. Utilities Commission granted the 6.3 per cent hike on Wednesday, setting the stage for ICBC to start charging higher premiums in April.
“The approval of ICBC's basic rate change on an interim basis is consistent with past applications and will lessen the depletion of ICBC's already low basic insurance capital while the BCUC reviews the full application,” the Crown corporation said in a news release.
The increase will be applied to all new and renewed policies with an effective date on or after April 1, and is expected to cost drivers an average of $60 more per year.
The commission won’t be reaching a final decision on the hike until it completes a public review, however.
ICBC said British Columbians who want to take part in the review can do so by requesting intervener status by Jan. 21, submitting a letter of comment online, or registering as an interested party.
Should the BCUC eventually decide on a different hike, the regulatory agency will determine how “any difference between the approved interim rate and permanent rate will be refunded or collected,” ICBC said.
