The Insurance Corporation of B.C. has been given the green light to drop its rates.
ICBC will cut its basic insurance rates by 2.4 per cent starting Nov. 1, following a decision by the British Columbia Utilities Commission (BCUC).
ICBC said a decrease in its operating costs will mean an additional 0.5 per cent cut to customers. The company had initially asked to cut basic rates by 1.9 per cent.
Company President Jon Schubert said the smart driving decisions of its customers made the decision possible.
ICBC insures 3.1 million drivers in British Columbia.
