VICTORIA, B.C. – ICBC is announcing a significant decrease in basic insurance rates for drivers across British Columbia.

According to ICBC, with the introduction of new Enhanced Care coverage next spring, drivers will save on average 20 percent, or approximately $400, on their full basic and optional vehicle insurance.

Minister of Public Safety and Solicitor General, Mike Farnworth says if the rate decrease is approved by the B.C. Utilities Commission, this decrease in insurance rates will be the largest in more than 40 years.

“A new auto-insurance system with more affordable premiums and greater care benefits is on the way for British Columbians. If approved by the BCUC, this basic insurance rate decrease will be the largest in our province in more than 40 years. British Columbians deserve auto insurance that is affordable and takes care of them when they need it, and this is exactly what Enhanced Care will deliver.”

When Enhanced Care takes effect in the spring, ICBC says millions of British Columbians will receive a one-time, pro-rated refund. It will be calculated using the difference between a driver’s current Autoplan coverage and the new, lower-cost Enhanced Care coverage, for the portion of their existing policy that extends past May 1, 2021.

Further information on the rate decrease can be found on ICBC’s website.