The Insurance Corporation of B.C. announced Wednesday they will drop optional insurance premiums by three per cent beginning Nov. 1.
This drop is in addition to last month's announcement that basic insurance rates are going down 2.4 per cent.
ICBC said in a press release that safe driving resulting in fewer crashes has helped to lower the rates over the last few years.
"In addition to the 2.4 per cent reduction to our basic insurance rates announced last month, we are also reducing our optional premiums by an average of three per cent, generating combined savings of $80 million for our customers," said Jon Schubert, ICBC's president and CEO.
Today's changes mean that ICBC's optional insurance premiums have gone down by more than 20 per cent over the past six years.
ICBC has also been increasing its investment in better traffic safety, which provides dedicated police enforcement across the province.
"Our customers' smart driving decisions and our multi-million dollar investments in road safety and auto crime prevention have had a significant and positive impact," Schubert said.
