VICTORIA, B.C. – The Provincial Government has introduced legislation to transform ICBC, deliver lower auto-insurance rates and dramatically improve care benefits, making ICBC more accountable to British Columbians.
According to the Government, if amendments to the Insurance Vehicle Act are passed, this new way of doing auto insurance in B.C. will lower premiums on average by 20 percent, saving drivers about $400, starting in May 2021.
The Province also says ICBC’s proposed Enhanced Care coverage will also significantly increase the amount of care and recovery benefits available to anyone injured in a crash, providing enough care for a lifetime for those who need it, to a maximum of at least $7.5 million, up from $300,000 today.
Wage loss payments will also be 60 percent higher than today, to a maximum of up to $1,200 per week or 90 percent of net wage loss for those earning up to $93,400 annually.
More information can be found on the Province’s website.