The Insurance Corporation of B.C. is crediting its customers' "smart driving" for a move to reduce its basic insurance rates for the first time in a decade.
ICBC has applied to the B.C. Utilities Commission to lower its rates by 1.9 per cent. A decision is expected within the next few weeks. The company lowered its optional insurance rates in 2009 by 3.3 per cent.
The decision was published in its second quarter financial reports released Tuesday.
Spokesman Adam Grossman said even though the net income for the first six months of 2010 fell by $45 million from the same period last year, the company's overall income is stable.
"Overall the picture is a positive one," he said.
Claims and related costs went down slightly. But while the amount of claims decreased the average cost continues to rise, particularly because of increasing bodily injury costs.
ICBC president Jon Schubert said the amount of vehicle damage claims dropped in the first six months of 2010 because of customers driving less during the 2010 Olympic Winter Games.
The company insures 3.1 million drivers in British Columbia.
