It's going to cost you more to drive in BC. Attorney General David Eby has announced ICBC rates are going up 6.4% as of November 1st. For the average driver that's $57 a year.
As well the overall optional rate is going up 3.1% in the first quarter, with quarterly increases of 2.2% up to a maximum of 9.6%.
But most people get the blended rate -- which will be 8% - or $130 annually.
Eby says those rates, while still impacting average families, are far lower than what was being recommended:
" The report we received on taking over responsibility from the previous administration, a report commissioned by that previous government, recommended a 20% basic rate increase. Our blended rate increase, which includes both basic and optional, is 12% lower than that basic recommended rate increase."
Eby was critical of the former Liberal government for draining ICBC's accounts to balance their budgets, while ignoring the insurance agencies financial losses. ICBC lost a half billion dollars last year -- the largest in their history.