ICBC applying for insurance rate hike
B.C. drivers could get hit with increased vehicle insurance rates next year.
ICBC spokesman Mark Jan Vrem says the public insurer will file a rate application with the BC Utilities Commission by the end of the year to get approval for higher rates.
Jan Vrem says basic rates are under pressure because of rising injury costs at a time when more people are on the road due to an improved economy.
He says the basic rates was reduced by 2.4 per cent last year but the insurer hadn't anticipated the economy would recover so fast.
He also says wet driving conditions this rainy summer have led to more collisions on B.C. roadways.
Jan Vrem says drivers will pay more next year if the utilities commission approves the hike, but he doesn't know how much more.