Get ready to pay more for your basic car insurance in British Columbia.
The Insurance Corporation of British Columbia (ICBC) announced it is asking the British Columbia Utilities Commission (BCUC) for a 6.3 per cent increase to basic insurance rates.
If this latest rate hike is approved, it will take effect April 1st and will mean the average driver can expect to pay at least 60 dollars more for insurance.
The proposed rate hike comes just less than a month after the insurer posted a net loss of more than half a billion dollars last month, projecting that number to hit more than $890 million by year’s end.